The week that was: By the end of the week mortgage rates and treasury rates were basically unchanged. Now looking for mortgage rates to hold between 5.00% and 5.37% for the near term, that said, the technicals are now slightly bearish. Estimates for Loan Volume for 2010 & 2011 – The MBA is out with […]
If you are planning to buy a Condo in San Jose or other parts of the Bay Area and planning to get an FHA loan keep reading. FHA has made some major changes to their condo guidelines and they go into effect as of Nov 2nd, 2009. Some of the highlights: Currently lots of condominium […]
The week that was: Everything was ticking along fine in the bond and mortgage markets until Thursday afternoon when the 30 yr bond auction results saw much less demand than was expected. The first time in a few weeks the markets were slapped down on the belief there was no end in sight for demand […]
Fannie Mae will change underwriting guidelines for conforming loans for San Jose and rest of the Bay Area. They are doing this to reduce their overall risk. Some of the changes announced recently and going into effect on the weekend of December 12, 2009 further tightens some of the guidelines. Here are the highlights: Credit […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
