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Market update

Market Update INFO THAT HITS US WHERE WE LIVE Housing Starts for October came in last week down 10.6%. But single-family starts dropped only 6.8% and are still 33.3% higher than their January/February lows. New building permits were off only 4.0% overall and were basically unchanged for single-family units. Builders were obviously cautious, not knowing that the homebuyer tax credit would get extended... [Read more]

Rates

conforming 4.875 Fha 4.75

Market update

>> Market Update INFO THAT HITS US WHERE WE LIVE Thursday the Wall Street Journal reported Q3 home sales at an annual rate of 5.3 million units. That was an 11.4% gain over Q2’s 4.76 million units. Experts put much of the rising sales to the tax credit of up to $8,000 for first-time homebuyers. A week ago Friday, the President signed a bill extending that tax credit well into next year... [Read more]

High cost area loan limit

The Federal Housing Finance Agency (FHFA) has issued the loan limits that will apply to conventional loans purchased by Fannie Mae and Freddie Mac as follows; General First Mortgage Loan Limits The General First Mortgage Loan Limits remain unchanged from 2009. High-Cost Area Loan Limits No differences between the 2010 and 2009 high-cost area loan limits published by the FHFA. However, high-cost area... [Read more]

Market Update – Daily and Weekly Wrap

Profit taking set the tone in the early going but as we moved into the trading day, good buying out of Asia and curve flattening helped to save the day. Comments by Bill Gross (Pimco bond god) talking about spread product being attractive (mortgage backed securities) and the lack of any foreseeable rate hike until late in 2010 helped to give longer maturity fixed income produces a pop. Looking ahead... [Read more]

Market conditions

TGIFriday the 13th. Earlier this morning, the Commerce Department reported a 36.5 billion trade deficit in September, nearly 5 billion above expectations. This represents an 18.2% increase in the total deficit, the largest increase since February 1999. The increase was due to a 5.8% increase in imports, the largest since March 1993. Both imports and exports were on the rise to their highest levels... [Read more]

30 year interest chart

Hello, We want to let you know that many experts are predicting a rise in inflation and consequently a rise in interest rates as a result of the governments stimulus spending. This chart ( 30 Year Interest Rate Chart ) demonstrates just how historically low interest rates are. Take a look at where rates were in the early eighties – the last time inflation skyrocketed. We hope this chart provides... [Read more]

Unemployment claims

Weekly Unemployment Claims hit the tape this morning, down 12K to 502K. Continuing Claims fell as well, down 139K to 5.6 million. Both indexes were better than economists expected but seasonal factors helped the Weekly Index while the exhaustion of benefits was the main driver behind the drop in Continuing Claims. Numbers look better but it is still tough out there on the jobs front. The main focus... [Read more]

Rate’s

Conforming 30 year fixed 4.875 Fha 30 year 4.75

Tac credit extended

First-time Homebuyer Tax Credit Extended The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th. Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates... [Read more]