MORTGAGE RATES IMPROVE:

MORTGAGE RATES IMPROVE:

October 24th, 2011

Mortgage rates improved slightly last week with the bond market closing + 28 bps on the week. We are still seeing a lot of volatility to in the markets where rates/costs can change a lot in a very short period of time.

My recommendation is to lock in pricing if you looking into a mortgage. The stock market is gaining momentum and I think rates will rise during the last quarter of 2011. In the 4th quarter of 2010, mortgage rates went from 4% to 4.75% in a very short period of time. While I don’t see that much of a change coming, I do feel that mortgage rates will continue to slowly move upwards.   

Below are rates available today paying a point or less:

30 year fixed: 4.125% paying 1 point, 4.375% paying 0 points

20 year fixed: 3.875% paying .74 points, 4.25% paying 0 points

15 year fixed: 3.5% paying .74 points, 3.875% paying 0 points

5/1 ARM: 2.5% paying .88 points; 2.875% paying 0 points

7/1 ARM: 3% paying .59 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.5% paying 1 point, 4.875% paying 0 points

30 year fixed FHA: 3.875% paying .69 points, 4.125% paying 0 points

15 year fixed FHA: 3.625% paying .85 points, 3.875% paying 0 points

30 year fixed VA: 3.75% paying .6 points, 3.99% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

MORTGAGE RATES IMPROVE:

 

TODAY’S MORTGAGE RATES:

TODAY’S MORTGAGE RATES

October 17th, 2011

Last week saw a continuation of the stock market rally from the week before. Stocks were trading higher, increasing the flow of investments from bonds to stocks. The bond market closed -75 bps down – which should have pushed rates a little bit higher. Even so, most rates have stayed the same. Of the 10 business days in October – the bond market has closed down 9 of them.

As of the writing of this email on Monday morning, the stock market is trading down over 100 points – and the bond market is trading up + 42 bps. This should help regain some of the losses from last week. This week should be another volatile week as many companies will be reporting their 3rd quarter earnings.

Below are rates available paying a point or less:

30 year fixed: 4.25% paying .5 points, 4.375% paying 0 points

20 year fixed: 3.875% paying .9 points, 4.25% paying 0 points

15 year fixed: 3.5% paying .74 points, 3.875% paying 0 points

5/1 ARM: 2.75% paying .7 points; 3.5% paying 0 points

7/1 ARM: 3.125% paying .69 points, 4% paying 0 points

30 year fixed High Balance Loan: 4.5% paying .8 points, 4.875% paying 0 points

30 year fixed FHA: 3.75% paying .3 points, 3.875% paying 0 points

15 year fixed FHA: 3.375% paying .7 points, 3.75% paying 0 points

30 year fixed VA: 3.75% paying .2 points, 3.875% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Today’s Mortgage Rates

When will I qualify for a mortgage after a short sale or foreclosure?

Many clients who have gone through a short sale or foreclosure after 2007 are now asking me the question, “When will I qualify for a mortgage?” Housing is once again affordable and people want to take advantage of rock bottom deals. Prices in Phoenix, Arizona are hovering around the bottom. You can see from this chart that there haven’t been any drastic plunges or spikes over the past 9-12 months as shown in previous years. Now is the time to buy a house and become a homeowner once again. Now is the time to relocate, invest in a winter home, buy a retirement home, and invest in rental properties and fix-n-flips.


Another reason people are asking if they qualify to purchase a home again is because the FHA loan limits are said to be dropping significantly October 1, 2011. That means the buying power in the 3.5% down payment price range is much lower. In Maricopa County Arizona, the loan limit is currently $346,250. As of October 1st, it will be $271,050. That’s a decrease of $75,200 in buying power!

Others questioning, “When will I qualify for a mortgage?” are homeowners who elected to do a strategic default because the equity is so upside down. These homeowners are hundreds of thousands upside down in a property and are well aware that the value will never rebound in their lifetime to what they originally paid, so they cut their losses short. They are now looking to invest in properties. Interest rates are low, prices are at bottom and there are several opportunities to fix up a foreclosed house and flip it – or buy and hold it to take advantage of the booming rental market.

Finally, the answer to the question: When will I qualify for a mortgage after a short sale or foreclosure?

The Waiting Period to Qualify for a Home Mortgage after a Short Sale, Foreclosure or Bankruptcy

Call Kelli Grant to set up your custom web portal of MLS listings that match the property criteria, location and price range you’re interested in researching. You’ll receive notification emails up to once a day when there are price changes or new listings to see. 

