Saratoga Home Buyers Should Lock-in Low Mortgage Interest Rates Now
Last week I listened a discussion by a group of leading bank economists (Doug Duncan, Gary Zimmerman, Kenneth Rosen and Jonathan Miller) at Inman Connect in San Francisco. Their view of the economy was pretty bleak! Kenneth Rosen said current policies in Washington, D.C. are unsustainable and since mortgage rates are…
Mortgage Rates Flat
According to John Shapiro of Private Mortgage Advisors, “mortgage rates have been flat for the past 2 weeks or so and will probably stay for the next month or so. The rate on the high balance conforming loan products (Loan amounts between $417K & $729K) will start to rise over…
Mortgage Interest Rates Rise Despite Fed’s Purchase of Government Bonds
Mortgage interest rates are still very low (4.375% to 5.0%), but contrary to many financial news stories over the past week or so mortgage rates are higher and going up slightly! As a result, there is a big disconnect between homebuyers’ expectations (fueled by those recent media reports) and what…
Things are Looking “UP” for Unemployed Homeowners
As of Aug. 1, 2010 home mortgage servicers participating in the federal government’s Home Affordable Modification Program are required to implement the Home Affordable Unemployment Program or “UP“. This new program provides eligible unemployed homeowners a temporary period during which their regular monthly mortgage payment is reduced or suspended, which…
Low Mortgage Rates Expected to Remain Flat Until Fall
John Shapiro of Private Mortgage Advisors (affiliate of Wells Fargo Mortgage) forecasts that “I think we will see flat rates at these levels until the fall. At that point I would expect a seasonal increase but not a dramatic one. Rates won’t dramatically rise until unemployment improves markedly.” John also…
Low Mortgage Interest Rates and New Super Conforming Loans
Mortgage interest trends suggest that now might be a good time to be a home buyer in terms of affordability and risk: Low Interest Rates - Average rate on a 30 year fixed conforming nationwide ended this week at 4.57%, which is another all time low for the fourth consecutive…
New Jumbo Mortgage Program Available Through Private Mortgage Advisors
The ready availability of jumbo mortgage financing has constrained the market for more expensive homes in Saratoga, Los Gatos, Monte Sereno and other parts of Silicon Valley. The problem has be sluggishness in the secondary wholesale market for loans above $729,750. Now Private Mortgage Advisors (a joint venture of Wells…
Pulse on the Saratoga Real Estate Market
Despite the federal tax credit ending last week, California has extended the credit for first time homebuyers and new construction home buyers. This swill be good for real estate sales in Santa Clara County, but probably will not effect sales in Saratoga, Los Gatos, Monte Sereno and surrounding areas. Today…
Double Dip Up to $18,000 in Homebuyer Tax Credits?
Time has almost run out for Californians to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1,…
Second Trust Deeds Coming Back In Santa Clara County
Starting Monday, April 19, 2010, Wells Fargo Mortgage will be supporting the use of second trust deeds that will now allow home buyers to have up to a 85% loan to value ratio (including a second as well as first trust deed) in Santa Clara County without having the added…
Home Affordable Foreclosure Alternative (HAFA) Program
The new federal Home Affordable Foreclosure Alternative (HAFA) Program went into effect on April 5, 2010. This program has new guidelines intended to speed up and standardize short sale and deed-in-lieu (DIL) transactions. In a short sale, the borrower sells the home for less than the amount owed on the…
Will Mortgage Interest Rates Rise in 2010?
The Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac since early 2009. The purchase program has helped maintain low interest rates for borrowers in Silicon Valley. As planned, the Fed last week announced it will stop purchasing these securities at the end of this…
Will Private Morgage-backed Security Investors Pick Up The Slack This Spring?
Continued uncertainty about loan modifications are still an impediment for investors returning to the market with residential mortgage-backed securities (RMBS). According to Jacob Gaffney, the Federal government’s bailout and stimulus package has “created an environment where private investors in the securitization are reluctant to come back to the sector en…
Home Buyers Should Act Now Before Rates Go Up
Interest rates have been stable over the past week but appear ready to rise based on Obama’s budget which among other things promotes job growth, responsible government spending and is viewed as a positive for the economy based on today’s bond trading. There were several other positive economic reports out…
Reverse Mortgage Now Allows New Home Purchase
Did you know that there is a program that allows seniors (62 years and older) to purchase a new home without taking on a new monthly mortgage payment? It will enable seniors to: Purchase a primary residence more suitable for their current needs (ie. single story vs. two story) Purchase…
