San Jose Weekly Mortgage Market Commentary 10/4/2009

The week that was: A volatile but good week for the rate markets. Mortgage rates fell to their lowest levels since last April. Treasuries continue in demand from foreign central banks and domestic investors; likely some of the buying is associated with new concerns that the economy isn’t on the fast track of recovery as […]

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San Jose Weekly Mortgage Market Commentary 9/27/2009

The week that was: FNMA 4.5% coupon went up 53 bps for the week, improving mortgage rates. August durable goods orders fell 2.4%, largest decline for this series since January. Existing home sales dropped 2.7% in August on a seasonally-adjusted basisĀ the first decline in five months; but the University of Michigan final index of […]

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FHA announces changes to Streamline Refinancing for San Jose Homes

In it’s announcement on Friday, FHA tightened the credit standards for it’s Streamline Refinancing Program. So if you currently have an FHA loan on a San Jose home and want to refinance into another FHA loan, you will be subjected to new parameters starting January 1, 2010. Below are the highlights per FHA mortgagee letter […]

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Aug 09 Home Sales Trend in Bay Area

Data Quick reported that Bay Area home sales bucked the seasonal norm and fell last month from July, though they remained higher than a year ago for the 12th consecutive month. The region overall median sale price also declined as a greater portion of sales occurred in more lower priced areas. A total of 7,518 […]

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San Jose Weekly Mortgage Market Commentary 9/20/2009

The week that was: Markets were treated to comments all through the week that the recession is over; Bernanke and Warren Buffet got the ball rolling at mid-week and added more conviction that worst is behind the economy. Even though Bernanke and many others have repeatedly said growth will be slow and likely the “new […]

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FHA implementing HVCC for San Jose loans as of January 1, 2010

FHA is implementing HVCC for San Jose & rest of the Bay Area loans. Yes, it’s finally happening. When I received the mortgagee letter yesterday from HUD, I must say I was stunned. Only few weeks back FHA commissioner had mentioned that he had no intention of implementing HVCC for FHA insured mortgages. But of […]

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First HVCC, then MDIA & now DRASTIC changes to FHA Guidelines

Federal Housing Administration (FHA), which insures lenders against losses on home mortgages, announced a series of changes that will have far-reaching impact on the housing market of San Jose, the entire San Francisco Bay Area and rest of the country. Background – The agency confirmed that, as of Sept. 30, it would fall short of […]

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San Jose Weekly Mortgage Market Commentary 9/13/2009

The week that was This week didn’t have much in the way of economic data; weekly claims declined 26K. U. of Michigan consumer sentiment index jumped to a stronger read than expected but somewhat ignored as recently it has become more volatile. In my view the most significant data this week was the July consumer […]

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San Jose Weekly Mortgage Market Commentary 9/7/2009

The week that was This week markets were bolstered by generally better economic data; the manufacturing sector based on the August ISM report on Tuesday showed much more strength that was expected, July factory orders were up, and the minutes of the 8/12 FOMC meeting continued to see a small light at the end of […]

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Weekly Mortgage Market Commentary 8/30/2009

The week that was A little better in the rate markets; the 10 yr note yield fell 12 BPs and mortgages down about 8 BPs. Choppy trade once again characterized the action last week. Treasury had little trouble selling $109B of notes while new home sales increased 9.6 % in July. July durable goods orders […]

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