Mortgage Market Update 6-15-2009
June 15, 2009 by Bob Schenkenberger · Leave a Comment
Mortgage bond prices were very volatile last week pushing rates slightly higher by approximately 1/4 of a discount point.
The primary culprits are fears that other countries would shift dollars away from US holdings. Retail sales rose 0.5%, and reinforced the belief that the economy has started to turn. Oil prices continue to rise, and hit over $72 per barrel.
This week the Consumer Price Index (CPI) will be released this week, and is widely accepted…
Refi Now or Roll the Dice?
December 12, 2008 by Bob Schenkenberger · 1 Comment
With 30 year fixed rate loans hovering around 5%, is this the time to pull the trigger on a re-finance of your mortgage? There are two groups of qualified borrowers who should look at refinancing? Image by woodleywonderworks via Flickr Those who have fixed-rate mortgages above 6%. Those who have adjustable-rate mortgages and want the [...]
Closing Costs vs. Interest Rate…How to Choose?
July 1, 2008 by Bob Schenkenberger · 1 Comment
photo credit: TW Collins Once you feel comfortable that you have a mortgage professional who can advise you, here are some secrets for shopping effectively. First, just like anything else IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS. No one has a commodity on rates- interest rates all come from the same [...]
Shopping effectively for a Mortgage Lender…
June 20, 2008 by Bob Schenkenberger · 1 Comment
photo credit: sosico First and foremost in order to shop effectively you need to make sure you are working with a professional, someone who is interested in your goals and plans for the future. This is very likely your largest asset as well as your largest debt. Ultimately what we are talking about here is [...]
Mortgage Update 4/11/2008
April 11, 2008 by Bob Schenkenberger · Leave a Comment
Rates have faired well this week amidst a fairly stable performance by the stock market. Mortgage Backed Securities have been trading inversely to the stock market’s performance. Currently the rates are as follows: Conventional 30 year fixed, 5.625% FHA 30 year fixed, 5.50% 5/1 Interest only ARM, 5.50% Jumbo 30 year fixed, 7.75% Contact us [...]
Refi’s up 82%
March 26, 2008 by Bob Schenkenberger · 1 Comment
The Mortgage Bankers Association (MBA) reported today, that total mortgage applications spiked 48% last week following the Federal Reserve’s move to cut short term interest. The index that tracks refinance application actually went up 82.2%, while purchase loans were up 10.6% What I’d like to know is what percent are FHA loans. The reason for this [...]
The Fed lowers .75% and mortgage rates rise….
March 18, 2008 by Bob Schenkenberger · 5 Comments
What? The Fed lowered the Fed Funds rate today .75% and mortgage rates went up? Yep, that’s right. That doesn’t make sense. I thought if the Fed lowered rates, mortgage rates would follow? Nope that’s not how it works. ”Mortgage rates frustrates buyers” was a timely article in the Denver Post this past weekend and it’s a must read [...]