Mortgage Rates Very Slightly Improved Ahead Of Employment Report

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates were very slightly lower in most cases, making for marginal improvements in borrowing costs within the confines of recently higher interest rates. In other words, today's quoted rate is likely the same as yesterday's, depending on the scenario, with a token reduction in closing costs (or increase in lender credit). In many cases, there was no improvement to costs, and a few lenders were slightly higher in cost. 30yr Fixed, Best-Execution remains at 3.625%, though lower rates are still available. ( What is A Best-Execution Mortgage Rate? ) Treasury and MBS trading was EXTREMELY quiet today as if to suggest a certain calmness before a potential storm (MBS are the mortgage-backed-securities that most directly influence mortgage rates, and they tend to trade in the same direction...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/293916.aspx

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LPS Settles DocX Robo-Signing Litigation with 46 States

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Posted To: MND NewsWire

Lender Processing Services will pay an aggregated sum of $127 million to resolve suits with 46 states and the District of Columbia arising out of activities of its former subsidiary DocX LLC . The company previously announced settlements with three other states, leaving a complaint filed by the Attorney General of Nevada as the only unresolved issue. In addition to the cash LPS confirmed its ongoing commitment to stronger compliance and oversight of its operations - and to continue its remediation efforts. The complaints alleged that DocX implemented what the U.S. Justice Department, in a related action, called a six-year scheme to prepare and file more than 1 million improper mortgage documents . The former CEO of DocX, Lorraine Brown, pled guilty in federal court last November to participating...(read more)

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Source: http://www.mortgagenewsdaily.com/01312013_lps_robo_signing.asp

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MBS RECAP: Paradoxical GDP Vetted By Internals, FOMC Innocuous, Asleep Till NFP

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary It was quite the odd FOMC Announcement day... Here we were, planning on the week's biggest TWO events being today's FOMC Announcement and Friday's NFP numbers, and GDP, of all things, turns out to be the bigger market mover. That left the onus on a fairly tepid FOMC Announcement to release the bearish pressure and bring rates back in line with morning levels, which it did. It's likely, however, that this was more of a "pressure release" than anything, given the fact that the statement itself was actually more economically bullish than the last one, but constituted a bit of a relief as it made no big scary threats on the livelihoods of Treasury or MBS buying. There was no specific attention paid to the recent notions of early QE conclusions whatsoever...(read more)

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Source: www.mortgagenewsdaily.com

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Mortgage Applications Fall 8.1% as Rates Tick Up Sharply

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Posted To: MND NewsWire

After a strong showing in the first few weeks of the New Year, mortgage applications dropped sharply during the week ended January 25. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a measure of application volume, decreased 8.1 percent on a seasonally adjusted basis from the previous week and was down 17 percent on an unadjusted basis. The results included an adjustment to account for a week shortened by the Martin Luther King holiday. The Refinance Index decreased 10 percent from the week ended January 18 and refinancing dropped from the 82 percent share of mortgage activity it had maintained for several weeks to a 79 percent share. The HARP share of refinance applications increased to 26 percent from 25 percent. Applications for purchase mortgages were down...(read more)

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Source: http://www.mortgagenewsdaily.com/01302013_applications_volume.asp

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MBS RECAP: Tradeflow, Technicals Win Out Despite Weaker Data

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Whether or not we agree that the " Great Rotation " will continue to, well... rotate, its inherent themes have been playing out in markets daily. Today was a great example as the morning's gains (which looked like a push back against yesterday's weakness in a "continuation" sort of way) turn out to merely be short-covering that paves the way for more neutral perches to add the next position. In other words, we know that plenty of bond traders had open bets on higher rates last week (more on that from the widely followed JPM Survey showing less neutral, more longs, and most shorts since July 2011). The break below 1.97 overnight and this morning in 10yr yields was a line in the sand for short positions put on last week, and the weaker Consumer Confidence...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/293494.aspx

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SEC Charges Former Jefferies Director with MBS-Related Fraud