Kelli Grant specializes in short sales, pre-foreclosure options such as the HAFA program, and strategic default options in the cities of Phoenix, Scottsdale, Cave Creek, Anthem, Glendale, and Peoria. Kelli Grant is the neighborhood specialist for Sonoran Foothills and Tramonto. If you need to speak to a reputable, reliable real estate attorney or CPA about the legal and tax consequences of a short sale or strategic default, contact Kelli Grant.

Kelli Grant, Personal Realtor® “Moving People Through Inspiration and Good Deeds

Call or Text 602-799-5420

 

 

When will I qualify for a mortgage after a short sale or foreclosure?

MORTGAGE RATES RISE WITH STOCK MARKET RALLY

MORTGAGE RATES RISE WITH STOCK MARKET RALLY:

October 11, 2011

October 2011 has been a great month for the stock market and a bad month for interest rates. The DOW JONES average is up 500 points in October. This recent surge in optimism has taken investors out of the safety of the bond market and into the thriving stock market. The bond market closed last week down (-134 bps) – causing a large jump in mortgage rates/pricing.

The bond market passed certain technical indicators that could make it difficult for rates to drop back down to their record low levels. The stock market is not stable, but there has been some temporary resolutions to the debt crisis in Europe that could keep the market up for the time being.

My lock recommendation is to lock in pricing if a loan is beneficial to you. Many customers get caught waiting for a pie in the sky rate and end up losing a good rate that was beneficial to them. If I lock your loan and rates drop significantly, I can typically float down your rate. If they drop after your loan closes, you can always refinance again. There is no rule to the amount of times you can refinance.

Below are current rates available paying a point or less.

30 year fixed: 4.25% paying .7 points, 4.375% paying 0 points / 4.34% APR

20 year fixed: 4% paying .67 points, 4.375% paying 0 points / 4.12% APR

15 year fixed: 3.625% paying .8 points, 3.875% paying 0 points / 3.75% APR

5/1 ARM: 2.75% paying .67 points / 2.88% APR

7/1 ARM: 3.125% paying .55 points / 3.27% APR

30 year fixed FHA: 3.75% paying .7 points, 3.99% paying 0 points / 4.05% APR

15 year fixed FHA: 3.5% paying .8 points, 3.75% paying 0 points / 3.72% APR

30 year fixed VA: 3.75% paying .55 points, 3.99% paying 0 points / 4.05% APR

30 year fixed High Balance Loan: 4.5% paying .88 points, 4.875% paying 0 points / 4.61% APR

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages and Jumbo Mortgages.

CLINE / 21321 East Ocotillo Road B105 / Queen Creek, AZ 85142

NMLS: 229993

Mortgage Rates Rise with Stock Market Rally.

 

 

 

AUGUST 2011 – PHOENIX, ARIZONA’S HOUSING NUMBERS:

October 10th, 2011

PHOENIX, ARIZONA’S AUGUST HOUSING NUMBERS:

This summer was a record summer for Single Family Residence leases. There were 6,892 single family leases signed compared to 5,664 in the summer of 2010. The numbers reflect the increasing amount of potential homeowners that can not buy due to foreclosures or short sales on their credit. 

Hopefully something is done to lower the amount of time needed to elapse to qualify for a new loan after a foreclosure or short sale. There are a very large number of possible home owners that  have these on their records due to the large drop in home prices.  If the credit requirements do not change, we will continue to see Arizona residents in leases that would typically own a home.

Even though leases are up,   sold inventory continues to post impressive numbers. 8,817 sales were recorded in Maricopa County in August of 2011. This compared to 7,358 for August of 2010. Median home prices are still slightly down compared to this time last year.

Overall, August was a great month for the Arizona housing industry. The more sales we have, the more the industry is turning over the vast amounts of REO and short sale homes on the market. These need to sell and we need to move to a more traditional market for the prices to rise again.

August 2011, Phoenix, Arizona Housing Numbers

MORTGAGE RATES DROP TO THE LOWEST LEVELS IN HISTORY

RATES DROP AGAIN ; REACH LOWEST LEVELS IN HISTORY

On Thursday, mortgage rates dropped to their levels ever!! Monday through Thursday marked a sustained bond rally and the worst week in the Stock Market since October of 2008. The Bond Market finished Thursday +257 bps up, pushing 30 year fixed rates down to 3.75% with little costs. Unfortunately pricing pulled back a bit on Friday with the markets finishing down -88 bps. Overall, this week was an unbelievable week for interest rates and the pricing to get those rates. The market closed up +169 for the week.

So why has there been so much interest rate and stock market movement this week?

