Dennis' Mortgage Blog

October 19th, 2007 12:02 PM
Don't forget to send your clients to my Mortgage Blog for articles on the market and mortgages, check it out yourself as well! 
 
The last three days have been the best three day stretch in the mortgage market for quite some time, the result is our conforming rate for purchases is the lowest it has been in 30 weeks, all the way back to March 23rd.  Rather benign economic news this week showing inflation numbers still remain in the Fed's target range, combined with earnings news, higher oil futures and other stock jitters have seen a large influx of investment in bonds and mortgage backed securities.  Today the equity markets are off and the money is flowing into bonds keeping the trend from the last few days heading down. Good news for those in the market for a mortgage.
 
While conforming climbed this week the jumbo rate has softened slightly narrowing our gap between conforming and non-conforming:
 
30 Yr. Fixed Conforming with 10% or more down: 5.75% at 1.00 point   a 0.375% dip from last Friday!
30 Yr. Fixed Jumbo with 10% or more down: 6.625% at 1.00 point  **
 
Note these are for 30 day locks, purchase transactions with 10% or more down and strong FICO's. 
 
***PLEASE NOTE*** "Jumbo" for this rate graph is for mortgages identical to those mortgages that fit Fannie Mae and/or Freddie Mac guidelines with the exception of loan amount greater than $417,000.  "Non-conforming" mortgages may be below the $417,000 loan amount and are so designated depending on may factors, including but not limited to FICO scores, income and/or asset verification, etc.
 
Let my pain be your warning....I have been a bit out of it the past week or so due to a confluence of events, primarily technological failure.  Last week a nasty little virus/worm snuck into my computer because the anti-viral software I thought was protecting my laptop was out of date, for some reason the "automatic" updates were not updating and this new little bugger got to business making my life miserable.  Unable to properly clean this self-replicating bug I had to reload my operating software; i.e strip my laptop down to the way it was when I purchased it in March 2006.  Thankfully I have a solid and consistent backup system (I use an iOmega external hard disk with a program that runs automatically daily to back up my data and important files) so when I did the reboot on Monday I was then able to load all data back to Thursday when the backup occured prior to the virus taking effect, a very minimal loss.  What could have been a disaster with a complete loss of contact information for clients, friends, etc. was averted because my diligence in backing up.  I am sure there will be a few glitches with some emails or phone numbers connected to the wrong contacts, but overall I might have dodged a bullet to my database--but not the many hours of first trying to clean my system and then wiping it out and rebuilding.   Argh.
 
What I learned? First, make sure you have a consistent and reliable back up system, I recommend the iOmega external hard drives (note they need to be replaced about once a year but they are not very expensive).  Second, make sure your antivirus and spyware programs are updated regularly, at least once a week, as the jerks (I would like to call them something stronger but this is a family show) who write and launch the virus programs see it as a game to get around the most current protection devices. 
 
Let me know how I can assist you and your clients.   Be sure to send them to www.DennisCSmith.com for rates, to apply for mortgages, and a lot of great information on loans and mortgages.
 
 
Dennis
 
Dennis C. Smith
Stratis Financial
Direct (562) 472-1118
Mobile (562) 243-6912
Fax (562) 684-4316
 
Posted by Dennis C. Smith on October 19th, 2007 12:02 PMPost a Comment (0)
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