Rain City Guide

Just a reminder that next Thursday is Thanksgiving and banks will be closed.  Our office will be closed until Monday, December 1, 2008.  I hope everyone has a wonderful time surrounded with family and friends…who doesn’t need a long weekend?!  :)   I do like all the  on this week’s rate post. 
ALERT: if you are planning on [...]

Rates have been so volatile lately it’s insane.  On Tuesday, I was quoting 5.875% (apr 6.133); Wednesday rates dropped to 5.625% (apr 5.818) then popped back up on Thursday.  This morning I quoted 6.00% (apr 6.155) all for 30 year fixed conventional with 720-739 mid scores priced w/1 point; now it’s 0.125% higher.  I’ve seen rates [...]

All I can say is THANK GOD IT’S FRIDAY!  What a gut wrenching week this has been for the global markets.  I truly hope that no one has tried to float their interest rates during this time, especially since most lenders can and will re-negotiate or float down your rate should they improve.   Those waiting to [...]

Mortgage rates continue to be very volatile.  They are improved from last week’s rate report yet higher than the low point (mid 5’s for 30 year) earlier this week.  If you’re considering a mortgage, you need to be in position to lock with low rate opportunities are present.  So far today, one of the more conservative lenders [...]

This morning began with rumors of a possible Government take over of Fannie and Freddie which caused the GSEs stocks to further tumble.  Later in the day Reuters reported that the Fed was going to open the emergency discount window to the GSE’s (Fannie/Freddie)…following that announcement, Reuters admitted that the source of this information was from a “source of a [...]

This week month continues to be very ugly for the stock market and traders are seeking the safety of bonds.   In fact, the DOW is on track for being the worst June since the Great Depression and we have oil closing at a record $140.  Mortgage rates continue to be very volatile and odds are, [...]

Mortgage bonds have a negative reaction to inflation and we’re seeing high food and oil prices and rates continue to be very volatile…next week, the drama promises to deliver with the FOMC meeting on Tuesday and the Jobs Report on Friday. I know I sound like a broken record…but here goes: THE FED [...]

While I was preparing my morning rate quote (I’ll follow up at RCG this afternoon in case of a rate change), I thought I would run a couple scenarios on how much your credit score now cost you…just one digit off and you are paying more for your mortgage.
The following scenarios are based on a [...]

With the new credit score based pricing, rates below are based on a 720 credit score. Most mortgage rates are now credit score based. Mortgage rates continue to be very volatile and often change several times a day.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The [...]

Mortgage guidelines continue to tighten.   Most recently, I’m seeing some lenders extend credit score-risk based pricing to FHA and VA mortgages.  Second mortgages have increased credit score requirements and have pulled back the total loan to value they will lend.   If you are putting less than 30% down and are considering obtaining a mortgage in the next [...]