Whenever we have statements from the FED, we usually get large movements in the markets. On September 21st, The Federal Open Market Committee and Ben Bernanke announced “Operation Twist” – A new plan of theirs to sell off short term securities and purchase longer term securities. The plan is intended to stimulate the economy by lowering loan rates. After the announcement, the stock market went into a tailspin. The Down Jones finished 400 points down, the bond market closed 150 bps up – and mortgage rates lowered even further.

The rates we are seeing right now are the lowest rates the mortgage industry has ever seen. The interesting thing is that with the bond market movement we are seeing, rates would usually go even lower than they are right now, but there is a level of resistance. Mortgages are just not selling below certain interest rate levels on the secondary market. For example, we are not seeing VA and FHA 30 year fixed rates drop below 3.75%. For the most part 15 year fixed rates are not being offered below 3.25%. If there is not a secondary market to buy these loans, the loans will not be written. 

As always, these really low rates usually don’t last long!! Take advantage of them while they are here.

Below are current rates available paying a point or less. 

30 year fixed: 3.875% paying .5 points, 4% paying 0 points

20 year fixed: 3.75% paying 0 points

15 year fixed: 3.25% paying 0 points

5/1 ARM: 2.5% paying .7 points, 2.75% paying 0 points

7/1 ARM: 2.75% paying .8 points, 3.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 3.25% paying 0 points

30 year fixed VA: 3.75% paying 0 points

30 year fixed High Balance Loan: 4.125% paying .75 points, 4.375% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages and Jumbo Mortgages.

Mortgage Rates Drop to the Lowest Levels in History

MORTGAGE RATES LOWER – POOR JOBS REPORT

MORTGAGE RATES LOWER:

The bond market closed last week up +72 basis points, fueled mainly by a strong surge on Friday of +47 basis points. Friday the monthly job reports came out and the news wasn’t good. August had no new job creation. There are a reported 58,000 less jobs in August than there were in June and July. The unemployment rate remained unchanged at 9.1%.

Until the housing foreclosure and short sale problem starts shoring up, the economy will continue to struggle. Expect another eventful week coming up after Labor Day culminating in a “major address” by President Obama on Thursday. The President is supposed to outline new initiatives to get the economy back on track. The market will likely over react to the speech, pushing rates one way or the other.

I still hold that rates will not go lower than they were about 2-3 weeks ago. Below are current rates available paying a point or less.

30 year fixed: 4% paying .9 points, 4.25% paying 0 points

20 year fixed: 3.75% paying .45 points , 3.875% paying 0 points

15 year fixed: 3.25% paying .6 points, 3.375% paying 0 points

5/1 ARM: 2.75% paying .4 points, 2.875% paying 0 points

7/1 ARM: 2.875% paying .8 points, 3.125% paying 0 points

30 year fixed FHA: 3.75% paying .175 points, 3.875% paying 0 points

15 year fixed FHA: 3.25% paying 0 points

30 year fixed VA: 3.75% paying .1 points, 3.875% paying 0 points

30 year fixed High Balance Loan: 4.375% paying .2 points, 4.5% paying 0 points

Mortgages for refinances and purchases in Arizona, California and Colorado.  Current interest rates for fixed loans, ARM loans, conforming loans, conventional loans, VA loans, FHA loans, HARP loans,  interest only loans, high balance conforming loans and jumbo loans.

Mortgage Rates Lower – Poor Job Reports.

30 YEAR FIXED RATES UP TO 4.125%

30 YEAR FIXED RATES UP TO 4.125% – MARKET VOLATILITY THE NEW NORM

The market had another wild week – pushing rates up and down each day. The wild swings are becoming the new norm. What this means for you as a consumer is that your mortgage quote could change thousands of dollars in a very short period of time. That is the market that we are in – so as always, if you like the rate/costs – lock it in as soon as you can, as it may not be there for long.

The bond market closed last week 37 basis points higher, which in theory should have improved mortgage rates. Unfortunately it did not on all mortgage products and here is why. Rates go up quicker than they go down. What this means is that lenders are more willing to change their pricing higher when the bond market is down, then they are to offer better rates / pricing when the bond market goes up.

