Dennis' Mortgage Blog

Our Christmas Eve and New Year’s Eve Rate and Market Updates will be abbreviated for the Holidays.  As such no “Question of the Week” or in depth economic analysis and commentary.  However to retain the consistency of tracking rates for over 5 years every Friday mortgage rates as usual will be provided. 

Have a question for me?  Ask me!

Big data, little movement,  this week.  Light trading this week that otherwise might have seen reaction to news that personal income rose 0.3% in November while consumer spending rose 0.4%--spending out reached income which signals consumers may be coming to market.  However….how much of the spending in November, and through December holiday shopping period, is one-time event due to sales and incentives?  January results will let us know.

Rates for December 24, 2010  Some late selling on Thursday to close positions for the long weekend pushed mortgages a little higher for the week.

FIXED RATE MORTGAGES AT COST OF 1 POINT*

30 year conventional                             4.75%               Up 0.109%

30 year conforming-jumbo                    4.875%             Flat

30 year FHA                                         4.5%                Up 0.125%

30 year FHA jumbo                              4.875%             Up 0.125%

Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. 

Please note that rates quoted are based on average of several lenders for a purchase transaction with 20% down payment with an impound account for taxes and insurance and a minimum FICO score of 740; APR is not quoted as it is dependent upon specific loan amounts, lenders and services selected.  Numbers provided are for comparative purposes only.

The home is a-buzz with the expectations of a certain husky gentleman in a red suit visiting as we sleep tonight, and I don’t mean my father in-law in his red pajamas!

A peaceful, safe and wonderful Christmas weekend to everyone, the gift of being supported in a business I truly enjoy has filled my stocking stocking throughout the year, thank you.

Have a great week,

Dennis