The Mortgage Reports

A Mortgage Rate Prediction For The Next 7 Days (July 29, 2010)

Dan Green — Thu, 29 Jul 2010 06:55:13 PDT

In the Mortgage World, when momentum stops, it's because there's a force pulling in the opposite direction. And momentum has stopped. Rates are no longer falling.

Market News : Refi Booms, Low Rates Ending, And Rate Lock Preservation

Dan Green — Tue, 27 Jul 2010 18:33:06 PDT

Mortgage rates have been stupid-low lately, sparking the start of a Refi Boom. Here's a 96-second video in which I cover low rates, rate locks, and home sales.

Locking Low Mortgage Rates For The Refi Boom? Learn From Lucille Ball.

Dan Green — Mon, 26 Jul 2010 04:21:56 PDT

When mortgage rates are this low, the hard part of a refinance isn't locking the low rate. Low rates are easy to lock. The hard part is closing on the low rate before its rate lock expires. In this case of Life Imitating Art, learn from Lucille Ball about getting ahead of underwriting and closing on-time, without rate lock extension fees.

A Mortgage Rate Prediction For The Next 7 Days (July 22, 2010)

Dan Green — Thu, 22 Jul 2010 07:26:12 PDT

As I told Bankrate.com, "It's been three weeks with no change whatsoever. Rates have troughed. Increases are ahead." Mortgage markets can't seem to break through resistance. It's signal that higher rates are coming.

The Misleading Nature Of June’s Housing Starts Data : Why It Wasn’t As Bad As You’re Reading

Dan Green — Wed, 21 Jul 2010 08:18:08 PDT

The majority of headlines call June's Housing Starts data a disaster. I respectfully disagree. For home buyers of new homes, and home sellers of existing homes, the data is actually quite favorable.

How To Shop For Mortgages Without Killing Your Credit Score

Dan Green — Mon, 19 Jul 2010 04:45:58 PDT

There is a persistent belief among Americans that "having your credit pulled" by mortgage lender is a bad thing. However, a mortgage credit inquiry is estimated to lower a credit score by 5 points or fewer.

The 80/20 Rule No Longer Applies To REO and Foreclosures

Dan Green — Fri, 16 Jul 2010 07:28:26 PDT

The 80/20 Rule no longer holds true with respect to foreclosures. In Q2 2010, the 10 most foreclosure-heavy states now account for just 70 percent of foreclosures. That's a big drop for a 12-month period. Based on RealtyTrac data, foreclosures haven't been this un-concentrated since 2007.

The Mortgage Rate Prediction For The Next 7 Days (July 8, 2010)

Dan Green — Thu, 15 Jul 2010 06:27:34 PDT

5-year ARMs in the 3s? 30-year fixeds in the 4s? Today is not "the new normal", folks. Don't fool yourself into thinking it is. Someday, our children will study the Summer of 2010 in their finance books. Rates may fall this week, but that doesn't mean you should gamble on it.

With Home Values Rising, We Can See Where The Bottom Was

Dan Green — Wed, 14 Jul 2010 07:31:42 PDT

The market's bottom has passed and sellers are regaining their leverage in negotiations. It's an excellent time to get off the fence and make that offer.

The Cheapening, Long-Term Cost Of A 30-Year Fixed Rate Mortgage

Dan Green — Tue, 13 Jul 2010 06:47:13 PDT

Versus last year, the cost of carrying a 30-year fixed rate mortgage to full term has dropped by $67,000. Do your refinance, apply the savings back to your loan, and pay off your home faster.

The Mortgage Rate Prediction For The Next 7 Days (July 8, 2010)

Dan Green — Thu, 08 Jul 2010 07:19:18 PDT

Shopping for a low mortgage rate? I'm a contributor to the Bankrate.com Mortgage Rate Trend Index and this week's survey tells you what you should do.

Mortgage Rates Are Lower After June’s Jobs Report (But Shouldn’t Be)

Dan Green — Wed, 07 Jul 2010 08:15:18 PDT

No matter what you think about your mortgage qualifications -- too little equity, too little income, too big of a loan size -- take 5 minutes out of your day to call your loan officer. Find out whether you qualify for a mortgage at today's rates. Sure, rates may fall lower, but, then again, they might not.

TV Interview : FHA Premiums, Jumbo Mortgage Guidelines, And Mortgage Rates

Dan Green — Tue, 06 Jul 2010 07:59:21 PDT

I gave a 2-part interview with Beejal Patel of First Business television. This is the second part. We talk about FHA mortgage insurance premiums, jumbo mortgage changes, and the impact of double-dip recession on the economy.

TV Interview : Existing Home Sales, The Tax Credit, And Mortgage Rates

Dan Green — Thu, 01 Jul 2010 08:08:00 PDT

I gave a 2-part interview with Beejal Patel of First Business television. This is the first part. We talk about the economy, home sales and mortgage rates.

How To Get A Mortgage For A Condotel Or Non-Warrantable Condo (Updated June 2010)

Dan Green — Mon, 28 Jun 2010 05:01:49 PDT

Banks are now making loans against non-warrantable condos and condotels. But you won't get approved with The Big Banks if you try -- you've got to look local instead. Here's how to do it.

The Federal Reserve Swings A Subtle Stick In June, Mortgage Rates Drop

Dan Green — Thu, 24 Jun 2010 06:49:35 PDT

The Fed wrote in its June press release: "Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad." Translated -- Europe concerns us. It's why 30-year fixed mortgage rates are cutting 4.500 percent.

In Charts : Mortgage Rates Don’t Correlate To The Fed Funds Rate

Dan Green — Tue, 22 Jun 2010 05:04:00 PDT

When the Federal Reserve makes a vote on the Fed Funds Rate, it's voting on the rate at which banks borrow from each other. The Federal Reserve is NOT voting to change consumer mortgage rates because, based on its government charter, it can't. Look to Wall Street for that, instead.

What To Do When Your Bank Won’t Finance More Than 4 Properties (Even Though Fannie Mae Allows It)

Dan Green — Mon, 21 Jun 2010 05:03:01 PDT

In February 2009, Fannie Mae rolled back a rule that kept real estate investors from financing more than 4 properties at a time. The limit raised the maximum number of financed properties to 10. The program gives bona fide investors a ticket to the national REO and Foreclosure Party.

The Home Buyer Tax Credit Has NOT Been Extended — A Civics Lesson As Taught By Schoolhouse Rock

Dan Green — Fri, 18 Jun 2010 06:38:17 PDT

Despite what you're hearing, the federal home buyer tax credit has not been extended beyond its June 30, 2010 deadline to September 2010. At least not yet.

The Mortgage Rate Prediction For The Next 7 Days (June 17, 2010)

Dan Green — Thu, 17 Jun 2010 07:34:38 PDT

Looking to lock a mortgage rate? I'm a contributor to the Bankrate.com Mortgage Rate Trend Index and this week's survey should give you guidance.