Rates are still great and near all time lows set in the 1950’s. Below is current pricing paying a point or less on a 30 day lock:

30 year fixed: 4.125% paying .83 pt, 4.375% paying 0 pts

20 year fixed: 3.875% paying .6 pts , 4.125% paying 0 pts

15 year fixed: 3.375% paying .45 pt, 3.625% paying 0 pts

5/1 ARM: 2.875% paying .7 pts, 3.125% paying 0 pts

7/1 ARM: for 3% paying 1 pt, 3.375% paying 0 pts

30 year fixed FHA: 3.875% paying .85 pts, 4.125% paying 0 pts

15 year fixed FHA: 3.25% paying .6 pts, 3.5% paying 0 pts

30 year fixed VA: 3.875% paying .7 pts, 4.125% paying 0 pts

30 year fixed High Balance Loan: 4.375% paying .32 pts, 4.5% paying 0 pts – ONLY AVAILABLE FOR A LIMITED TIME FOR VERY HIGH LOAN BALANCES

LAST CHANCE FOR HIGH BALANCE CONFORMING LOAN LIMITS:

The max high balance conforming loan limit has been $729,750 since the ECONOMIC STIMULUS PACKAGE of 2008. This max loan limit will be going down to 625,500 in the highest priced areas, and lower than that in the mid high balance priced areas.

You have to get these started now if you want to close before the deadline of September 30th, 2011.

 

TODAY’S MORTGAGE RATES – MORTGAGE RATES DROP TO LOWEST LEVELS OF THE YEAR / LOAN LIMITS DECREASING ON OCTOBER 1st

TODAY’S MORTGAGE RATES / MORTGAGE RATES DROP TO LOWEST LEVELS OF THE YEAR:

The US debt deal looks like it will be completed.  Most of us expected this to get done in the 11th hour, but when you don’t know, the markets get nervous. Even though the deal looks to be done, the stock market is down 100 points on Monday morning, pushing the bond markets up and mortgage rates lower.

Last week was a see-saw all week. Luckily we had a huge day on Friday with the bond market closing 81 bps up, pushing mortgage rates and pricing to the lowest levels of the year. Last week, the bond market closed 91 bps up. Right now is a great time to lock a loan, below is the approximate pricing for a well qualified borrower on a variety of loan products.

30 year fixed: 4.375% paying .1 pts, 4.49% paying 0 pts

20 year fixed: 4.25% paying 0 pts , pricing rises over 1 pt below 4.25%

15 year fixed: 3.5% paying .9 pts, 3.75% paying 0 pts

5/1 ARM: 2.75% paying .7 pts, 3% paying 0 pts

7/1 ARM: for 3.125% paying .8 pts, 3.375% paying 0 pts

30 year fixed FHA: 4.25% paying 0 points, pricing rises over 1 pt below 4.25%

15 year fixed FHA: 3.375% paying . 6 pts, 3.625% paying 0 pts

30 year fixed VA: 4.25% paying 0 points, pricing rises over 1 pt below 4.25%

30 year fixed High Balance Loan: 4.375% paying .8 pts, 4.625% paying 0 pts

CONFORMING LOAN LIMITS CHANGING: On October 1st of 2011, loan limits are expected to decrease substantially for CONFORMING and FHA loans.

In many high priced areas, CONFORMING and FHA loan limits were temporarily increased with the Economic Stimulus package of 2008. For example, in most parts of Southern California, you can now do a CONFORMING and FHA loan with a loan amount up to $729,750. Since CONFORMING loans price substantially better than JUMBO loans, many customers have been able to refinance or purchase with high balance loans at a very low rate.

These temporary loan limits are expected to decrease substantially on October 1st of this year. FHA loan limits in many areas will also decrease lower than their current allowable loan amount.

If you want to take advantage of these temporary loan limit increases, I would act before August 15th, 2011. The loan has to be completed and delivered before October 1st to get the old guidelines. Even though refinance typically only take 2-3 weeks, purchases can take 4-8 weeks. I would not wait if you are a consumer that can take advantage of the current program.

Today’s Mortgage Rates – Down to lowest levels of the year.  August 1st, 2011.

Licensed in Arizona, California, and Colorado.

ARIZONA HOUSING STATISTICS – BREAKING RECORDS!!

ARIZONA HOUSING  STATISTICS  :  BREAKING RECORDS!!

June was a record month for Arizona housing.  10,868 home sales occurred in June of 2011, surpassing the previous record of 10,252 units sold in June of 2005.

June was also a record month for home leases of Single Family Residences.  2,280 new leases were executed last month, beating the previous record of 2,002 leases in July of 2008.

Typically home sales and leases go in the opposite direction, but with all the short sales and foreclosures occurring – there are a lot of people changing residences. 

Arizona short sales also set a record, contributing to 2,734 sold units – up 33% from May.

We are still very much in a market fueled by investors.  41% of Single Family Residences sales were purchased in cash.  29% with conforming loans, 24% with FHA loans, 4% with VA loans, and 2% with others.

Lastly, the median home price in Arizona increased in June to 111,000 from 109,000 in May. 

(Arizona Housing statistics – breaking records – from Reggie Green @ Crossline Capital)

Licensed in Arizona, California and Colorado.