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Posted To: MND NewsWire

The managing director of the mortgage-backed securities (MBS) desk at Jefferies and Co. has been charged with fraud for allegedly lying about the origin and history of MBS he was selling to investors following the crash of the housing industry. The Securities and Exchange Commission (SEC) has charged Jesse Litvak in federal court in Connecticut for activities that generated $2.7 million in additional revenue for Jefferies between 2009 and 2011. The manipulation of MBS sales also improved Litvak's standing in the company as his bonuses were partly determined by the revenue he generated. According to court papers, Litvak sometimes bought a MBS from one customer and sold it to another customer, lying to the second customer about the price paid to the first in order to price the security higher...(read more)

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Source: http://www.mortgagenewsdaily.com/01282013_mortgage_fraud.asp

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MBS RECAP: Steady Climb Back From AM Weakness

Hot news from AZ Home Help:

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Bond markets began the session in incrementally weaker territory than Friday afternoon after having held mostly steady in Europe and Asia. Bigger moves to the downside followed the stronger-than-expected Durable Goods report, with 10 yr yields cracking 2% for the first time since April 2012. MBS hit their lowest levels since before QE3 and rate sheets came out in their worst shape since August. Equities opened up with a fairly swift move lower, which perhaps allayed some fears of being kicked whilst down on the part of bond markets. The rest of the session was characterized by gradually ebbing volume, gradually decreasing volatility, and gradually higher prices for MBS and Treasuries, though the former outperformed noticeably. Several lenders offered...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/293280.aspx

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Plan to Use Eminent Domain for Underwater Homes Abandoned

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Posted To: MND NewsWire

Eminent Domain is no longer under consideration as a mortgage modification tool in San Bernardino County California . The County and two of its cities, Ontario and Fontana have announced they are abandoning a proposed plan to use that power to assist local homeowners with underwater mortgages. Under the proposal the local governments would use their eminent domain authority to purchase loans from investor pools at less than face value. They would then restructure them to reflect the actual value of the underlying collateral, repackage the new loans, and sell them to other investors. San Bernardino County, located in southeast California's Inland Empire had a population explosion during the housing boom and then was hard hit especially hard by foreclosures and price declines. The City of San...(read more)

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Source: http://www.mortgagenewsdaily.com/01252013_eminent_domain_loan_mods.asp

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New Home Sales Fell in December, but Up Sharply in 2012

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Posted To: MND NewsWire

Sales of new homes fell in December, down 7.3 percent from November to a seasonally adjusted annual rate of 369,000. This is 8.8 percent higher than the December 2011 estimate of 339,000 new units. The bad December number is tempered somewhat by a revision of the November estimate of new home sales from the 377,000 originally reported to 398,000. The new home sales figures were released this morning by the Census Bureau and the Department of Housing and Urban Development which also noted that an estimated 367,000 new homes were sold in 2012 compared to 306,000 in all of 2011. This is an increase of 19.9 percent. The median price of new houses sold in November was $248,900 compared to $245,600 a month earlier and $218,600 in December 2011. The average price in December was $304,000 compared...(read more)

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Source: http://www.mortgagenewsdaily.com/01252013_new_home_sales.asp

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Housing Market Statistics - Phoenix area, 2012

We promised to post the year-end housing information for 2012 and here it is!  If you have additional Phoenix real estate market questions please call us at (480) 241-4406 and we'll be happy to help!  All data below is from ARMLS.

                       New Listings   Active Listings     Sold Listings   Months Inventory
Dec/2012              6,551          22,389                         6,861                     3.26
Jan/2012             10,099         23,780                         6,414                     3.71

Dec/2011               7,573         24,912                         7,654                     3.25
Jan/2011               12,575       43,072                          6,522                     6.60


As you can see, new listings dropped considerably at the end of the year but the months inventory remained relatively unchanged.   However look at the difference from 2011-2012!  In January of 2011 there were over 12,000 new listings and over 6 months supply of homes with active listings of over 43,000!   That number has dropped in half, signaling a huge turnaround in the Phoenix housing market.  2013 promises to be another great real estate year for both buyers & sellers of Phoenix real estate!

