San Jose Weekly Mortgage Market Commentary 11/22/2009

The week that was: Oct retail sales were +1.4% overall and ex autos +0.2%. Retail sales are increasingly of interest to markets as we move into Christmas shopping ( the politically correct reference is Holiday shopping). NY Empire State manufacturing data; the overall index declined to 23.51 from 34.57 in October. Housing starts crumbled like […]

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San Jose Weekly Mortgage Market Commentary 11/15/2009

The week that was: Not much in the way of economic measurements last week; it was a four day week for the bond and mortgage markets with Veteran’s Day falling on Wednesday. Weekly MBA mortgage applications index was +3.2% from last week; it was all re-finances, its index up 11.3% while purchase applications dropped a […]

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Update to FHA Condo Approval Process for San Jose

This update contains the temporary changes to the FHA Condo Approval Process for San Jose and rest of the Bay Area as outlined in Mortgage Letter 2009-46 B. Here are the 6 things you need to know about these changes: 1. These temporary changes are effective on December 7th, 2009 through December 31st 2010; except […]

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Video: New Home Buyer Tax Credit for Bay Area Buyers

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San Jose Weekly Mortgage Market Commentary 11/08/09

The Week that was: After the dust settled interest rates ended the week about unchanged from the previous week; the stock market gained on continued better data from manufacturing and services sectors (DJIA +311). Two events marked the week: The FOMC policy statement on Wednesday and Friday’s employment report. The Fed in the statement at […]

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San Jose Conforming & FHA Loan Limits extended through 2010

President Obama signed the congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including San Jose. The counties of Santa Clara, Alameda, San Mateo, San Francisco & Contra Costa in the Bay Area will have the maximum loan amount at $729,750.Yesterday […]

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New Home Buyer Credit for San Jose Buyers

The $8000 first time home buyer credit has been extended and expanded for San Jose and rest of the Bay Area buyers. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In […]

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Government’s role in Housing, How far will it go?

This year Government has announced a ton of programs to prop up the Housing Market. Some of the major programs have been geared towards Foreclosure Prevention by launching 125% refinance program and incentivising Loan Servicers for modifying loans for struggling home owners. The Higher Conforming Loan Limits up to $729,750 would also be extended through […]

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95% LTV in Bay Area Now Available on Conventional Loans

Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages. The increased Loan to Value Ratio (LTV) is available on following programs: Freddie’s Home Possible (Fixed Rate only) FNMA MyCommunity (Fixed Rate, 5 yr ARM and 7 yr ARM) The Loan must meet the following criteria: Must be a […]

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San Jose Weekly Mortgage Market Commentary 11/01/2009

The week that was: A good week for the interest rate markets. Mortgage interest rates declined about 10 basis points. Treasury once again successfully sold $123B of notes in four auctions. Consumer confidence measured by The Conference Board declined more than expected, implying consumers may not be as convinced of a recovery as the equity […]

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