Employment News Causes Biggest Single Day Increase In Mortgage Rates

Hope you had a “happy 4th”. Now say hello to the “unhappy 5th”. The Mortgage Backed Securities (MBS) market saw fireworks of a completely different kind. The market went down by an unprecedented 200 basis points – the steepest single day fall in modern MBS history. In simple terms – we saw the biggest single […]

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MBS Blood Bath – Worst Week For Mortgage Rates On Record

Mortgage rates just witnessed the worst week on record. During last 3 days, rates were changing on an hourly basis. Just when I thought I have seen it all, we get a week like this. Its a loan officer’s worst nightmare come true. In last seven days I had already written two posts on mortgage […]

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Mortgage Rates Rise To The Highest Level In 18 Months On Bernanke Statement

Mortgage rates continue its relentless rise. After reaching historical lows at the end of April, the rates have increased for 7th straight week. Today’s statement by Fed chairman Ben Bernanke further worsened the market. By end of the day, rates were at a 18 months high with outlook of more worsening in sight. Mortgage rates […]

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30 Year Fixed Mortgage Rates Rise For Sixth Consecutive Week

30 Year Fixed Mortgage Rates for California and rest of the country increased for sixth consecutive week. After touching a low of 3.35% in early May, the 30 Year Fixed Rate is at 3.98% according to Freddie Mac weekly mortgage survey. During the same time period, 15 year fixed has moved from 2.56% to 3.10%. […]

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Mortgage Rates Reach A Point Of No Return

The month of May, 2013 saw the steepest one month hike in mortgage rates in last 5 years. In the last five weeks, 30 year fixed mortgage rates have climbed 0.50% to 0.75%. Interest rates for virtually all the loan programs have increased substantially. Freddie Mac in its latest weekly survey reported that the fixed […]

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Buying Your First Home in California

How much you can comfortably afford? Beyond pre-qualification, the pre-approval process is the best way to determine the number that’s right for you. More than just a conversation, pre-approval entails full documentation and a credit check. The comprehensive review of all this information will help to determine early, what is truly available to you. Better […]

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Mortgage Rates Rise Sharply On Better Economic News

Its been a bad month for mortgage rates. In 3 weeks the mortgage rates are up 0.25% to 0.375%. Freddie Mac’s weekly survey on April 25th, 2013 reported the 30 Year Fixed at 3.35% with 0.7 points. May 16th survey reported 3.51% with 0.7 points. A quick look on Bank Rate today shows 3.66%. All […]

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Then and Now – An Amazing Yet True Comparison of Mortgage Payments

These figures are illustrations only. Prices are based on U.S median average sales prices, rates are reflective of a 30 year fixed rate loan for 1981 and early in 2013. Principal and Interest payments are based on an 80% loan to value, taxes are based on a factor of 1.5% of the sales price and […]

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California HARP Has Been Extended Till 2015 by Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the California Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013. More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,said […]

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California Mortgage Rates Trend Lower After Rising for Several Weeks

The first Friday of every month is almost always one of shock and awe; the release of the monthly employment data is rarely a calm event. The March data released last Friday did disappoint in terms of surprise. The news improved Mortgage Backed Securities (MBS) price by 40 basis points (bps) on Friday and 122 […]

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