4.875% (4.99% APR) in 02/20/09 Mortgage Market Commentary and News For Washington & Oregon

Ed Bisquera Mortgage Consultant Portland Oregon Vancouver Washington

Most rates improved today as mortgage bonds regain some of the losses from Thursday following the direction of Treasuries, which are busy gaining back yesterday’s losses. Up and down…up and down. The good news is mortgages, while trending in the same direction as Treasuries, have not seen the massive swings in price, thanks in part to the Fed’s intervention. Let’s hope this trend continues as massive swings in rates coupled with longer turn times due to volume creates all kinds of problems for both brokers and lenders alike. The Dow has sunk below its November lows in search of a bottom, down over 100-points at the moment at 7355. Blame the banks: fears of nationalization, under capitalization and, of course, the whole Swiss tax evasion issue isn’t helping either. Happy Friday…

In the News:

Jumbo Defaults Up While Getting Jumbo Loans Proves More Difficult

Jumbo Loan Defaults Rise at Fast Pace as Rich Sufferr

Feb. 20 (Bloomberg) -- Luxury homeowners are falling behind on mortgage payments at the fastest pace in more than 15 years, a sign the U.S. financial crisis that began with the poorest Americans has reached the wealthiest.

About 2.57 percent of prime borrowers who took out jumbo loans last year were at least 60 days delinquent, a percentage reached within 10 months and the fastest since at least 1992, according to LPS Applied Analytics, a mortgage data service in Jacksonville, Florida. That’s almost twice as quickly as 2007 borrowers fell behind and a level 2006 owners haven’t attained after almost three years.

The jump in late payments on jumbo loans, while still lower than the 20 percent delinquencies in subprime mortgages, signals that the borrowers with the most money and the best credit are hurting as the U.S. recession deepens in its second year. It also means these loans will be even more difficult to obtain and more expensive to pay off.

== READ THE REST HERE: Jumbo Defaults Up While Getting Jumbo Loans Proves More Difficult

Today’s Lock Rate (Feb 20, 2009)

30 YR Fixed 4.875% (4.99%APR)

(740+FICO/<=80%LTV/Rate & Term/30 Day Lock Full Documentation/With Impounds)

Call me at (360) 597-8283 for your pre-approval and I’ll provide a Good Faith Estimate & Lock Terms to secure your refinance or purchase loan and rate.

Interest Rates AND Demand for purchase and refinance funds will likely increase now that the $787 Billion Dollar Stimulus Package has passed.

Don’t wait or waste time, email me ed@pdxloan.com or call 360.597.8283 to today, to secure these funds now!

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