I Can Only Say "Super Low"!

Quite amazing.  I'm seeing 4.125% on a 30 year fixed and 3.875% for a 15 year.
Call me for details.

Amazingness Continues

Those amazing rates continue such as:

4.375% on a 30 year
or
3.875% on a 15 year

ARM's in the mid 3's!

Of course this is based on credit score and loan to value and purpose of the loan such as "is it being used to produce cash?"

Would love to crunch numbers with you.

"Jumpin Jehosephat"

I'm seeing 30 fixed for 4.375% with 15's at 3.875%!!!!!

...call or e-mail me, 505-986-9080 or guyclerc@hotmail.com

MORE OF THE SAME (and that's good)

This week's news in the mortgage world is about the same as last week's and the week before that.  To put it simply, the wild gyrations in the stock market and turmoil with the Euro has made our Treasury offerrings very attractive as a "safe haven" for investors.  When that happens the price of the bond goes up and interest rates FALL.  With average credit I'm seeing 30 year rates nicely under 5% with 15 year rates near 4%.  Would love to talk to you about your unique situation.  Send me an e-mail at guyclerc@hotmail.com.

These Historic Rates Continue

I've been seeing 30 year fixed rates as low as 4.75% with 15's around 4%!  It's been this good for a while so what's going on?  The expression "misery loves company" has some meaning in this instance.  I mean the confluence of the European debt situation along with our stock market rollercoaster has put a lot of jitters in the general financial world.  This is bad for investors but good for interest rates as people/institutions gobble up our treasury offerings whose apparent safety is very attractive right now.  I mean we are in striking distance of the lowest rates in history.  What a time to act!!

Holy Cow, Have You Looked At Rates Lately?!!

Mama Mia, the European sovereign debt situation, namely Greece, has put a tailspin on the Euro and caused a "flight to quality" safe haven status for the our treasury offerings, in other words huge demand.

When this happens interest rates DROP.  I'm seeing 30 rates at 4.625% to 4.75% almost as good as the glory days two years ago. I'm also seeing 15 years at 4 to 4.125%!!

The banks also seem to be getting back into the JUMBO business with good fixed rates and exceptional ARMs.

Let me know if you want to take advantage of this special situation.

Cheers, Guy.

P.S. I passed my national exam last week now on to the state.

Tomorrow's the Big Day

Yes, according to the new federal S.A.F.E. act I will be taking my required national mortgage licensing test tomorrow morning.  Even though being a mortgage broker has been my profession for the past 14 years I will comply the new requirements.  This test covers mortgage knowledge, ethics, federal law and standard practices and consists of 100 questions of which one must score a 75 or higher.  Other requirements are 20 hours of education with an annual booster of 8 hours, the state test, background check, fingerprints and credit report.  I can't wait.  These requirements are in addition to the new RESPA requirements which went into force Jan. 2010 including the new Good Faith Estimate which in my opinion is much more confusing to the general public than the old one. What's the expression?  "we're from the government and we're here to help"!!??

Rates are still super low, in the 4's for a 30 and low 4's for a 15.

Would love to talk to you.

The Recipe For Mortgage Rates

Mortgage rates are the result of all financial data assimilated and boiled down to their essence.  Most importantly, the value of the dollar, the demand for our treasury bonds by investors including other countries, general economic conditions- usually good news drives rates up and vice versa, stability of the Euro (Greek crisis).  All of these underlying factors affect the price of mortgage backed securities off of which mortgage interst rates are determined.

Anyway, rates are still  DOWN due to the apparent "safe haven" status of the US bond market.  4.875% for a 30 year was seen today on most of our rate sheets with 15's in the mid-fours.

Cheers

A LOT OF GLOBAL TURMOIL = LOW RATES, see note at bottom

So, today being Tuesday, here's what's new in the mortgage world.  For the past few weeks, mortgage rates have pretty much been governed by movement in the stock market.  When stocks go up, interest rates go up (stocks up, bonds down, bond price down means the bond yield increases causing rates to go up as well).  Put simply, people move their investments from bonds to stocks with commensurate rate increases.

Thus, recently rates have been around 5% for a 30 and 4.375% for a 15.

It seems that the constant discontent with the appraisal AMC's (appraisal management companies) has caused some good effect in that they seem to be trying to use more local appraisers rather than"out of towners" who don't know our market.

Great jumbo rates are starting to reappear as the banks get back into the jumbo market.  I'm seeing rates in the high 5's for a 30 with jumbo ARMS much lower.

What a time to buy!

EXTRA, EXTRA, this just in, Greek/Goldman Sachs situation has made the stock market tumble.  Interest rates have come down nicely due to this, now UNDER 5% !

