Rates down, Mortgage Applications Up

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Rates down, mortgage applications up - Originally posted by The Portland Business Journal:

Mortgage applications rose last week as interest rates fell.

The Mortgage Bankers Association’s index of applications to purchase or refinance a home gained 5.6 percent from the previous week.

The refinance index gained 6.9 percent in the week ended Aug. 14, reversing the 7.2 percent loss in the previous week. The purchase index increased 3.9 percent, the third consecutive weekly gain, according to the MBA.

The average interest rate for 30-year, fixed-rate mortgages decreased to 5.15 percent from 5.38 percent, with points decreasing to 0.98 from 1.18.

The average rate for 15-year, fixed-rate mortgages decreased to 4.52 percent from 4.71 percent, with points decreasing to 0.93 from 1.20.

The average rate for one-year, adjustable-rate mortgages decreased to 6.66 percent from 6.71 percent, with points decreasing to 0.07 from 0.08.

There are other signs that the housing market is stabilizing. On Tuesday, the Commerce Department reported that builders broke ground on more single-family homes in July for a fifth straight month.

What does this mean for buyers this week? Well, although there are still a number of issues to deal with (like the HVCC and new disclosure's act) it's still a ripe opportunity to take advantage of low rates to purchase a home.

It's not all roses, but it's definitely an ideal time for First Time Homebuyers to take advantage of lower home prices (all those foreclosed bank-owned homes are increasing) and also the $8000 Tax Credit deadline is looming, so time to take a piece of that as well.

Interested in an opportunity to buy a home through the Homepath Program from Fannie Mae? Why Homepath, you might ask? No appraisal needed, up to 6% seller concessions (Fannie Mae's the seller, so they're likely to agree) and no mortgage insurance. Plus in larger markets like the Portland, Oregon, Vancouver, Washington areas (even Spokane, Seattle, Tacoma, Olympia in Washington - Bend, Salem, Eugene in Oregon) have a number of Homepath homes for sale.

Attend one of our weekly 30 minute webinars on how the Homepath Loan Program from Fannie Mae works by visiting http://homepath01.eventbrite.com and register today!

Have a great Wednesday everyone!

Ed Bisquera

P.S. My FREE Social Media Marketing Online Workshop is coming up next week - more details can be seen at http://SocialMediaNetworking101.com

Key Element People Often Forget in Social Media Marketing?

What is the one key element people often
forget to complete thoroughly on Social Media sites?

Watch the video to find out what that is, which can help your search engine rankings and is Pillar Number One of the 5 Pillars of Social Media Marketing. :-)

Quote of The Day

If we're growing, we're always going to be out of our comfort zone.
~ John Maxwell
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Scroll Down Below To See Info On Google Profiles!

Today's Mortgage Rates Watch & Real Estate/Mortgage News

Rates look like they are sitting fairly stable at the 5.25-5.5% range (5.67%-5.89% APR) on a Conventional 30 YR Fixed Loan, NO pts, 20% down (80% Loan To Value), Owner Occupied, with 740 or higher FICO credit score. We should see some help, since today's announcement of a nationwide unemployment rate of 9.5%, with job losses for last month around 467,000 nationwide.

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UPCOMING EVENT
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"Getting Connected Through Social Media" Class
for Real Estate Professionals, 3 CE Clock hours

Date: Thursday, July 23, 2009
Time: 1 -4 PM
Location: Keller Williams, Downtown Office
915 Broadway Ste 100, Vancouver, WA 98660

== Cost: $27 Early Bird special before Midnight, July 21, 2009 ==

Learn how getting connected and participating in the conversation online where your clients, prospects and audience is, using Social Media tools, is important to your Real Estate business. Produced by Natalie Danielson of Professional Directions/Clockhours.com and taught by Ed Bisquera and Natalie Danielson.

Details at the event signup page here:

Getting Connected through Social Media Class for Realtors.

