02
Sep
Author: Terra // Category:
Lending,
Real Estate
Did you know that FHA is raising the Mortgage Insurance Premium, MIP, on all loans filed after October 4th, 2010?
FHA will raise the MIP on all FHA case numbers assigned on or after October 4th. This is a value added proposition for any one out there that is on the fence about buying a house. The monthly MIP is going from .52 to .90. This means a customers payment will be around $67.00 per month more on a $200,000 FHA loan after Oct. 4th.
If you want more information I have the mortgagee letter from HUD with all of the MIP changes, just email me or call me and I can send it to you!
myerst@kw.com or 405.474.4242
Rates as of yesterday on a 30 year fixed were 4.250% and a 5/1 fixed arm was 2.875%.
01
Sep
Author: Terra // Category:
Lending,
Real Estate
Mortgage bonds traded yesterday afternoon at an all time low yield. Below is 2-year history, which covers the current refinance cycle which started in late November, 2008. Let me know if you want to go shopping for a home!?! These rates enable you to buy a bigger/more expensive home at a lower price! 
15
Aug
Author: Terra // Category:
Lending,
Real Estate
05
Aug
Author: Terra // Category:
Lending,
Real Estate
16
Jul
Author: admin // Category:
Lending,
Real Estate
Good news on the corporate earnings front this week as Alcoa, Intel and CSX all beat expectations. However, we need to temper these numbers as they represent April, May and June. This week’s report showed lower retail sales with fewer people buying durable goods (appliances, computers, etc.). Add to that lower consumer sentiment numbers and you can see that the robust recovery numbers from the spring have slowed a bit. But I’m NOT pessimistic because with 90% employment we’re still a pretty big economic engine and people ARE buying houses and other stuff, it’s just that inventories aren’t having to be rebuilt like they were 6 months ago. The good news is that there is virtually no inflation, 1% for the core CPI, so rates remain at record lows. And once all of the political regulation is settled in DC, you’ll see companies start hiring again.
The question is, “How will YOUR business flourish in the meantime?” ATTITUDE! You can buy into all the uncertainty and stagnate or you can bang your drum and tell people just how awesome an opportunity is before them. Do you realize the payment that bought a $200,000 home 6 months ago now buys a $220,000 home??? That’s a $20,000 bonus for buyers. T-W-E-N-T-Y THOUSAND!
This week 30 yr fixed rates ranged between 4.25% and 4.625% depending on program, credit and points.
Ted Clay
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644
Cell: 405-826-1320
e-Fax: 1-866-208-5309
tclay@wrstarkey.com
www.TedClay.com
06
Mar
Author: Terra // Category:
Lending,
Real Estate
Bottom line this week? We are flat. Unemployment remained basically flat for the 2nd month in a row while productivity and economic output are strong.
Think of the economy as a large ocean liner…say the Titanic…trying to stop while heading toward an iceberg. Its momentum won’t let it slow down and avoid disaster so it keeps on moving until it slowly comes to a halt and begins to back up. Then, once it reverses direction, it takes a long time to get back up to speed. This week’s reports show that we have stopped. And while we aren’t doing any more damage to the ship, it will take a while to repair the damage and even longer to get back up to speed.
Though we may see some surprises, we’ve started the road back to a healthy economy and this is the PERFECT time to buy. The GDP is good, temporary worker numbers are good, inventory numbers are in line, and the massive layoffs have stopped. But make no mistake, while THIS Titanic won’t sink, it will take several years to get back up to speed.
Remember – Fed stops buying mortgages in 3 weeks – bad for rates – and buyers only have 7 weeks to contract for a home or the LOOSE forever the $6,500-$8,000 Uncle Sam will give them. Hey, if you are interested in buying a home, you are flat out SILLY if you don’t write a contract and lock in on an interest rate asap!
State Bond Money is now at $3.9 million with a rate of 5.65% and 3.5% Down Payment Assistance. Please keep in mind that the expiration date for this Bond Issue is the 30th of April. Which means if you are interested in Down Payment Assistance then you need to get moving and the loan must close by the 30th of April.
This week rates ended up between 4.75% and 5.0%, depending on program, credit and points. Have a great weekend and call Ted if you are ready to get pre approved to buy!
|
|
Ted Clay
Sr. Loan Consultant
Office: 405-341-8644
Cell: 405-826-1320
tclay@wrstarkey.com
www.TedClay.com |
