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Archive for November, 2010

Weekly Primary Mortgage Market Survey

November 29, 2010 Leave a comment

By Dave & David Warner

Source:  Freddie Mac

November 24, 2010

November 24, 2010 

 

30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.40 % 3.77 % 3.45 % 3.23 %
Fees & Points 0.8 0.7 0.6 0.6

George Washington: Proclamation of Thanksgiving.

November 25, 2010 1 comment

Happy Thanksgiving!  This is absolutely amazing!  God Bless!

Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor — and whereas both Houses of Congress have by their joint Committee requested me “to recommend to the People of the United States a day of public thanksgiving and prayer to be observed by acknowledging with grateful hearts the many signal favors of Almighty God especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness.”
Now therefore I do recommend and assign Thursday the 26th day of November next to be devoted by the People of these States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be — That we may then all unite in rendering unto him our sincere and humble thanks — for his kind care and protection of the People of this Country previous to their becoming a Nation — for the signal and manifold mercies, and the favorable interpositions of his Providence which we experienced in the tranquility [sic], union, and plenty, which we have since enjoyed — for the peaceable and rational manner, in which we have been enabled to establish constitutions of government for our safety and happiness, and particularly the national One now lately instituted — for the civil and religious liberty with which we are blessed; and the means we have of acquiring and diffusing useful knowledge; and in general for all the great and various favors which he hath been pleased to confer upon us.
And also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions — to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually — to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed — to protect and guide all Sovereigns and Nations (especially such as have shewn [sic] kindness onto us) and to bless them with good government, peace, and concord — To promote the knowledge and practice of true religion and virtue, and the encrease [sic] of science among them and us — and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best.
Given under my hand at the City of New York the third day of October in the year of our Lord 1789.
George Washington

Weekly Interest Rates as of 11/18/10

November 19, 2010 Leave a comment

November 18, 2010

CONFORMING UP TO $417,000*

– 30yr Fixed 4.50%

– 15yr Fixed 3.875%

– 5/1 ARM 3.375%

HIGH BALANCE CONFORMING TO $729,750*

– 30yr Fixed 4.875%

– 15yr Fixed 4.25%

– 5/1 ARM 3.50%

JUMBO UP TO $3 Million*

– 30yr Fixed 5.875%

FHA LOANS

– 30yr Fixed up to $417,000 4.50%

– 30yr Fixed up to $729,750 4.50%

*Based on 1% Loan Origination Fee

*Rates and programs subject to change without prior notice

How Mortgages are Securitized

November 19, 2010 Leave a comment

NAR Survey Finds Half of Homebuyers to be First-Time Purchasers

November 17, 2010 Leave a comment

First-time homebuyers purchased half of all homes that were sold from July 2009 to June 2010, according to an annual survey of buyers and sellers conducted by theNational Association of Realtors (NAR).

That’s up from 47 percent in the previous 12-month period, and the highest share of first-time homebuyers in the history of NAR’s study, which dates back to 1981. The previous cyclical high for first-time buyers was 44 percent in 1991.

The trade group attributed its findings to the success of the federal government’s homebuyer tax credits that began in 2009. Ninety-three percent of first-time buyers during the July 2009-June 2010 period used the first-time buyer tax credit, according to NAR.

Fifty-six percent of entry level buyers financed their purchase with a Federal Housing Administration (FHA) loan, while another 7 percent used the Veterans Affairs(VA) loan program.

Forty-two percent said financing their first home was more difficult than expected and 9 percent had been rejected by a lender.

NAR’s profile shows the median age of first-time buyers was 30 and the median income was $59,900. The typical first-time buyer purchased a 1,540 square foot home costing $152,000. Ninety-five percent chose a fixed-rate mortgage.

First-time buyers who made a down payment used a variety of sources: 74 percent used savings, 27 percent received a gift from a friend or relative, and 9 percent received a loan from someone they knew. Eight percent tapped into a 401(k) fund, and 6 percent sold stocks or bonds.

The lion’s share of buyers – both first-timers and previous homeowners – view their home as a good investment, according to Paul Bishop, NAR’s VP of research.

“Eighty-five percent of recent homebuyers see their home as a good investment, and nearly half think that investment is better than stocks,” he said.

“Even with the turmoil created by the housing boom and bust, this indicates the long-term view of homeownership as a fundamental goal and value remains sound,” Bishop said.

But NAR says it’s concerned that today’s credit policy restrictions are locking responsible borrowers out of a sustainable model for homeownership. The trade group issued an announcement last week urging the mortgage lending industry to reassess and amend their policies so more qualified homebuyers can become homeowners.

Fannie MaeFreddie Mac, and FHA currently account for more than 90 percent of the mortgage market.

NAR says lenders refuse to make loans unless FHA will insure them or the GSEs will buy them. However stricter underwriting rules from the government agencies eliminate many buyers with credit scores as high as 750, and lenders are imposing credit overlays of their own, restricting the availability of credit, according to the trade group.

“Under current practices, many would-be homebuyers who could responsibly, affordably become home owners are unable to do so,” said 2010 NAR President Vicki Cox Golder. “NAR wants to ensure that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.”

The organization has vowed to increase mortgage lending to qualified borrowers, and as part of that policy, has begun developing educational materials for Realtors and consumers about credit issues, including the importance of good credit, lender credit policies, and how to find a fair and affordable mortgage.

NAR says it also plans to work with FHA, the GSEs, private lenders, and federal regulators to encourage them to assess their credit policies on a regular basis, and will urge them to re-evaluate their policies regarding which homeowners can qualify for loan modifications, short sales, or deeds-in-lieu of foreclosure to help more borrowers keep their homes or rebuild their credit.

By: Carrie Bay

Winter Market & Tree Lighting Location: Fullerton Downtown PlazaTime: 12:00PM Saturday, December 4th

November 16, 2010 Leave a comment

Winter Market & Tree Lighting Location: Fullerton Downtown PlazaTime: 12:00PM Saturday, December 4th

Kids get your list ready! Santa will be at the Harbor on Dec. 3rd! Hope you’ve been good this year!

November 16, 2010 Leave a comment