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YESTERDAY'S FREE LUNCH TRIVIA QUESTION OF THE DAY

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What Lewis Carroll book was banned in China after censors decided:
"Animals should not use human language"?
Answer: YOU TELL ME! :-)

So, for every correct answer that is either either replied via Facebook (post a reply/comment on my wall under the question) or Twitter (send me an @edbisquera reply) or post a comment here below on my blog, gets entered into a drawing to win a FREE Lunch to Blackstone, Gift Card valued at $50! Now, you can send me a private message via Facebook and Twitter too with the correct answer; that will get you entered to win.

Again, it's for every CORRECT ANSWER that gets you into the drawing. And I'll post a video recording of me drawing the winner next Wednesday, along with the new Wednesday Trivia for Free Lunch.

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Upcoming Homepath Home Buying & Loan Seminar
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Buy a Fannie Mae Owned Home (Bank Owned, REO Properties)
in the State of Washington
WITHOUT AN APPRAISAL!

Date: July 21, 2009
Time: 11 AM (45 minutes)
Location: 1001 Main St Suite A
Vancouver, WA 98660

Sign up for event here

We'll discuss at an upcoming Homepath Seminar how you can get a home, Owner Occupied or Non-Owner Occupied, in any state, especially Washington and Oregon, where:

1. A Homepath Mortgaged Home Loan requires NO APPRAISAL upon purchase
2. A Homepath Home Renovation Loan can be used for improvements (on designated properties only).
3. A Homepath Home requires NO MI (Mortgage Insurance)
4. A Homepath Home can be up to 97% Loan To Value (3 % down payment)
5. A Homepath Home can also be bought by investors up to 90% Loan To Value (only 10% down).

For more information, read a post about Homepath Homes for Sale, by my Senior Mortgage Consultant, Bill Black, Broker of Record here at Loan Network LLC (formerly America One Finance).

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My Google Profile Page http://Google.com/profiles/edbisquera
Visit here for a video on how to create your Google Profile

Stay tuned to the next video blog post!
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Thanks again and speak with you soon!
Ed Bisquera, 360-597-8283 cell

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"What's the FOUR Letter Word Asked About Social Media?" Video

What is the FOUR Letter Word Asked About Most Frequently Regarding Social Media, at Social Media Marketing Seminars and Classes throughout the United States?
It's all revealed at the 1:45 mark in this video blog post by Ed Bisquera, Mortgage Matchmaker & Social Media Guy. Recorded in beautiful sunny downtown Vancouver, WA, dated July 1, 2009.

Quote of the day:
Insincerity is always weakness; sincerity even in error is strength.
~George Henry Lewes

• Today's Mortgage Rates Watch & Real Estate/Mortgage News

Rates look like they are sitting fairly stable at the 5.375-5.625% range (5.77%-5.99% APR) on a Conventional 30 YR Fixed Loan, NO pts, 20% down (80% Loan To Value), Owner Occupied, with 740 or higher FICO credit score. Forecasts are predicting a small increase in rate, due to typical activity as 2nd quarter earnings are taken to offset any capital gains.

NO APPRAISAL REQUIRED!!
WHEN YOU BUY A FANNIE MAE-OWNED HOME
with a Homepath Loan
Find out more in tomorrow's Video Blog Post!

HVCC News: The appraisal issues dealing with the HVCC law is being dealt with and you can do something about it to fight it. There is a bill currently being sponsored to put the HVCC on hold, as the Feds try to figure out how to rectify the shortcomings of this HVCC ruling. It's apparent that it was a big mistake and you can check out our friends at Think Big Work Small and see what they have to say about it. Are you a Realtor and HATE FAILED SALES?? Watch this video NOW and sign the HVCC Petition NOW!!