Rates Hold Steady Despite Lack of Fed. Support

Since the Fed. stopped buying mortgage backed securities, interest rates have not taken much of a hit.

Their support ended the March 31 and many, including myself, were apprehensive about a huge rate increase.  It appears that independent investors have taken up the slack in buying up the securities and rates remain terrific!

I saw 4.875% on a 30 year and 4.25% on a 15 year on today's sheets.

Stop (or modify) HVCC!!

I have a real gripe with the new HVCC act which came out of Washington and was supposed to help and protect the public when it came to appraisals.  It has spawned the use of AMC's (appraisal management companies) which all too frequently produce unusable appraisals done by appraisers who might come from other counties and have little or no general knowledge or experience in doing an appriasal for a property in Santa Fe!  All too often we see rediculously low values and or shoddy work due partly to the fact that the AMC keeps the full fee and pays the appraiser a portion of it often to the lowest bidder. This doesn't pass the stink test.

This is a bad law which has the real estate industry, buyers, sellers, banks and realtors up in arms as transactions are being torpedoed left and right.  It needs to be "put on hold", sunsetted or repealed.  There is a limit to regulation beyond which it becomes cumbersome and anti-productive.  Appraisers, to be licensed must adhere to a strict code of ethics.

In looking at rates today I saw 30 year fixed under 5% with 15 years at 4.25%.

We May Have Reached A Turning Point!

Here's how I see it.  I think home prices have bottomed out and are stable. I also think we could expect a very slight improvement in prices over this summer.

What I do know is that interest rates are creeping up, about 5.125% today, due to the Fed. pulling out of the mortgage backed security market. Will they continue to creep...I don't know.

If you are a first time buyer or a current buyer, those tax credits are available if you are under contract by the end of this month and close by the end of June.

I guess what I'm saying is now might be the time to buy or refinance before this historic moment fades.

Guy.

Fed. Ceases Support But Rates Hang In There

Today marked the last day of Fed. support (buying) of US mortgage backed securities.  The market reacted with a .25% hike but hopefully that will be the extent of it.  Supposedly the exiting of the Fed. will open up the market to private investors who will fill the gap with not much slippage in rates.

30 year fixed, 5%
15 year fixed, 4.25%
5 year ARM, 3.875%

Call me about our great jumbos.

The Return of Jumbos

In addition to outstanding regular (up to $417,000) mortgage rates currently running about 4.875%, the banks are beginning to come back to JUMBO (over $417,000 up to 1.5M)  mortgages with quite good rates.  We are seeing 30 year fixed jumbos at about 5.625% and jumbo ARMS at 4.875% (30 year loan with the rate fixed for the first 5 years)!! 

Back to regular rates,15 years are running about 4.125%.  Again these rates will creep up starting soon.

My wine pick for this broadcast is Marietta Old Vine Red, Lot 51. (at the Liquor Barn)

Cheers, Guy.

Your Guy In The Mortgage World

Well,

Let's start with interest rates. Today I saw 30 year fixed rates still at 4.875% (subject to underwriting) with 15 year rates at close to 4%!  You can get below 4% with a 5 year ARM (30 year loan with the rate fixed for the first 5 years) if your time frame is short.  Again, the Fed. has said they will slowly withdraw support (keeping these rates low) in the near future so if you have been considering a refinance, don't wait forever.

Those tax credits, $8000 for first time buyers and $6500 for buyers are due to expire the end of April (conract date) and close by the end of June.

There are really good buying opportunities out there including short sales.  A short sale is where the bank is willing to sell the property for less than what is owed on it.  We are processing one on a house worth $520,000 and the bank is letting it go for $390,000.   Foreclosure Myths: 77 Secrets to Making Money on Distressed Properties, also try the Fannie Mae web site and RealtyTrac.com both good sources.

Last night I had Trader Joe's "Thousand Layer Crackers".  These come individually wrapped and are outragously delicious!  Try them for a real treat.  Even better with a little melted blue cheese on them.

Happy St. Patty's Day to all!

Your Rates For March 3, 2010

This week's low rates continue with:

30 fixed, 4.875%, owner occupied
15 year fixed, 4.5%, owner occupied
5 year ARM, 4%, owner occupied

...yes we have great jumbos in the 4's and 5's....

(rates subject to underwriting and market fluctuations)

Rates back down!!

...yes, 30 year fixed today was running 4.875% with a 15 at 4.5%. Of course subject to change and underwriter approval. 



 Believe me you will be happy to deal with
someone LOCAL who knows the ins and outs of our unique Santa Fe market.  Best Regards, Guy.

Current Rates Are Moving Up

....they are still good and at historic lows but look for them to creep up as the Fed. considers withdrawing its support.

30 fixed, 5.125%
15 year fixed, 4.5%

Call or e-mail me to get started.  Guy.