Mortgage Rates Hit Highest Levels In Months, More Volatility Ahead

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates skyrocketed to their highest levels since August on Friday, both as a part of an ongoing move higher that began yesterday and more specifically in reaction to overnight events in Europe. Strong economic data in Germany sent interest rates initially higher overnight, but the bigger surge followed an ECB announcement detailing the 278 of 523 European banks that had already begun paying back 3-year loans made by the ECB in late 2011. MBS (the mortgage-backed securities that most directly influence rates) opened in much weaker territory and continued to sell-off throughout the day. When MBS "sell-off," prices are falling, meaning investors are paying less for mortgages. This causes closing costs, rates , or both to move higher. Depending on the lender and the particulars of the scenario...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/293075.aspx

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MBS RECAP: Bond Markets Tag-Teamed By ECB, FOMC, and NFP

Hot news from AZ Home Help:

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Overnight, the ECB reported on the LTRO repayments for the first time since handing out the cheap 3-yr loans in late 2011. It turns out more than half of the 523 banks in the program decided to pay the ECB back as soon as they'll be allowed (5 days from now), which makes for an amount more than 33% bigger than expectations. This is a huge hit for the "EU is gonna collapse!" crowd. Without saying anything about the nature of economic growth in the EU, the that "crowd" is a major reason that rates have been as low as they were/are. If the EU looks less on the bring of utter collapse, rates rise, as they have been for the past 7 months (it's been harder to see in terms of mortgages due to the timing of QE3. Then there's the domestic situation. It might not...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/293081.aspx

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Beautiful Cave Creek Home For Sale!

Beautiful Cave Creek Home For Sale -- NOT a short sale or REO!  Move-in ready!   This gorgeous semi-custom home has been recently remodeled with tons of premium finishes!  HURRY!  (480) 241-4406 for more details!

MBS MID-DAY: Straightforward Sell-Off, Large And Unpleasant

Hot news from AZ Home Help:

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary As opposed to one of those enigmatic trading days where MBS and Treasuries are moving rapidly in either direction without clearly being associated to a market-moving event, today's market movers are right out in the open. At least they WERE right out in the open during the European session. Bottom Lines Are These: Rates have been trending higher in the intermediate and longer terms with trends beginning mid 2012 and more prominently in November 2012 There has been a recent short term "counter-trend" leading back from the high rate levels on the first day of 2013 when 10yr yields hit 1.97+ intraday and closed at 1.91 Wednesday saw the short term counter-trend edge across the boundary of the medium term uptrend (we had a chance to break out!). Thursday gave...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/293013.aspx

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Mortgage Rates Move Higher After Strong Employment Data

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates bounced back from a few days of moderate improvements today. Lenders typically don't release their first rate sheets of the day until a few hours of the trading session have passed. If rates sheets would have arrived before this morning's economic data, rates likely would have logged slight incremental improvements. But today's Jobless Claims report showed far fewer Americans filed for unemployment benefits this week, sending bond markets into weaker territory before most lenders issued today's rates. This resulted in most lenders moving noticeably, but not catastrophically higher in terms of borrowing costs, while Best-Execution levels remained unchanged at 3.5% (some availability at 3.375%). ( Read More:What is A Best-Execution Mortgage Rate? ) Bond markets, including MBS ...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/292870.aspx

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Housing Recovery Should Accelerate into 2013, if Washington Behaves

Hot news from AZ Home Help:

Posted To: MND NewsWire

Three economists told attendees at the International Builders Show that the housing market should continue to improve on an accelerating basis in 2013 . But each cautioned that there are many factors, especially on the federal government level, that could still derail the recovery . The builders, meeting in Las Vegas on Tuesday, heard from David Crowe, Chief Economist, National Association of Home Builders (NAHB), David Berson, senior vice president and chief economist at Nationwide Insurance and Frank Nothaft, chief economist at Freddie Mac. Crowe said that nearly every indicator of housing market strength, permits , prices , sales , housing starts , and builder confidence , has been trending upwards in recent months. He noted that home prices, which are up nearly 6 percent on an annualized...(read more)

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Source: http://www.mortgagenewsdaily.com/01232013_housing_recovery.asp

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2013 - The Year of Phoenix Construction?

Will 2013 be the new year of Phoenix Single-Family Home Construction?

Although we don't think we'll see the sudden splurge of construction that we did back in 2004-2005, 2013 will definitely be an excellent year for homebuilders, developers, and buyers looking to purchase new homes.  There are currently almost 800 brand new homes (2012 built)  for sale in the Phoenix area, and of these about 100 of them are over the $1,000,000 price point.   The remaining 700 range in price from about $120,000 - $999,000, with about 400 of these under the $300,000 price point.

