Posted by Jim Hungerford on July 26, 2010 · Leave a Comment
In his semi-annual testimony to Congress, Fed Chief Bernanke described the economic outlook as “unusually uncertain”. According to Bernanke, this is the worst labor market since the Great Depression, and it is recovering more slowly than expected. Still, the Fed forecasts modest economic growth in 2010 with low inflation. Important for mortgage rates, Bernanke … Read more
Filed under Mortgage Market Update · Tagged with all in one construction, application, Approval, Conforming loan limits, construction loans, conventional, credit mortgage, FHA, Finance, home mortgage, home refinancing, interest rate, interest rates, investment property, Mortage industry, mortgage application, mortgage market, Mortgage Rates, portland
Posted by Jim Hungerford on March 10, 2010 · Leave a Comment
FHA announces changes that will hopefully strengthen it position in this unstable market. Federal Housing commissioner has released a letter: 1) The Up-Front mortgage insurance premium will be increased by 50 basis points (from 1.75% to 2.255)on any new case numbers issued April 5th, 2010 and after. Typically the fee is rolled into the loan. … Read more
Posted by Jim Hungerford on January 20, 2010 · Leave a Comment
FHA announced it will raise mortgage insurance premiums and update the combination of FICO scores and down payments for new borrowers. Announced Policy Changes: 1) Mortgage insurance premium (MIP) will be increased. Raise up-front MI (increase the loan amount) Second step would be to increase the annual amount (increase monthly payment) Should go into effect this spring 2) … Read more
Filed under Home Buying · Tagged with application, Conforming loan limits, credit mortgage, FHA, home mortgage, HUD, interest rate, interest rates, Mortage industry, mortgage, mortgage application, mortgage market, new home, portland
Posted by Jim Hungerford on December 1, 2009 · Leave a Comment
New GFE effective January 1, 2010: RESPA Reform Changes to the GFE: – New GFE required for all applications taken on or after January 1, 2010. – GFE must be given within 3 days of receipt of the following application data: SSN Borrower’s Name Property address Gross monthly income Property value Loan amount Other information required by … Read more
Filed under Financial News · Tagged with Approval, credit mortgage, FHA, home mortgage, interest rate, interest rates, investment property, Mortage industry, mortgage, mortgage application, mortgage market, Mortgage Rates, new home, portland
Posted by Jim Hungerford on November 23, 2009 · Leave a Comment
The mortgage market barely moved last week. Rates remain at historically low levels. This weeks events: Mon 11/23 Existing Sales 2-yr Auction Tues 11/24 GDP FOMC Minutes 5-yr Auction Wed 11/25 Durable Orders Core PCE 7-yr Auction
Filed under Mortgage Market Update · Tagged with application, Approval, credit mortgage, FHA, home refinancing, interest rate, interest rates, mortgage application, mortgage market, Mortgage Rates, portland
Posted by Jim Hungerford on November 4, 2009 · Leave a Comment
It coul be a big day: We have the statement from the Fed meeting coming out this afternoon (Fed announcement at 2:15 et.). The Dow is up 50 points. ISM Services will be released at 10:00 et. The Treasury will announce the size of upcoming auctions at 11:00 et.
Filed under Mortgage Market Update · Tagged with credit mortgage, FHA, Finance, home mortgage, home refinancing, interest rates, investment property, loan, Mortage industry, mortgage, mortgage application, mortgage market, portland
Posted by Jim Hungerford on October 26, 2009 · Leave a Comment
MBS prices are down. They have been as low as -8/32nd and a high of -4/32nd. No economic data will be released today.
Filed under Mortgage Market Update · Tagged with construction loans, credit mortgage, FHA, Finance, home mortgage, home refinancing, interest rate, interest rates, investment property, Mortage industry, mortgage market, Mortgage Rates, new home, oregon, portland
Posted by Jim Hungerford on October 9, 2009 · Leave a Comment
The market saw movement both for the positive and negative this week. Comments from Fed officials were the primary influences on mortgage rates this week. Rates improved mid week, but pushed higer today with Thursday final auction and Fed Chief Beranke comments in regards to tigheter monetary policy. The week ended a little higher. Events … Read more
Filed under Mortgage Market Update · Tagged with Construction, credit mortgage, FHA, home mortgage, home refinancing, interest rates, loan, Mortage industry, mortgage, mortgage application, mortgage market, oregon, portland
Posted by Jim Hungerford on October 7, 2009 · Leave a Comment
FHA financing (FHA HUD 2009-19) is changing affective Nov, 1 2009. Minimum requirements for loans secured by FHA financing for units that are not on the Approved Condominium Project list: 1) No more than 25 percent of the property’s total floor area in a project can be used for commercial purposes. 2) No more than 10 percent … Read more
