Dennis' Mortgage Blog

January 4th, 2008 3:12 PM
<<&dear>>:                
 
I hope you had a fun New Year's celebration, while 2007 did not end with the most positive business cycle the real estate industry has seen in the past several years (decade), as an industry we did assist thousands of families obtain homeownership.  Further, while there are many families facing foreclosure, for every one that is there are 100 that are not and our industry is the reason why.  In the past several years we have seen all time highs in homeownership for all Americans, all time highs for minority homeownership and all time highs for home equity--albeit that is slightly lower than it was in the early part of the year.  So Happy New Year!
 
The markets this week have been reacting to economic news portending future Fed rate cuts, i.e. continued slowing.  As such the mortgage rates are in a downward bias and we have seen improvement in the rates--but not as much as I would have predicted given the economic numbers.  Mainly because this time of year the trading is very slow, back to "normal" on Monday and as such look for solid trends to develop in the markets which should (should!) lead to a gradual reduction in rates.
 
Moving forward:  PRODUCT ALERT! You can pretty much forget about 100% financing in Southern California for a while.  Fannie and Freddie have designated us as "agency adverse market" which has reduced maximum loan to values and also put a nice little price hit on all products (built into my quotes).  Further we have seen the 2nd trust deed market dry up almost entirely on combined loan to values over 95%.  As I started saying about three months ago, our market is back to 1993 in terms of products and guidelines....
 
Rates for the first Friday of 2008:
 
30 year conventional at 1 point 5.5%
30 year jumbo at 1 point 6.625%
 
 
 
One final note, over the next week or so I will be transitioning out of my current database/contact managment software to a new software program.  While the benefits of the program are tremendous, they do come with the pain and agony of transitioning data and ensuring the bugs are worked out properly and setting up the bells and whistles properly as well.  As I transition you may see some extra communications or get dropped by accident.  If you do not continue to receive this weekly rate update the next few Friday's please contact me so I can ensure I have your information properly transfered to keep you abreast of the mortgage and rate markets and the economy.
 
Let's make 2008 great, together!
 
Please feel free to forward this email to your co-workers and clients--or send them to my Mortgage Blog where it is posted weekly.
 
Have a great weekend,
 
Dennis
 3:11:50 PM
Posted by Dennis C. Smith on January 4th, 2008 3:12 PMPost a Comment (2)
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