Wasilla Real Estate News, Valley Market Real Estate

Mortgage Info From Bryan Scoresby March 3rd, 2010

Categories: For Buyers

I got this from Bryan Scoresby of Wells Fargo Mortgage today… His number is at the bottom. Good info

From the Mortgage Bankers Association

Current Trend Direction: Sideways
Risks favor: Carefully Floating
Current Price of FNMA 4.5% Bond: $100.91, -15bp
This morning, the ADP Employment Report, which provides a reading on private sector jobs, showed 20,000 jobs lost in February. The report also revised January’s reading lower, to a loss of 60,000 jobs from a previous read of 22,000 jobs lost. We will layout a Jobs Report strategy tomorrow, and the early signs are pointing to a weak number, with the wild card being the temporary census hirings.
Prices are moving sideways and attempting to hold onto support at the 100-day Moving Average. Yesterday, Bond prices dipped below the 100-day Moving Average, touched the 25-day Moving Average floor of support, and then recovered back higher to close near unchanged – and still above the 100-day Moving Average. And we are already seeing a similar pattern so far today.
A piece of news to watch later today – President Obama is slated to talk at 1:45pm ET, in a last bid to push through his overhaul to the US healthcare system. There is speculation that if the plan doesn’t get bipartisan support, Democrats in Congress may try to proceed with a “reconciliation” option, meaning that a Bill could be passed with a simple majority of 51 votes rather than the 60 votes that would normally be required. How this plays out will be very interesting, as it affects 15% of our national budget – and would dramatically increase the debt load, which is already at very high levels. Bond investors may not like the added debt, so we’ll have to see how this unfolds.

Loan Product Rate

Conventional Fixed 30 4.875
Conventional Fixed 30 w/o 1.0% LO fee 5.125
Conventional Fixed 15 4.125
Conventional Fixed 15 w/0 1.0% LO fee 4.375
Conventional 5/1 ARM 3.750
Conventional 5/1 ARM w/o 1.0T LO fee 4.250

FHA and VA 5.000
FHA and VA w/o 1.0% LO fee 5.250
Rural Development 5.000
RD w/o 1.0% LO fee 5.250

AHFC RATES
AHFC, First Time Home Buyer, Tax Exempt 4.625
AHFC, Veterans Mortgage Program 4.625
AHFC, Taxable 5.000
AHFC, First Time Home Buyer, Taxable 4.875

Interest Rates for Wells Fargo products are quoted based on a 60 day lock period. Rates above assume a 740 credit score without any adjusters.

AHFC rates can be locked up to 180 days in advance for new construction. 5*+ new construction can get .375% off the rate for the first $200,000. A blended rate will be calculated.

RD loans can be direct with Wells Fargo or married to AHFC. Pricing will determine which way to go. Income limits apply and buyer cannot own a home elsewhere.

Refer your clients to Bryan at: 352-5213 direct or on cell at 232-6444
To fill out an application, click on the link in my e-mail and go to my web site. The application when submitted, comes back to me.

Written by Marty Van Diest Please leave a comment.