Mortgage rates were all over the board

Mortgage rates were all over the board last week because the Fed meeting was optimistic. With this happening the Stock market was stronger taking money out of bonds. Today, however, mortgage bonds finished higher by about 25 bps which is helping with mortgage pricing. We are sitting on a level of support which means I am floating interest rates right now hoping save my clients more money.
The S&P 500 is testing a strong ceiling of resistance this morning. Stocks have enjoyed a strong move higher over the past couple of months and could improve more if prices break through the ceiling. If not, the Stock Market may be in for a decline.

In other news, Warren Buffet said he is very optimistic about the future of the economy and is seeing signs of a turnaround in the residential real estate market. That makes now the perfect time to benefit from today's affordable home prices and historically low interest rates. After all, as the economy moves higher, both interest rates and housing prices will follow suit.

I am never too busy for any of your referrals!!

Happy Father’s Day!

Happy Father’s Day!

If you like real-time updates follow me on my www.twitter.com/seanlarue. I’m constantly updating it and getting the latest information out to you. This week’s rate sheet is attached.

Quick Tip:
If you’re in escrow on a property, and the buyer is using an FHA loan advise your seller not to transfer title in any way, shape, or form during the escrow process. FHA has a 90 day flip rule in place that prevents a sale if the title is passed from one person to another… even changing it from a single owner to joint ownership. This does not apply for REO properties. If you don’t follow this rule it will stall your escrow. Call me with questions.

Mortgage Hotline:
Tune in to AM 970, 1140, or 1250 on Sunday 11:00am to 12:00pm to here me talk about your credit report. What you need to know about getting your score up or keeping your score up. Also, I’ll be talking about the 203k rehab construction loan and some of the details and opportunity that lies within. You can also listen online at www.knewsradio.com

I’m never too busy for any of your referrals and I’m looking forward to hearing from you.

Up-tick in the market

At the end of this week we saw an up-tick in the market. After 10 straight days of climbing interest rates we finally saw a reversal lower. Hopefully this realization that interest rates will not always be in the 4%’s will get your buyers off the fence. I know it’s been working with my clients. Today’s rate sheet is attached.

If you missed the radio show last week tune in this Sunday from 11:00am to 12:00pm to AM 970, 1140 or 1250 or at www.KNewsRadio.com and click on the stream live button at the top of the page. Jason and I are hosting The Mortgage Hotline and will be speaking about loan modifications, purchase mortgage and refinances. We’ll also be taking calls from listeners fielding their questions. Thanks for listening!

I am never too busy for any of your referrals. Let me be your residential mortgage specialist!