Builders & developers are on the search for good land, buyers are on the search for new homes, and with mortgage rates still really low it's a great time to buy!  

Mortgage Rates Improve At Slightly Faster Pace

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates were more unified in their improvements today after beginning the week rather equivocally on Tuesday. Most lenders offered improved interest rates or reduced costs (or increased lender credit) for the same rates available yesterday. Additionally, several large lenders offered bigger-than-average improvements, doing more to affect the average day-over-day change. In fact, 3.375% is edging back into the frame of reference as a Best-Execution rate for 30yr Fixed, Conventional loans, though 3.5% remains the most prevalent. ( Read More:What is A Best-Execution Mortgage Rate? ) Little happened in financial markets to motivate the move. Ironically, it was that very absence of information that actually facilitated the moderate improvements. While the House did in fact pass legislation...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/292654.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

Beautiful Sedona Estate For Sale

A client of ours just recently put his gorgeous, 6.75 acre estate up for sale in Sedona, AZ.  This beautiful, one-of-a-kind property features two magnificent homes, two guest casitas, six garages, and almost 7 acres of awe-inspiring views.   The property may be purchased as one entire estate or may be sold in parcels.  For more information please call us today at 480-241-4406 or email me at Sean@AzHomeHelp.com.

Mortgage Rates Vary By Lender, Stubbornly Flat Overall

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates were mixed, leaning toward slightly improved to begin the holiday-shortened week. Several lenders' rate sheets were slightly worse than Friday's while a majority were unchanged to slightly better. A worse-than-expected report on Existing Home Sales helped interest rates hold their ground. Despite the moderate improvement overall, it hasn't been enough to affect the Best-Execution levels for 30yr Fixed, Conventional loans, which continue to hover near 3.5% since Thursday. ( Read More:What is A Best-Execution Mortgage Rate? ) Both before and after the Home Sales data, MBS (the "mortgage backed securities" that most directly affect mortgage rates) were relatively flat. Along with Treasuries, MBS have been recovering from a sharp sell-off last Thursday which took Best-Execution from...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/292425.aspx

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Senator asks Regulators for Consistency between QM and QRM

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Posted To: MND NewsWire

A senator has asked federal banking regulators to simplify and align underwriting standards for so-called Qualified Residential Mortgages (QRM) with those for Qualified Mortgages (QM) which were released last week. In a letter to the heads of six federal agencies, Senator Bob Corker (R-TN), a member of the Senate Banking and Finance Committee, said that failure to synchronize the two standards could permanently regulate the private sector out of the housing finance business. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act lenders are required to retain a 5 percent interest in loans they originate for sale; i.e. to keep " skin in the game ." Loans that are sold to Fannie Mae or Freddie Mac (the GSEs) and the Federal Housing Administration (FHA) are automatically exempted...(read more)

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Source: http://www.mortgagenewsdaily.com/01222013_qm_qrm.asp

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Wake Up Call: Free Refi Boom Almost Over

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Earlier this month, I did an interview with the San Francisco Chronicle about repeat no-cost refinancing in a declining rate environment. The piece came out January 4, the day after minutes from the Fed's last 2012 rate meeting were released. Those minutes revealed more bias toward ending Fed support of low mortgage rates than previously thought, and rates rose immediately. So is the free refi boom over? Not quite, but we're getting close. Below I explain, first by defining " free refi ," then by offering some rate market context. In the Chronicle piece, I explained how a smart repeat refinancing strategy is to do no-cost refinances while rates are dropping, then when rates are at the bottom, doing a normal-cost refinance (which has a rate that's .125% to .25% lower than a no-cost refinance...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/292257.aspx

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Gorgeous Aviano Townhome Available -- Not yet on market!!

I have a beautiful, fully upgraded, luxury 3 bedroom condo unit in the Villages at Aviano for sale and it isn't yet on the market!   This beautiful end unit features a 3rd bedroom upstairs, fully upgraded kitchen complete with chiseled edge granite slab countertops, beautiful tiled showers, an inviting & open floor plan, and all the amenities of the Villages at Aviano including pool, community/rec center, tennis, and so much more!!  For photos & more information on the almost 2000 sq ft unit please call 480-241-4406 or email me at Sean@AzHomeHelp.com.  Hurry before it hits the market and the price goes up!  (This may be a short sale however at the right price a buyer can close quickly and skip the short sale process.  Call for details.)

