Now more than ever, it's imperative to compare rates, as the big lenders have pipelines full of loans for refinances, they have raised their rates to control their pipelines, and do not show signs of lowering them. Also, with the market moving at break neck speed the bigger lenders are much slower to update and reprice their loan products.
MBS dipped from 104 to 103 -16 at super sonic speed. 10 year yields rose from 2.13 to 2.21 in the same instant. Why? Over the last 3 Jackson Hole days 10 yr yields have swung an average of 16 bps. The fact that recent swings in 10 year yields took them exactly to a technical level and a supportive bounce reinforces the current marketing thinking there is no reason to panic. Fannie 4.0's are back to 103-30 now. 10 year yields are at 2.188.
“With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term,” said James Saccacio chief executive officer of RealtyTrac. “Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans."
(Reuters) - Federal Reserve Chairman Ben Bernanke on Friday stopped short of signaling further action to boost growth, but said it was critical for the economy's health to reduce long-term joblessness. "It is clear the recovery from the crisis has been much less robust than we had hoped," he said in remarks prepared for delivery to an annual Fed retreat. Bernanke said the Fed will meet for two days in September instead of the planned one to mull its options to provide additional monetary stimulus, among other topics. The Fed chairman said reducing the record high level of workers who have been unemployed for six months or more would help achieve stronger U.S. economic growth. "Under these unusual circumstances, policies that promote a stronger recovery in the near term may serve longer-term objectives as well," he said. (Reporting by Mark Felsenthal; Editing by Neil Stempleman)
Bernanke spoke at this same conference a year ago amid similar fears, and laid the groundwork for an aggressive bond-buying program by the Fed. Some hoped for a similar monetary boost this year. But with inflation inching up, Bernanke has less room to maneuver.
30 year fixed - 4.125% + ..50 points for rate
20 year fixed - 3.75% + .375 lender credit points for rate
15 year fixed - 3.250% + 0 points for rate
10 year fixed - 3.250% 0 points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 4.250% + 0 points for rate
5/1 ARM - 2.75+ 0 points for rate
7/1 ARM - 3.250 + 0 point for rate
Jumbo - over 729,000 up to 2,000,000 with 20% down on purchase
30 year fixed - 4.750 % with +.50 cost points for rate
15 year fixed - 4.375 % + 0 points for rate
5/1 ARM - 3.375 % + 0 points for rate
7/1 ARM - 3.75% + 0 points for rate
10/1 ARM - 4.375% with + 0 points cost for rate
Jennifer Buchanan, Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs . Jennifer's local processing and closing team are also known for their exemplary service.
Understanding that the vast majority of mortgage brokers never discuss the long or short term financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS designation. (Certified Mortgage Planning Specialist)
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.
Jennifer Buchanan
Metlife Loans
203-341-6949