The Mortgage Reports

The Mortgage Rate Prediction For The Next 7 Days (March 18, 2010)

Dan Green — Thu, 18 Mar 2010 09:41:42 PDT

Need a mortgage rate prediction? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey may help you. I predict mortgage rates to fall in the next 7 days.

Explaining The Federal Reserve’s Statement In English (March 16, 2010)

Dan Green — Tue, 16 Mar 2010 12:28:22 PDT

Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged, in its target range of 0.000-0.250 percent.

Correlating Mortgage Rates To The Fed Funds Rate

Dan Green — Mon, 15 Mar 2010 21:04:00 PDT

The Federal Reserve doesn't set mortgage rates. Mortgage markets do.

February 2010 : 4 States Account For More Than 50% Of Foreclosure Activity

Dan Green — Sun, 14 Mar 2010 21:03:17 PDT

Foreclosure-related filings topped 300,000 last month, according to foreclosure-tracking firm RealtyTrac. Nationwide, 1 in every 418 households was served some form of foreclosure notice but -- as always -- foreclosures are more common in some areas than others. In February 2010, 4 states accounted for more than half of the country's foreclosure-related activity

The Official Mortgage Rate Prediction For The Next 7 Days (March 11, 2010)

Dan Green — Thu, 11 Mar 2010 03:45:36 PST

Purchase activity is up. Talk with your friends in real estate, talk with your friends in mortgage, talk with, really, somewhat involved in the real estate business. Home buyers are out and they're writing contracts. It's good news for the economy and bad news for mortgage rates.

Tax Escrow Reserve Chart For Home Purchases In Hamilton, Warren, Butler And Clermont County

Dan Green — Wed, 10 Mar 2010 06:10:20 PST

Most lenders prefer homeowners to escrow and, as such, they penalize those that choose not to. The fee to "waive escrows" -- to pay your own taxes -- can be as high as 0.25 percent of the amount you're borrowing. On a $400,000 mortgage, that amounts to a $1,000 fee and it's one reason why homeowners often choose to escrow. Unfortunately, seeding an escrow account can be expensive, depending on the time of year.

How To Shop For Mortgages And Keep Your Credit Scores High

Dan Green — Mon, 08 Mar 2010 07:45:58 PST

Credit scoring is a huge part of the mortgage world. A given credit score can mean the difference between a 5 percent rate and a 6 percent rate; a conventional mortgage and an FHA mortgage; an underwriting approval and an underwriting denial. And yet, there's a persistent belief among Americans that "having your credit checked" is a bad thing. In some instances, yes. In most instances, though, no.

8 Ways To “Un-Approve” Your Mortgage By Mistake

Dan Green — Fri, 05 Mar 2010 05:10:43 PST

In mortgages, nothing's done until it's done. Here are 8 things you should absolutely not do between application and funding. Ignore them at your own peril.

The Official Mortgage Rate Prediction For The Next 7 Days (March 4, 2010)

Dan Green — Thu, 04 Mar 2010 05:45:46 PST

Need a mortgage rate prediction? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey may help you.

2010 Conforming Loan Limits : Same As 2009, 2008, 2007 and 2006

Dan Green — Wed, 03 Mar 2010 04:30:59 PST

Conforming mortgages are appropriately named; they "conform" to the mortgage underwriting guidelines of Fannie Mae or Freddie Mac. Mortgages meeting these criteria are securitized on Wall Street as mortgage-backed bonds. As mortgage performance has weakened, however, lending standards have tightened. Today's would-be borrowers are asked to document more income, deeper reserves, and higher credit scores. One underwriting area that hasn't tightened, however, is the maximum allowable loan size. In 2010 -- for the 5th consecutive year -- the single-family conforming mortgage loan limit will be $417,000.

Mortgage Pricing Gets Unpredictable. It’s Time To Lock Your Mortgage Rate.

Dan Green — Mon, 01 Mar 2010 07:52:39 PST

February's mortgage market could be categorized as "on edge". For the most part, rates didn't change intra-day. It was common for lenders to issue rate sheets in the morning and stick to their pricing through market close. However, there were two days on which 3 rate sheets were issued, and 1 day on which 4 were issued.

