Sorry for the silence....busy as a Beaver with no tail

A 6'6'" Realtor walks into my office and says, " Post some rates"

I post some rates....all 0 points as of 3/30/2009

Conforming 30 yr fixed - 4.75%
Conforming 20yr fixed – 4.75%
Conforming 15 yr fixed – 4.625%
Jumbo conforming 30 yr fixed (under 511k in CT ) – 4.875%

These rates are assuming the following:
720+ middle score
Full Doc
SFR (not condo or co-op)
No Cash out (on a refi)
O/O (owner occupied)
75% LTV or lower

Jumbo rates (over 511k in CT ).

The maximum loan to value is 80% up to 1mm and can go to 80% LTV up to 1.5mm for .125% higher in rate then what is showcased below.


5/1 ARM – 4.875% up to 1mm (5.0% up to 1.5mm and 5.25% up to 3mm)
5/1 ARM i/O – 5.125% up to 1mm (5.25% up to 1.5mm and 5.375% up to 3mm)
7/1 ARM – 5.125% up to 1mm (5.25% up to 1.5mm and 5.375% up to 3mm)
7/1 ARM I/O – 5.375% up to 1mm (5.50% up to 1.5mm and 5.625% up to 3mm)
10/1 ARM – 5.375% up to 1mm (5.50% up to 1.5mm and 5.625% up to 3mm)
10/1 ARM I/O – 5.625% up to 1mm (5.75% up to 1.5mm and 5.875% up to 3mm)
30 Yr fixed – 5.75% up to 1mm (5.875% up to 1.5mm and 6.0% up to 3mm)
30 YR Fixed I/O – 6.0% up to 1mm (6.125% up to 1.5mm and 6.25% up to 3mm)

Good stuff !

"Don't get caught watching Treasuries Today"

That is the quote of the day from my guy in pricing. He means that while bonds are rallying a bit, Mortgage backed securities are only benefiting slightly. Rates remain where they were Friday and locking in still seems like a good play. More after the strike of noon.

Rates improved yesterday...

30 year fixed rates re-priced lower yesterday after a successful treasury auction. It was a dicey time for rates as the stock market was rallying and the 10 year note had increased over 3.0....For now the pressure is off and rates should continue to hover at 5%. For now.....

All that bluster...

Mortgage rates go nowhere amid all the headlines. If your value has dipped contact the company servicing your loan for information on a modification.

Rates move sideways...

Interest rates remain where we left off yesterday. Stocks are positive this morning putting a little strain on the bond market. Overall rates are fantastic and bouncing between 5-5.25% on a 30 year fixed!

Mortgage Rates Improving

Stocks are headed south and world economies are tanking...but mortgage rates are improving!!!
Always a silver lining. Look for slightly better rates ahead as Mortgage Backed securities improve this afternoon...

A not so good week for Mortgage rates

The 30-year fixed rate increases to 5.41%.....This is the national average for a 30 year fixed rate according to Freddie MAc rate survey. Fortunately lower rates can be found here but overall rates ticked up this week. It looks to me like we are hitting bottom near 5%. That is one man's opinion but there is lot's of resistance there. FNMA needs another multi -billion bailout so they won't be much help in lower rates!
If you can get 5% 0 points it may be time to strike!

Good News/ Bad News...

Rates are higher this morning as bonds take a beating. GOOD NEWS..FHA has expanded limits for 2009.
Full details available by county at:
https://entp.hud.gov/idapp/html/hicost1.cfm

Wednesday following the Prez...

Rates are not feeling much love today. Mortgage backed securities are down which has rates rising or at least not dropping for the time being.
The best news for homebuyers and refinancers is the hope of increased FNMA and FHA loan limits. Let's hope we see those soon. More to follow....

New Loan limits for 2009

CT Fairfield County $708,750
CT Hartford County $440,000
CT Middlesex County $440,000

All others to remain at 417,000....no lenders have priced these out yet so there is no way to get at these limits until we have pricing available....maybe 2-4 weeks?

Rates drift a bit lower...

Fixed rates have drifted just a bit lower today. It seems that 5% with 0 points is truly coming into sight for most borrowers. Recall the rate lock period does determine your rate and very short rate lock periods are priced below 5% but you must close in 7 days. That is only possible if you appraisal is done and your loan is already approved. Get those apps in to have the best shot at lowest rate!
Also- this article on mortgage cramdowns is frightening in a "hey that's not fair" way.
http://money.cnn.com/2009/02/23/real_estate/mortgage_bankruptcy.reut/index.htm?postversion=2009022321

One man's burden is another man's cramdown I guess.

Monday Morning

Bonds are off to a terrible start today and this is not always good news for interest rates. If "we the people" take over Citi or other banks, as is looking likely, bond prices will suffer and mortgage rates may get stuck at current levels rather than go lower. Stay tuned as more info floods in and rates get set for the day.

Back up to 729,000 loan limit???

It looks like Congress is going to allow for the higher loa limits we had last year. This will be huge for those in Fairfield County with loans up to this amount. Now they won't be Jumbos anymore! Stay Tuned we are two weeks from details.

Mid day report...

Rates are slightly better today as stocks drop and bonds improve. The reality of rates does not yet match the hysteria of the headlines. Lenders are far from 4.5% on a 30 year fixed without points but hope springs eternal!

Morning Call

Stocks tumbling and bonds are improving....this is normally a good sign for rates. It looks like rates will not go higher for the time being. More at noon as rates begin to post.
FYI- if you have a second mortgage or HELOC do expect to keep that open during a refinance if your combined loan to value is anywhere north of 75%.

The wrap up...

Rates stay flat.
Rates are leaning towards rising if the sell off in bonds continues. It seems the market makers are not buying the stimulus plan yet....Mr. President said it would take time.....stay tuned.

so much for rates going lower...Peoples United Bank just raised rates from 5.25% to 5.625% 0 points on a 30 year fixed.....The public doesn't get it...go to Peoples United and see yourself....

The nooner report....

Mortgage rates are flat today meaning no real movement up or down from yesterday.
Dan Speigel, the AHL rate guru, points at that mortgage backed securities are off, meaning the momentary direction of interest rates is up ( not good for those keeping score at home.)
This will of course all change and I will keep you posted.

Second Post

Does this thing really work? Let us see.
No change to rates in the last 1.3 minutes...stay tuned.

Mortgage Board. Day One

Well, here goes my journey into the blogoshpere. shout out to Dave Choate of REMAX in Trumbull, CT for pushing me into the deep end.
Mortgage Rates are not dropping as quickly as the headlines are popping but we are all hopeful that the new stimulus plan will bring them down in the weeks to come.
Stay tuned for updates as the market opens and the action begins.