Rain City Guide

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   Rates quoted are priced based on a 45 day lock with 1 point and [...]

It continues to be very interesting preparing Friday Rate Quotes.   Programs and products availability continue to change due to either lenders suspending certain products or pricing them out of the market.   In addition, some lenders who brokers have had relationships with are playing “dirty” (for example, trying to stall loans so they expire instead of funding or [...]

The junk mail makers must be working feverishly on new angles to trick consumers.   This piece we received yesterday really makes me pi$$ed!!!   It claims to be from the “Loan Audit Department” and appears a very official letter with warnings of potential fines and a big red “FINAL NOTICE”.    This one looks pretty darn real.
Once [...]

The Fed surprised everyone by lowering the discount rate by 0.50% to 5.75%.  This is not the same as the Fed Funds rate which the prime rate (home equity loans) is based on.   This impacts what banks will pay when borrowing funds from the Fed.  This more attractive rate will help add much needed liquidity [...]

The mortgage industry is facing historic times with the tightening of underwriting guidelines, programs disappearing and lenders not able to fund loans and/or closing shop.   The subprime meltdown is spilling into the prime mortgage markets.   Here is what you need to do if you’re considering buying a house and you’re not paying cash for your [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   Rates quoted are priced based on a 45 day lock with 1 point and [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   Rates quoted are priced based on a 45 day lock with 1 point and [...]

Rates are improved over last week based on stronger than expected economic reports that were released this morning following yesterday’s decision from the FOMC to keep the Prime Rate unchanged at 5.25%. The Core PCE and Chicago PMI came in better than anticipated indicating that inflation may calming down a bit.  Inflation has a negative [...]

There was mid-day price changes today and I can barely lock a 30 year fixed rate at 6.00 as quoted below.   Next week brings economic reports that tend to have a high impact on mortgage interest rates.   Starting on Tuesday morning with the Consumer Price Index (CPI) and on Thursday, we’ll learn about the Jobless Claims and the [...]

Conforming 30 year fixed rates are slightly improved from last week (by the time this is posted, rates may have increased); adjustable rate mortgages and non-conforming are unchanged.   This is mainly due to the Producer Price Index Report (PPI) coming in better than expected.  The PPI is an economic indicator that measures wholesale inflation.   A more important economic indicator to [...]