MBS MID-DAY: Bond Markets Steadier, Slightly Stronger

Hot news from AZ Home Help:

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary After moving to disconcertingly weak levels in the Asian session, bond markets rallied back during European hours, ultimately coming in the door slightly improved from yesterday's ugly closing levels. Since then, weakness in stocks--helped along by lower-than-expected Consumer Sentiment--has helped facilitate some additional improvement. Although it's been an "inside day" for Treasuries (where today's highs and lows are INSIDE yesterday's highs and lows), it hasn't merely looked like a consolidation (which an "inside day" typically suggests). Instead, rates have been trending lower with a fair bit of regularity and rhythm, though we'd emphasize that it hasn't been fast and furious. Anecdotes from market participants confirm that activity is already dwindling...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/292073.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Rates Unchanged After Thursday's Rout

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates were completely unchanged on Friday standing in stark contrast to Thursday's sharp move higher. While there were several lenders whose rate sheets were marginally changed vs yesterday's, most were strikingly similar. A handful of lenders issued positive reprices in the afternoon, but Thursday's damage was done and Best-Execution on 30yr Fixed, Conventional loans remained at 3.5%. ( Read More:What is A Best-Execution Mortgage Rate? ) It's worth mentioning that trading levels in the MBS market ("mortgage backed securities" that most directly influence rates) improved today. This is what allowed for the positive rate sheet changes from some lenders in the afternoon. Still, we'd typically see more broad-based improvement from the previous day when underlying markets improve. The...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/292154.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

Arizona Construction Loans

The market here is Arizona is heating back up and there is no better time to build your home!

I am constantly fielding phone calls from clients looking for new land to build their dream home, spec home, or investment property.  With these needs it's important that you have a great mortgage lending company behind you.

Our construction lending partner, Summit Mortgage Group in Scottsdale, AZ has multiple programs for your home building needs!  With programs for owner-occupant builders to spec construction, they can help!  Low rates, lots of programs, and multiple payment options makes them one of Arizona's best construction lenders!

Call Summit Mortgage Group at 602-507-9603 or visit them at www.SummitMortgageAz.com for more arizona construction lending needs!

If you're looking for land to build, call me at 480-241-4406 and I'll be happy to help with all of your land & lot purchases anywhere here in the greater Phoenix area.

Loan Officer Compensation Rules Finalized

Hot news from AZ Home Help:

Posted To: MND NewsWire

The fourth and last of the final regulations coming from the Consumer Financial Protection Bureau under the Dodd-Frank Wall Street Reform and Financial Protection Act was released Friday afternoon. This rule addresses the causes of what CFPB Director Richard Cordray said was one of the reasons for the collapse of the mortgage industry, the steering of consumers to high-priced loans. It was common for at least a portion of the compensation paid to loan officers and mortgage originators to be tied to their success in writing specific types of loans. These loans were usually those that were most profitable for the lenders and thus more expensive for the borrowers. Thus the loan officers were being compensated for steering consumers toward the loans that were probably the most costly and possibly...(read more)

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Source: http://www.mortgagenewsdaily.com/01182013_financial_reform.asp

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More Earnings Interpretations - What do they Bode for 2013? Lender and Training Updates

Hot news from AZ Home Help:

Posted To: Pipeline Press

The vast majority of people always need money, and always wants loans - of varying rates and from various sources. So does prohibiting banks from doing business with Payday lenders really help the consumer? Several senators seem to think so . (Others believe, as I do, that the flow of capital, like water, will eventually flow around blocks like this, but will just become more expensive to the end consumer.) Last week the mortgage biz saw plenty of earnings news from well-known lenders and investors. As the commentary discussed Wells Fargo's numbers earlier this week, what do some of them tell us about the mortgage side of things? For example, Bank of America and Citigroup both released their fourth-quarter earnings Thursday, revealing the scars their legacy mortgage issues have left. BofA reported...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/01192013-payday-loans-bank-earnings.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com