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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First Look by Fannie Mae – Great News for First Time Home Buyers in Bay Area

Fannie Mae announced a program called “First Look” which will help First Time Home Buyers compete with investors for foreclosed homes in San Jose and rest of the Bay Area. Under the program, dubbed First Look, Fannie plans to consider offers only from potential owner-occupants and certain public-housing entities during the first 15 days in […]

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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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Video: New Home Buyer Tax Credit for Bay Area Buyers

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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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Delay in FHA Condominium changes for Bay Area

On 10/21 FHA via it’s mortgagee letter announced delay in FHA condominium changes. This is what the letter mentioned: Implementation of FHA new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009.  The new guidance, to be issued within the next two weeks, will:  1) offer additional […]

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San Jose Weekly Mortgage Market Commentary 10/25/2009

The week that was: Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales including single-family, townhomes, condominiums and co-ops jumped 9.4 percent to a seasonally adjusted annual rate (SAAR) of 5.57 million […]

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