Category: September 2011

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.

 

 

 

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

When it comes to short sales, likely you have heard things both good and bad about the process. In general, it is a good way to help a homeowner get out from under mortgage payments that you can no longer afford, without having a major negative impact on their credit score. If you live in the Scottsdale area or are looking to buy a home in the area, learn more about this process and the benefits offered to both buyer and seller.

In today’s economic climate, many homeowners are finding that they owe more on their home than what it is worth. Due to loss of income, unemployment, bankruptcy, divorce or other extenuating circumstances they can no longer pay their mortgage. If this describes you current financial situation, you are likely facing foreclosure, which is something you would rather avoid if at all possible. As Certified Distress Property Experts in Scottsdale, Arizona, we can help you negotiate the short sale process with your lender, so that you can sell your home for less than you owe to a willing buyer.

Scottsdale, Arizona is a very desirable city where home prices may be considered out of reach, but Short Sales and Bank owned properties have lowered prices and this could be a great time to get into the Scottsdale housing market. The short sale process allows buyers to purchase their dream home for considerably less money, which is ideal for today’s home buyer. We specialize in Scottsdale real estate and know the values of the homes in this area, and can easily find a property that fits within the price range of the buyer’s requirements.

If you are a homeowner trying to get out from under your mortgage, you may wonder why a lender would take an amount less than what you owe on your home. Lenders would generally rather have some money on the property, as they are not in the business of owning or managing property. While foreclosure may drop your credit score by as much as 250 points, the short sale process generally drops it by only 100 points. You can also purchase another home of your own quicker, while foreclosure usually results in a wait of 5 to 7 years or longer.

Buyers looking for a home in the Scottsdale area will find that short sales allow them to purchase a beautiful home for a price they can afford. For example, a home may be worth $500,000.00 or more, but the lender may be willing to settle for $375,000. 00. This saves you a substantial amount of money, and you get a lot more home for your money.
Either way, the process is an involved one that most people do not want to enter without the advantage of a Scottsdale real estate professional on their team. As Certified Distressed Property Experts, we can negotiate and handle the bulk of the work, making the process both easier and less time consuming. If you are looking to buy or sell in Scottsdale, Arizona contact a reputable Certified Distressed Property Expert like us to make the entire process quick and seamless.

Stephen Proski

RE/MAX Achievers

Scottsdale, Arizona

602-620-2164

office@az-homes4u.com

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

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 REMAIN AT RECORD LOWS!!

MORTGAGE RATES REMAIN NEAR ALL TIME LOWS

The bond market closed last week down – 94 bps pushing mortgage rates and pricing higher. This move higher was due to a great week on Wall Street where the stock market closed higher every day. There has been some pull back on Monday with the stock market being down, pushing rates back to lower levels. The bond market closed Monday up + 55 bps pushing mortgage rates and pricing back down to the low levels at the beginning of last week.

Below are current rates available paying a point or less.

30 year fixed: 3.875% paying 1 point, 4.125% paying 0 points

20 year fixed: 3.75% paying 0 points

15 year fixed: 3.25% paying 0 points

5/1 ARM: 2.625% paying .6 points, 2.875% paying 0 points

7/1 ARM: 2.875% paying .8 points, 3.25% 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 .85 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 Remain at Record Lows

MORTGAGE RATES LOWER AGAIN / 30 YEAR FIXED DOWN TO 3.99%!

MORTGAGE RATES LOWER AGAIN, 30 YEAR FIXED DOWN TO 3.99%:

The bond market closed last week up +34 basis points. President Obama’s Thursday night speech appeared to have a positive impact on mortgage pricing, as pricing improved the most on Friday.

We are still in a volatile market where mortgage pricing can change dramatically in a short period of time. Right now we are at or very near the lowest rates I have seen in 2011.

Below are current rates available paying a point or less.

30 year fixed: 3.99% paying .4 points, 4.125% paying 0 points

20 year fixed: 3.75% paying .39 points, 3.875% paying 0 points

15 year fixed: 3.25% paying .4 points, 3.375% paying 0 points

5/1 ARM: 2.5% paying .98 points, 3% paying 0 points

7/1 ARM: 2.875% paying .85 points, 3.25% 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: 4.25% paying .6 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 LOWER AGAIN  /  30 YEAR FIXED DOWN TO 3.99%!