A Real Estate And Mortgage Technology Conference You’ll Want To Attend

Dan Green — Fri, 26 Feb 2010 06:52:33 PST

A fair number of my readers are mortgage- and/or real estate-related businesses. Consider this a public service announcement. REtechSouth is March 25-26, 2010 in Atlanta -- 4 weeks away. This is a show you should make time for.

Spring 2010 FHA Changes : Higher Fees, Bigger Downpayments, And More Mortgage Insurance

Dan Green — Thu, 25 Feb 2010 06:13:13 PST

Life as an FHA borrower is getting tougher. In an effort to shore up its flailing balance sheet and dwindling capital reserves, the Federal Housing Authority is rolling out sweeping financial changes. FHA borrowers have to look better on paper and be better credit risks. Mortgage insurance premiums are rising, too.

How Fast Will My Mortgage Principal Balance Fall With A 15-Year Fixed, 20-Year Fixed And 30-Year Fixed Mortgage?

Dan Green — Wed, 24 Feb 2010 04:54:03 PST

When banks make fixed-rate, principal + interest home loans, a borrower's monthly payment gets calculated from amortization schedules (ah-mor-ti-ZAY-shun). With respect to mortgages, amortization is the process of paying a loan to $0 over time. For homeowners, an amortization schedule's most important trait is that it creates interest-heavy repayments in...

Mortgage Rates Change Faster Than Freddie Mac Can Report It

Dan Green — Mon, 22 Feb 2010 07:20:10 PST

According to Freddie Mac, Primary Mortgage Market Survey results are collected Monday through Wednesday, then published to the public Thursday. By design, therefore, the survey lumps mortgage market activity spread across 3 days into 1 single point of data. Survey results are skewed, therefore, based on the when survey responders get back to Freddie Mac. Last week, this point was painfully clear.

Mortgage Markets Pass The Tipping Point; Mortgage Rates Up For Good?

Dan Green — Fri, 19 Feb 2010 06:40:16 PST

Thursday, shortly after the markets closed, the Federal Reserve announced a 25 basis point increase to the Discount Rate. The Discount Rate is now 0.750%. Mortgage markets are selling off on the news. The Era of Low Mortgage Rates may be officially over.

The Official Mortgage Rate Prediction For The Next 7 Days (February 18, 2010)

Dan Green — Thu, 18 Feb 2010 07:58:38 PST

In total, there are literally hundreds of influences on the day-to-day mortgage rates you and I see from our banks. It's part of what makes predicting mortgage rates so challenging. You never know which of the hundreds are influences are about to come into play. The obvious influences are inflation data, housing stats, and job markets. It's less-than-obvious factors, though, that really screw things up.

That Upcoming ARM Adjustment Might Lower Your Rate To 3.125 Percent

Dan Green — Tue, 16 Feb 2010 21:28:03 PST

ARM-holding homeowners tend to panic when their mortgage gets set to adjust; the feeling of "I better do something fast!". If that's you right now -- if you have a conventional ARM getting set to adjust -- just relax. Math is on your side. The smart move may be to let it adjust. Your mortgage rate could fall to as low as 3.125 percent.

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

Dan Green — Mon, 15 Feb 2010 21:40:49 PST

Small banks and investment vehicles re-opened the market for non-warrantable and condotel mortgages. Rates run about a half-percent higher than a comparable conventional mortgages and the minimum downpayment starts at 25 percent.

Buying REO? Keep An Eye On Foreclosures Per Capita.

Dan Green — Fri, 12 Feb 2010 09:47:58 PST

Foreclosure-related filings topped 300,000 last month, bringing the 12-month total to somewhere near 1.4 million nationwide. Some states, of course, are more foreclosure-heavy than others. According to RealtyTrac, the state of Nevada keeps its title as Foreclosure Central with a foreclosure rate 4 times the national average. Arizona, California and Florida aren't far behind.