weekly mortgage interest rate comment from Mickey, 3.20.08

Comments from Mickey, mortgage specialist:

Mortgage interest rates experienced improvements in the early part of the week as stock values fell and the Federal Reserve continued its efforts to improve conditions in the mortgage environment. For a brief period late Monday afternoon and early Tuesday we were able to lock 30 year fixed rate mortgages at 5.75% without charging discount points or origination fees. Today's thirty-year fixed rates on conventional loan amounts (<$417K) range from 6% to 6.5%, depending upon loan size and the borrower's creditworthiness.

Given the volatility in the mortgage market, make sure to talk to a specialist to know the real rates. If you have any questions, e-mail me at audrey@audreybutlerhomes.com

Mickey's weekly interest rate update, 3.11.08

Mickey Carlton's Mortgage Interest Rate Update for 03/11/08:

Mortgage interest rates have experienced a very volatile week. The primary features have been a dangerous divergence between treasury bond prices and mortgage-backed securities prices, a weak jobless number last Friday and a mammoth attempt on the part of the Federal Reserve (this morning) to add liquidity to the markets. The end result is a rather turbulent interest rate situation that is somewhat worse than last week. Buyers can expect to pay between 6.25% and 6.75% for conforming (<$417K) 30 year fixed rate mortgages without discount points or origination fees. A borrower's individual rate will depend upon his or her loan amount, purpose and creditworthiness.

Observers ask, "what's going on in the mortgage market?". The quick answer is that we have many sellers and few buyers. Large investors (corporations, pension funds, insurance companies, college fund trustees, etc.) have refused to purchase mortgage backed securities because of the recent "bad" news relating to mortgage debt. Holders of mortgages (companies like Thornberg Mtg and Carlyle Funding) have been aggressive sellers in the secondary market. The result has been mostly bad news for borrowers.

The good news is that we remain in a range between six and seven percent which is exactly where we have been for the last two to three years. Historically, an observer, glancing at a chart of interest rates, would remark that "it must be a pretty quiet time in the mortgage business". In spite of all the volatility, we are still offering rates that borrowers would have killed to obtain just a few years ago.

Any questions? Write me at audrey@audreybutlerhomes.com

weekly mortgage update from Mickey, 3.4.08

Here is the weekly mortgage update from Mickey, and I don't mean the mouse. This is for the week of March 3, 2008. He says:

Mortgage interest rates improved slightly over the last few days. Buyer/borrowers can expect to obtain 30 yr fixed rate financing in a range of 6.125% to 6.625% for conforming loan amounts (<$417,000) without paying origination fees or discount points. Actual rate will depend upon loan size and creditworthiness of the borrower.

If you have any questions, write me at: audrey@audreybutlerhomes.com

thank you!

Mickey's interest rate comment (a couple of days late)

Hello everyone!

The interest rate comment this week is a little late because I was out of town for a few days. I took a trip up to NC....I used to live there, and it was strange being back in cold weather! Of course, when I got back here, it was chilly as well.....

Here is the comment from Mickey, mortgage broker extraordinaire:

Mortgage interest rates continue to climb this week as long-term lenders fret over the threat of inflation. Inflation robs returns so lenders demand higher yields. Buyer/borrowers seeking 30 year fixed rate mortgages can expect rates in a range from 6.375% to 6.875% without paying discount points. Actual rate depends upon loan size and the borrower's creditworthiness. As you can see, the low rates of six weeks ago are a fleeting memory.

This quote was surprising to me, given what we have been hearing in the press, but it is best to stay informed!

If you have any questions, contact me at www.audreybutlerhomes.com

Weekly mortgage update from Mickey, 2.19.08

Mickey Carlton's lastest, current, weekly interest rate update:

Mortgage rates experienced a sharp increase over the last several days. Strengthening equity prices and the likelihood of a further cut to short-term interest rates seem to be the major culprit. Long-term lenders do not like the inflationary implications of repeated and aggressive cuts to short-term rates. The Federal Reserve, in an effort to save the economy from recession, is actually worsening the picture for mortgage pricing. This week, 30 yr fixed rate mortgages without discount points can be acquired in a range from 6.25% to 6.625%, depending upon loan size and the borrower's creditworthiness.

If you need to be prequalified, contact me at: www.audreybutlerhomes.com

thank you!

Mickey's weekly mortgage rate update, 02.12,08

Here is the Weekly Interest Rate Comment from Mickey Carlton for 2/12/08:

Mortgage rates have remained fairly steady for the last week or so. Currently, a borrower can obtain a 30 yr fixed rate mortgage at the conforming limit (<$417K) with no discount points for rates ranging from 5.875% to 6.5% depending upon loan size and the borrower's credit worthiness.

If you have any questions, do not hesitate to contact me at www.audreybutlerhomes.com

Weekly mortgage rate update from Mickey, 02.05.08

Here is the weekly update from Mickey Carlton, Mortgage guru:

Weekly Interest Rate Update for 2/05/08:

Mortgage interest rates have been relatively calm for the last few days. We are improving today. Currently, borrowers can expect to obtain 30 yr fixed rate financing without discount points on conforming loan amounts (<$417,000) in a range from 5.5% to 6.25%. Actual rate will depend upon loan size and the individual borrower's creditworthiness.

