Rain City Guide

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 [...]

There have been so many factors that typically influence the direction of mortgage rates over this past week, it’s amazing.  Just this morning we had another dismal Jobs Report with a greater loss than expected (for the 9th consecutive month); typically, this would improve mortgage interest rates.  However, as Jillayne mentions, there are rumors of the FOMC [...]

Many changes with FHA financing will go into effect with the passage of HR 3221 by the time I post rates next Friday.  Effective October 1, 2008:

Down payment assistance programs (such as Nehemiah) will be a no-no (without the passage of new legislation).
Minimum down payments are increased to 3.5% (from 3%). (This is effective 1/1/2009).
Upfront mortgage insurance [...]

Today stocks are rallying based on the events that were announced this morning: Treasury Secretary Hank Paulson’s plan to temporarily guarantee money market funds; the Fed’s announcement to create a place for bad mortgage debt; the SEC’s ban on short selling specific financially related stocks.   Good news to the stock market typically translates to higher [...]

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 [...]

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 [...]

Changes to rate are noted with a  :)  for a rate improvement or :(  when rates are higher than what I posted last week.   Seems like ever since The Tim from Seattle Bubble gave me up & down arrows, I’ve been busier–thanks The Tim! 

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming [...]

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 [...]

It’s been tough on mortgage backed securities this week.  Today there are no economic indicators being released and compared to last week’s rates, they’re up across the board.   The Tim, from Seattle Bubble, made a special request that I show the weekly difference between posts…which I used to do with RCG Rates…which such a dramatic increase [...]