Dennis' Mortgage Blog

I love this industry!

I needed to get that off my chest.  Yesterday I was having lunch with my partners and we were discussing the current market.  During the discussion I mentioned that it seems most of our current clients are first time buyers and how excited I get helping families not only purchase a new home, but especially in helping them purchase their first home.  What a great job I have, helping families with the biggest purchase of their lives, helping families participate in the American Dream, helping families own their own Home (yes with a capital H!).  This is a bit over the top, but short of delivering their baby I cannot think of anything else that creates a true sense of family identity as home ownership and I am so thankful and fortunate to be part of the process for so many families--thank you for allowing me to be part of your home buying process, whether in the past or in the future!

Okay off the soapbox and into the markets. Another jumpy week in bonds with the worst part being late in the week.  Today we saw the bond market get hammered pretty hard and lenders repriced for the worse twice during the day--one reason for me getting this email out late this week to see where the market settled.

Looking forward the news on durable goods and consumer sentiment were both pretty strong, indicating an increase in short term rates by the Fed in the not too distant future.  I doubt it will happen at their next meeting but I would not be surprised if we see a rate hike before Halloween.

NOTE PRICING BELOW IS BASED ON 20% DOWN FOR JUMBO LOANS AND 10% DOWN FOR CONFORMING, 3% FOR FHA, FULL DOC, AND FICOS OF 720 AND ABOVE (change from last Friday):

30 year conventional at 1 point 6.375%            ó0.00%

30 year conforming-jumbo at 1 point 6.625%            é 0.125%

30 year FHA at 1 point 6. 5%                                     ó 0.25%

30 year jumbo at 1 point 8.00%                                  ê 0.25%

Let me know how I can be of assistance to you, your family, friends or co-workers.  It is a great time to buy a new home!

Have a great weekend!

Have a great week,

Dennis