Bay Area Mortgage Rates set to go up because of Fed actions

The Fed’s statement today does not augur well for Bay Area Mortgage Rates. The Fed’s policy-setting committee stuck to a plan to end its purchases of mortgage securities by the end of March. Background – The program to purchase agency mortgage-backed securities (agency MBS) was announced by the Federal Reserve on November 25, 2008. On […]

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San Jose Mortgage Rates & Market Commentary 1/24/10

Your weekly dose of San Jose Mortgage Rates and Market commentary. The week that was: Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged 5.06 percent. The 5-year adjustable-rate […]

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Changes to FHA Down Payment, Credit Score and Seller Contribution requirements

FHA announced a series of changes to their Down Payment, Credit Score, Seller Contribution and Mortgage Insurance guidelines. Credit Score/DownPayment Guideline Change : New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will […]

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Increase in FHA Mortgage Insurance for Bay Area Home Loans

FHA today increased it’s upfront mortgage insurance premium requirements for Bay Area FHA Home Loans. Upfront Mortgage Insurance is the money that FHA collects at the time of closing a mortgage to insure the loan against default. Currently, this premium is 1.75% for most purchase and refinance transactions. However, effective April 5, 2010, FHA will […]

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San Jose Mortgage Rate & Market Commentary 1/18/10

Weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home buyers and Home owners. The Week that was: Economic data last week confirmed once again that inflation fears are way overblown; Dec CPI up just 0.1%. Factory use and industrial production improved again as the economy is bottoming, at […]

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FHA waives 90-day flipping rule for Bay Area mortgages

Great news for First Time Home Buyers – FHA is eliminating the 90 day flipping rule for mortgages on San Francisco (SF) Bay Area homes. With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Currently such homes are mostly bought by investors with […]

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California proposes new $10,000 First-Time Home Buyer Tax Credit

In the final state of the state address of his gubernatorial career, Gov. Arnold Schwarzenegger proposed a second round of $10,000 first time home buyer tax credit. The previous tax credit depleted eight months before the deadline after benefiting almost 10,700 California home buyers. The Franchise Tax Board stopped taking new applications at the start […]

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Good Faith Estimate (GFE) 2010 is here for Bay Area Borrowers

After more than 4 years of discussions with various trade and consumer groups, HUD implemented the new Good Faith Estimate (GFE) on January 1, 2010 for San Francisco (SF) Bay Area borrowers. The goal was greater clarity and transparency for borrowers. I do not want to get into the details of every single field of […]

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San Jose Weekly Mortgage Market Commentary 01/03/2010

Your weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home Home owners and buyers. The Week that was: Another bad week for the bond and mortgage markets. The 10 yr treasury note and mortgage rates have now increased 60 basis points in the past three weeks. Freddie Mac […]

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Mortgage Rates go up sharply for Bay Area Homes

In last 3 weeks, 30 year fixed mortgage rates have gone up 34 basis points for San Francisco (SF) Bay Area homes. In the latest results of its Primary Mortgage Market Survey┬« Freddie Mac reported 30-year fixed-rate mortgage averaged 5.05 percent with an average 0.7 point for the week ending December 24, 2009. The 15-year […]

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