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Friday, September 12, 2008
Planning for Success: Buyer Thank You
"The program that Marty presented to us gave us a good foundation of knowledge for mortgages and home buying. We feel that it was beneficial to us." Denny and Brittney Green, 9/11/08
Rate Trend Index 9/11-9/17/08
Sept. 11 - Sept. 17, 2008
This week, 15 percent of the panelists believe mortgage rates will rise over the next 35 to 45 days. More than half think rates will fall, and the rest believe rates will remain relatively unchanged (plus or minus 2 basis points).
Panel:
Up:14%
Down: 57%
Unchanged:29%
This week, 15 percent of the panelists believe mortgage rates will rise over the next 35 to 45 days. More than half think rates will fall, and the rest believe rates will remain relatively unchanged (plus or minus 2 basis points).
Panel:
Up:14%
Down: 57%
Unchanged:29%
Average Mortgage Rates 9/12/08
NATIONAL OVERNIGHT AVERAGES
Conventional Loan: These averages include 1.75% discount point, origination fee of $795, $400 appraisal, Title Fees, assumes 20% equity, Loan size of $160,000, Credit Score of 720. FHA Loan: .35% higher in rate, 1.375% discount point, $795 origination fee, $150,000 Loan size, 600 credit score, 3% equity, $400 Appraisal, Title Fees
30 yr fixed mtg
5.78%
15 yr fixed mtg
5.42%
5/1 ARM
5.62%
Conventional Loan: These averages include 1.75% discount point, origination fee of $795, $400 appraisal, Title Fees, assumes 20% equity, Loan size of $160,000, Credit Score of 720. FHA Loan: .35% higher in rate, 1.375% discount point, $795 origination fee, $150,000 Loan size, 600 credit score, 3% equity, $400 Appraisal, Title Fees
30 yr fixed mtg
5.78%
15 yr fixed mtg
5.42%
5/1 ARM
5.62%
Rate Watch 9/8-9/11/08: Float and 9/12: Lock Bias
The market this past week after Monday included 3 days of Float recommendation and this morning it turned to a lock recommendation. The Bond market has been favorable this week because of the Freddie and Fannie Bailout (this is what it is being called-but in reality, the Government is insuring the Mortgage Backed Securities of these two HUGE companies with tax payer money). Once the liquidity returns, which is what is slowly happening this week and will continue for the next 18 months, as all of the non performing Mortgage Backed Securities work through the system, we will see a 'Normalcy' return to the Bond markets. It's complicated to say the least, but I will keep you updated on changes that are coming and any further direction change. Monday will be a good day to take note of my recommendation because it could be a leading indicator of the rate movement for the next couple of weeks.
Melanie Corbin
Melanie Corbin and Marty Qualls, Closing at Inwest Title with Rachel Miller, Escrow Officer."Immediately when I met Marty Qualls for the first time, I felt that he was a reliable, competent man with ample knowledge in the mortgage field. Marty was more than helpful with the process along with encouraging and heartening. In fact I have hung his business card in the faculty room of the school where I teach because I know he will work equally hard for others. Thank you Marty for a job very well done. There were days that I wasn't sure that it would all come together and you were there to reassure. It was a pleasure to work with you, and as a matter of fact I sorta miss talking with you. I'll give you a call sometime. Thanks again!" Melanie Corbin
Tuesday, September 9, 2008
Monday, September 8, 2008
Rate Watch: Float
Great news for the future solvency of Fannie Mae and Freddie Mac was announced yesterday. The Government is now guaranteeing all Mortage Bonds issued by Freddie and Fannie in the past and in the future! Because of solvency issues with the two largest insureres of Mortgage Loans in the United States (they insure over 60% of all loans!), this news has been viewed as huge stabalization within the Mortgage Market. Liquidity, Stability and Affordability in the Mortgage Markets is now guaranteed as the Government offers $200 Billion in Bond Guarantees. Mortgage prices have been very favorable today and on the technical side, a switch to watching the 5.50% Bond from (moving down from the 6.00% Bond) is immenent with the improvement in the market. I will recommend floating for now and will let you know if there is a change in direction within the market.
Sunday, September 7, 2008
Buyer Thank You
"Marty gave me excellent personalized service, he was easy to contact (always accessible) and the service was great, thanks." Vickie T, Loan#15543-003-99
Buyer Thank You
"We liked the over the phone service and the service we received could not be improved upon." Brayden and Erin W., Loan#13581-003-99
Buyer Thank You
"We were kept very well informed on the status of our loan and the service was very personalized." Steven & Lisa P., Loan#15282-003-99
Buyer Thank You
"Marty receives the highest rating for all of the things he did for us in helping us get our mortgage loan and we will recommend him to others." Monchai and Julianna S., Loan#15064-003-99
Buyer Thank You
"Marty did an excellent job in explaining the entire loan process to me and made the whole process simple." Jesus SanJuan, Loan#14659-003-99
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