Mortgage interest rates improved slightly on the week as turmoil in Europe continues. Greece and France voted out the leadership that agreed to the recent austerity plans leaving those plans in question and increasing fears that Greece may default on its sovereign debt. Economic data was limited. Of note, the US trade deficit was larger [...]
Mortgage interest rates improved slightly on the week as today’s employment report for April was weaker than expected. April non-farm payrolls increased by 115k on expectations that they would increase by 162k. Non-farm private payrolls increased by 130k on expectations that they would increase by 167k. The unemployment rate fell to 8.1% from 8.2% but [...]
Mortgage interest rates were mostly flat on the week on mixed economic data. Economic data stronger than expected included March Retail Sales, February Business Inventories, March Building Permits, and March Leading Economic Indicators. Economic data weaker than expected included the April Empire State Manufacturing Index, the April NAHB Housing Index, March Housing Starts, March Industrial [...]
Mortgage interest rates improved slightly this past week as China’s economy appears to be slowing and Europe’s debt crisis persists. In China, first quarter GDP and imports were weaker than expected. In Europe, Spain’s 10 year note yield spread over Germany’s 10 year note yield increased to its largest level since late November as Spain [...]
Mortgage interest rates improved this past week on today’s March employment report despite losing ground earlier in the week. March non-farm jobs increased by only 120k on expectations that they would increase by 201k. Non-farm private jobs increased by only 121k on expectations that they would increase by 224k. Earlier in the week, though, the [...]
Mortgage interest rates increased this past week on the Fed’s FOMC Policy Statement, positive economic data, and the subsiding of the European debt crisis. Many in the markets were expecting the Fed to announce another quantitative easing program at the conclusion of its FOMC meeting. No such program was mentioned, though, which led to higher [...]
Maybe as an answer to the recent FHA announcement of higher premiums, some private mortgage insurance companies have stepped up and reduced their premiums! The scenario below shows how competitively priced conventional loans can be. Scenario: $250,000 purchase, 95% LTV Of course there are many other factors to consider, so contact your Loan Officer today [...]
If you have an FHA loan that was endorsed on or before May 31, 2009 and plan to streamline refinance, the upfront mortgage insurance premium (UFMIP) is decreasing from 1.0% to 0.01% of the base loan amount, and the annual premium will be 55bps regardless of loan amount. This change is effective for case numbers [...]
Mortgage interest rates increased slightly as economic data was generally stronger than expected. Today’s employment report for February showed a 227k increase in non-farm jobs on expectations of an increase of 207k jobs. Private jobs increased by 233k jobs on expectations that 220k jobs would be created. The January and December jobs reports were revised [...]
EFFECTIVE APRIL 1: MAJOR FHA CHANGES TO INCREASE BORROWER’S COST (plus a little good news) This week several major changes were announced at HUD that will have a direct impact on FHA borrowing costs. If you or someone you know is on the fence read this and share this information. These changes go into effect [...]
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