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September 21st, 2010

Your Chance to Influence the Short Sale Process

Short-sales are a huge problem in the real estate and lending marketplace today.  The current cumbersome process is long and fraught with red tape.  Often times offers on the part of interested buyers can take months to receive a decision which hurts all parties and, in turn, bogs down the market.  Luckily, common sense seems to be prevailing with H.R. 6133 beginning its move through Congress.  This bill, sponsored by Robert Andrews (D-NJ) and Thomas Rooney (R-FL) requires banks to make a decision within 45 days.  This requirement would do wonders to reduce the log jam that is the current short-sale process.  I highly encourage everyone who feels that this would be an improvement to contact their Representative and/or Senator to voice their support for this legislation.

September 16th, 2010

Timing Key for Chicago Real Estate Shoppers to Secure Best Mortgage Rate

Are you currently in the process of buying a home or refinancing?  Trying to decide when to lock can be a stressful and difficult decision.  In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible.  Please see my recommendations below.

If closing your Chicago mortgage in:

  • 5-7 Days: I recommend LOCKING
  • 7-30 Days: I recommend FLOATING, but LOCK on any rallies in the bond markets
  • 30 or more days: I recommend FLOATING

The week ahead

The week ahead for economic data that can affect mortgage interest rates.

  • Tuesday
    • August Retail Sales Report
    • July Business Inventories
  • Wednesday
    • August Industrial Production
  • Thursday
    • Weekly Jobless Claims
    • August Producer Price Index
  • Friday
    • August Consumer Price Index
    • University of Michigan/Reuters Consumer Sentiment Report

Click here for more information or to discuss your real estate deal in greater detail

September 11th, 2010

Rates Improve Than Rise In The Wake Of Favorable Economic News

Are you currently in the process of buying a home or refinancing?  Trying to decide when to lock can be a stressful and difficult decision.  In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible.  Please see my recommendations below.

If closing your Chicago mortgage in:

  • 5-7 Days: I recommend LOCKING
  • 7-15 Days: I recommend LOCKING, as rates are not likely to improve before close
  • 15-30 Days: I recommend FLOATING, but be vigilant to potential LOCK opportunities
  • 30 or more days: I recommend FLOATING

The week that was:

Rates this followed the recent see-saw trend.  Initially we saw a drop on the heels of  a successful auction of Treasury Bills.  This momentum, however, slowed in the wake of favorable data on unemployement and a reduced trade deficit.  While promising, these variables are not necessarily pointing to a sustained recovery, so there are still likely good rates to be had. 

30 YEAR FIXED

National Average Rate: 4.35%

Fees/Points: 0.7

15 YEAR FIXED

National Average Rate: 3.83%

Fees/Points: 0.6

September 6th, 2010

Encouraging economic date pushed rates up from historic lows

Are you currently in the process of buying a home or refinancing?  Trying to decide when to lock can be a stressful and difficult decision.  In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible.  Please see my recommendations below.

If closing your Chicago mortgage in:

  • 5-7 Days: I recommend LOCKING
  • 7-15 Days: I recommend LOCKING
  • 15-30 Days: I recommend FLOATING
  • 30 or more days: I recommend FLOATING

The week that was:

We started the week with historic lows fueled by a equities market that slipped below 10,o00.   By Thursday, favorable data out of Chinese manufacturing sector stabilized rates.  Continued positive data, this time from retail sales and housing, on Friday was enough to push rates up 0.125%.  It is important to remember that these rates represent amazing opportunities when viwed at a historical level and that the future is still bright for homeowner’s and prospective buyer.

30 YEAR FIXED

National Average Rate: 4.32%

Fees/Points: 0.7

15 YEAR FIXED

National Average Rate: 3.83%

Fees/Points: 0.6

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