If you have any questions, contact me at: www.audreybutlerhomes.com

thank you!

Weekly interest rate comment from Mickey, 1.29.08

Happy voting day here in Orlando!

Boy, I cannot believe it has been a while since I have posted anything on my blog....I have been so busy! I have talked to other agents in the office, and we are encouraged by the number of people that are interested in selling and buying homes. It has definitely picked up since last fall!

Ok, back to work....Here is the weekly interest rate comment from sage Mickey Carlton:

Weekly Interest Rate Comment for 1/29/08:

Mortgage rates have risen with the recovery in stock prices. We experienced rates in the low “5’s” last week at the depth of the stock plunge. Mortgage interest rates are currently priced at 5.75% to 6.25% with no origination fee or discount points for conforming (<$417K) loan amounts. An actual borrower’s rate will be determined by loan size and the borrower’s creditworthiness.

If you need any assistance or have questions, I'm never too busy! www.audreybutlerhomes.com

Weekly mortgage interest rate comment, 1.15.08

The weekly interest rate comment from Mickey Carlton, mortgage guru:

Mortgage interest rates continue their (painstakingly) slow decline. This week we are originating conforming (<$417K) 30 yr fixed rate loans in the 5.75% to 6.5% range (no discount points). An individual borrower's rate depends upon his or her loan amount and creditworthiness.

Now is a good time to buy! If you are interested in purchasing a home, contact me at audrey@audreybutlerhomes.com

Mickey's weekly mortgage rate comment, 1.8.08

This week's mortgage interest rate comment from Mickey Carlton, mortgage specialist:

Mortgage rates improved somewhat after last Friday's employment figures. The report indicated a dismal number of new hires for the month of December. Investors sold stocks and bought bonds after the numbers were released. As is usually the case, their actions caused rates to drop. Mortgage applicants can now find 30 yr fixed rate mortgages (loan amounts <$417K) in a range of 5.75% to 6.5% without paying discount points. An applicant's actual rate will depend upon creditworthiness and loan size.

If you have additional questions, contact me at www.audreybutlerhomes.com

Thanks!

Happy New Year! Weekly mortgage update from Mickey, 1.2.08

Happy New Year!

I hope you had a great holiday. I know I did! I am back and renewed with new ideas for 2008.

Here is the latest update from Mickey, Mortgage Extraordinaire, for this week:

A disappointing report on the level of US manufacturing activity sent stocks lower and bonds higher on the first trading day of the new year. This has resulted in an improvement in mortgage rates. Currently, 30 year fixed rate conforming (<$417K) mortgages can be had for 6.00% to 6.5% without points. A borrower's actual rate depends upon loan size and creditworthiness.

Mickey also notes:

New and more restrictive loan-to-value guidelines continue to flow from Fannie Mae and Freddie Mac. This means higher down payments in many instances. These new rules are going to come into play in areas marked as "declining markets" by the appraisal and on all condos.

If you have any questions, contact me at: www.audreybutlerhomes.com

Weekly mortgage interest rate comment from Mickey 12.18.07

The weekly mortgage rate comment from Mickey Carlton:

Mortgage interest rates hit a two-year low on Monday, December 3, but have experienced an increase since that time time. Currently, thirty-year mortgages, without discount points, range from 6.25% to 6.75% depending upon loan size and creditworthiness of the borrower. Please note that Fannie Mae and Freddie Mac are instituting new policies regarding an individual's credit score. It is going to become increasingly difficult for lenders to quote an interest rate without "pulling" a potential borrower's credit report. Be prepared for possible grumblings from your buyers as lenders become more and more reluctant to price a loan without fully "diagnosing" the patient.

Thanks, Mickey! If you have any questions, please contact me through my website at: www.audreybutlerhomes.com.

Under 740? Ask for an improved credit score for Christmas

With all the subprime loan problems that have hit this country this year, (see my earlier blog entries) we are starting to see new guidelines for obtaining a home loan. My friend, Mickey Carlton wrote me about one of the changes that we will see in the next few weeks. To understand what he shares below, I'll explain a little about the home loan process.

When you go to a company to get a home loan, they are considered the primary mortgage market. After closing your loan, they are usually sold to the secondary mortgage market, including Fannie Mae and Freddie Mac. When they put out new guidelines, everyone has to follow them, or they cannot sell their loan. Given that background for those of you who are new to the market, here are Mickey's words:

Historically, an approval by Fannie Mae or Freddie Mac's proprietary software meant that a borrower qualified for "good rates" regardless of his or her credit scores. The computer software considered the scores along with loan amount, income and employment history, and liquid assets. An approval obtained by the 640 credit score applicant was as marketable as an approval by a 740 credit score applicant.

This is no longer true. The agencies are changing their pricing models on loans delivered after March 1, 2008. A loan that closes in January might not make it to the agency until March so most banks are already adjusting their pricing. In the very near future, buyers are going to be priced depending upon their credit scores. Lower scored borrowers may be priced out of the Fannie/Freddie market even if they qualify for a Fannie/Freddie program. The answer, in many cases, will be FHA. There are no more subprime loans and Fannie/Freddie is making it harder on the marginal borrowers to obtain a "good" rate.

