The rates below are based on my average loan amount of greater than $150,000.
30yr Jumbo Rate 4.9% loans over $417,000
30yr Conventional fixed is at 4.2%
15yr Conventional 3.7%
5yr ARM 3.3%
30yr FHA 4.2%
30yr VA 4.2%
Please know I have $5,692 in my pricing bank this month bring loans in to hit my bonus. This is money I will use to offer the lowest rate to beat our competitors to earn your business. These funds are limited and I will use them for the borrowers who get me their contracts first. Funds will be used according to volume so the larger the loan amount the more funds I can use.
Fannie Mae gets tough on 'strategic' mortgage defaults; USA Today
Borrowers who walk away from mortgages they can afford to pay — making "strategic defaults" — are running increasing risks that they'll be penalized for doing so. Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default.
Economists see a modest pickup in hiring; CNNMoney.com
The outlook for the job market has improved, according to a survey of leading economists released Monday, even as the economic recovery hit a speed bump in the second quarter. In its second-quarter industry survey, the National Association for Business Economics said employers grew payrolls for a second consecutive quarter this year. The percentage of firms increasing staff levels grew to 31% in the quarter, versus only 6% in the same period a year ago.
How Financial Reform Impacts Homeowners and Buyers; Ris Media
“Homeowners and buyers who are sitting on the sidelines should get moving today, unless they want to get blindsided by the impact of a new law,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “The massive financial reform law that just passed Congress has two main components that could very negatively impact homeowners and home buyers in the future.”
Financial news schedule: July 19-25; Washington Post
It will be a big week for Ben S. Bernanke, and the scheduled release of some key June housing data should show the effect of the end of the home buyer tax credit.
Bank Offers Struggling Borrowers More Aid; Boston Globe
Bank of America is opening a sixth loan modification office -- this one in Dedham, Mass. -- in an effort to improve services to struggling homeowners hoping to lower their mortgage payments. The bank has 478,811 borrowers nationwide at least 60 days delinquent on their mortgage and eligible for a modification under the Making Home Affordable Program; but it has only approved 62,969 permanent workouts, according to a May report by the federal government.
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Home Sales: Banks Now Outselling Builders; National Mortgage News
In a further sign that the housing market is in the tank, banks have been outselling home builders for the last 18 months, according to a new report from Housing Intelligence, an independent research and analytical firm. The resale sector is still king. Existing houses account for roughly three out of every four sales. But since January 2009, lenders have been selling a larger percentage of houses than builders, the company, a division of the Hanley-Wood publishing empire, reports. The new home share of the market has slipped from a high of 20% in November 2006 to just 14% at the beginning of '09. And as of last month, the builder share had declined even further, to just 11%. The "regular" resale market has slowed too, to a 69.5% share at the end of June. Traditionally, existing homes account for anywhere from 75% to 80% of all transactions.
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