Rain City Guide

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 [...]

A dismal Jobs Report with the highest unemployment in 5 years and revisions for the worse to previous reports isn’t much to about…unless you’re in the market for a new mortgage.  This bad news for the economy translates to improved mortgage interest rates.   Currently (at the time of this post) I’m on my second [...]

The comparison of rates is based on when I last posted on (I skipped a week while our family was vacationing at Lake Roosevelt).   Overall, rates are slightly improved to unchanged and do continue to be volatile.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner [...]

The Jobs Report this morning wasn’t pretty.   We didn’t lose as many jobs in July at 51,000 instead of the expected loss of 75,000 (how is that for sugar coating?).  Our unemployment was reported higher at 5.7%.  Consider this, many loan originators who are 1099 (vs. W2) and do not qualify for unemployment may not be factored into [...]

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 [...]

Huh?  Since tomorrow is Independence Day, the bond markets will be closed…so I thought I would provide you with mortgage rates on today.   We also had the Jobs Report released today which reported a loss of 62,000 jobs and an additional 52,000 jobs lost in April and May with unemployment remaining at a four year high at 5.5%.   [...]

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, [...]

While I’m still trying to figure out how to please everyone with pricing rates used in the Friday rate posts (with or without any points), since we have not had major rate changes today and because it’s the first day of summer…I’m going to give you a little treat and price rates both ways today: [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied, “full doc” purchase with  a minimum credit scores of 680 with an 80% loan to value or lower, a loan amount of $400,000, and with reserves (taxes & insurance) not being waived.   Rates quoted [...]

As a Correspondent Lender, it’s difficult for me to call myself a mortgage broker or a mortgage banker since I’m an odd mix of both.  I’m sure my sister-in-law who happens to be the President of our company would prefer to say the “best of both worlds” and she could be right.   This is not what [...]