Bottom line: you need a credit score of 740 or higher for a good interest rate loan. If you have a few "dings" in your credit, contact me at http://www.audreybutlerhomes.com/ and I can connect you to someone who can provide guidance to help you.

Mickey's weekly interest rate update for 12.11.07

INTEREST RATE UPDATE FROM MICKEY CARLTON FOR 12/11/07:

Investors turned optimistic late last week when the administration announced plans to aid beleaguered subprime mortgage holders. Anticipation of a rate cut from the Federal Reserve also encouraged stock traders to return to the "buy side". The result was a worsening by .25% in mortgage rates that had been gained during the previous week. We are currently pricing 30 yr conforming (<$417K) fixed rate mortgages between 6.125% and 6.625% without points or origination fees. Individual borrowers' rates are determined by loan size and creditworthiness.

For more information, write me at: www.audreybutlerhomes.com

Mortgage Interest rate comment from Mickey, week of 12.04.07

Here is the weekly interest rate comment from Mickey 12.04.07:

Mortgage interest rates have reached new lows for the year as we near year-end. Today, buyers seeking financing can secure 30 year fixed rate conforming (<$417,000) mortgages for rates ranging from 5.75% to 6.5% depending upon loan size and the creditworthiness of the borrower. Rates have improved in spite of last week's stock market gains. Long-term note and bond traders seem more concerned about the likelihood of a recession. Friday morning's employment figures (estimated at 77,000 new jobs vs. 166,000 last month) should be the next big influence on interest rates. Next week, all eyes will be focused on the Federal Reserve meeting. The Fed is widely expected to reduce short-term rates which would have an immediate impact on consumer rates such as credit cards, auto loans and home equity lines of credit.

weekly update from Mickey, 11.27.07

Hope everyone had a great Thanksgiving!

Here is the weekly update from Mickey Carlton, Mortgage specialist here in Orlando:

Mortgage interest rates were improving versus week-ago levels until mid-morning when bond pricing reversed course. Banks and mortgage companies began to worsen their pricing almost immediately. Currently, the one-eight percent improvement versus last week has given way and we are back in the same range as a week ago. Home buyers can expect to obtain thirty-year fixed rate conforming mortgages (<$417,000) without points in a range of 6.125% to 6.625% depending upon loan size and the creditworthiness of the individual borrower.

Check out my website at: www.audreybutlerhomes.com

Weekly interest rate comment from Mickey, 11.14.07

The latest interest rate comment from Mickey Carlton:

Mortgage interest rates have remained fairly stable in a range of 6.25% to 6.75% for thirty-year fixed rate loans without discount points or origination fees. Rates for individual borrowers will be determined by loan size and creditworthiness of the borrower.

Any questions? Write me at www.audreybutlerhomes.com

Weekly mortgage rate comment from Mickey, 11.8.07

Weekly comment from Mickey Carlton:

Mortgage interest rates have worsened slightly since last week. Yesterday's (Wednesday) weakness in stock prices, if extended, will likely result in an improvement in our rates. Weakness in stock prices cause investors to shift money into long-term bonds sending interest rates lower. Currently, borrowers seeking conforming (<$417K) loan amounts on purchases should be able to obtain 30 yr fixed mortgage rates in a range of 6.25% to 6.75% (without paying discount points) depending upon their individual credit worthiness and loan size.

Need a mortgage? E-mail me at audrey@audreybutlerhomes.com

Use your mortgage consultant as a coach

The other day I was reading through some material from a Mortgage Specialist, Mickey Carlton. He wrote about how the best athletes in the world have coach---in a like manner, your family needs a financial "coach"----a trusted financial planner and mortgage expert that can assist you in coordinating your mortgage in light of your investment and retirement plans.

Many times people just try and get off the phone as quickly as possible when dealing with a mortgage broker. Use someone you trust, and disclose the needed facts so your true picture can be taken into consideration. You are making such a large investment, it is best to consider all the financial plans for your family and future.

http://www.audreybutlerhomes.com/

Weekly mortgage rate comment from Mickey, 10.30.07

Weekly interest rate comment from Mickey Carlton, Mortgage specialist:

Interest rate movement remains fairly quiet this week as the market awaits Wednesday afternoon's announcement from the Federal Reserve regarding their decision on rates. The Fed is widely presumed to be planning a further quarter point reduction in the Fed Funds rate. Again, you should be cautioned that this is an overnight rate used by banks to borrow from one another to meet their reserve requirements. The Fed DOES NOT set mortgage rates. A rate reduction would have an immediate positive effect on consumer rates such as home equity lines, auto loans and credit cards.

The effect, in any, on long-term mortgages should be minimal and might actually cause a slight uptick in rates. Currently, borrowers can obtain 30 year fixed rate financing for rates ranging from 6.125% to 6.75% without paying discount points or origination fees. Actual rate will depend upon loan size and the individual borrower's creditworthiness.

Check out www.audreybutlerhomes.com