UPCOMING EVENT
Class on Social Media "Getting Connected"
for Real Estate Professionals, 3 CE Clock hours

Date: Thursday, July 23, 2009
Time: 1 -4 PM
Location: Keller Williams, Downtown Office
915 Broadway Ste 100, Vancouver, WA 98660

== Cost: $27 Early Bird special before Midnight, July 21, 2009 ==

Learn how getting connected and participating in the conversation online where your clients, prospects and audience is, using Social Media tools, is important to your Real Estate business. Produced by Natalie Danielson of Professional Directions/Clockhours.com and taught by Ed Bisquera and Natalie Danielson.

Details at the event signup page here:


Getting Connected through Social Media Class for Realtors.

------

• WEDNESDAY FREE LUNCH TRIVIA QUESTION OF THE DAY

What Lewis Carroll book was banned in China after censors decided:
"Animals should not use human language"?
Answer: YOU TELL ME! :-)

So, for every correct answer that is either either replied via Facebook (post a reply/comment on my wall under the question) or Twitter (send me an @edbisquera reply) or post a comment here below on my blog, gets entered into a drawing to win a FREE Lunch to Blackstone, Gift Card valued at $50! Now, you can send me a private message via Facebook and Twitter too with the correct answer; that will get you entered to win.

Again, it's for every CORRECT ANSWER that gets you into the drawing. And I'll post a video recording of me drawing the winner next Wednesday, along with the new Wednesday Trivia for Free Lunch.

I had NO ONE enter the contest last week, so I'm hoping there's a few that at least play along for a FREE LUNCH to Blackstone Restaurant (ok, you get a $50 gift card. Deadline is by next Tuesday, July 7 at Midnight!).

• The FOUR Letter Word Dealing with Social Media
revealed at the 1:45 mark in video above

It's every person's "curse" and every person's main question when talking about using Social Media. Are you facing the same problem? Are you interested in learning more and how to maximize this FOUR Letter word? Watch the video to find out what I talk about and if you're interested in a Social Media 101 Class & Course, contact me through EdBisquera.com or call me at (360) 597-8283. I will have an event sign up here on my blog tomorrow. Stay tuned!

That's it for today. Thanks again for visiting, watching and reading. If you found any value in today's video blog and post, please share this post with anyone you know that may be interested.

Best wishes to you and here's to a wonderful Wednesday!

Ed Bisquera, 360-597-8283 Cell Phone

P.S. Young Professionals of Vancouver Networking Event TODAY at Joe's Crab Shack, on the mighty Columbia River at 5:30. Come by, chat, drink and network! EB

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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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Why are interest rates rising?

You may be wondering why rates are rising again. Simply, borrower demand is driving up pricing, because banks raise their rates as the available capacity starts to feel pressure and leads to them wanting to realize greater profits. Hopefully this will ease demand, so if rates continue to see demand from borrowers, they (banks, in reaction to investors) start to drive the pricing of interest rates up.

You'll see this occur, because it's basically the rule of supply and demand, amongst other factors as you will read below in this re-post of Bankrate.com's press release I received earlier today.

Ed Bisquera

P.S.  It's not entirely a case of worrying though; I priced out a loan for a client this morning and was at 5 % (5.13% APR), but conditions of loan applicant, loan to value, etc, were driving factors in still securing a competitive rate.  Simply quoting rates of the day is not a simple process, so consult with your mortgage consultant and give him/her ALL the details about your situation, because there are many factors to consider.  :-)  Have a great week!

P.S.S. What does this really mean for consumers that wait instead of locking in low rates, thinking 'but it might go lower' ? It MEANS THAT if you are waiting to lock in rates when rates are falling and thinking it will fall further, all the demand on the pricing while you're waiting, will most possibly cause rates to go back up, because of the supply and demand element. If it's a good deal, those that jump in earlier, rather than later, most likely will take advantage of the deal. Just my two cents... ;-)

=== Mortgage Rates Rebound to Three-Week High (Bankrate) ===

NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- Mortgage rates increased after falling in each of the previous three weeks. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage rate is now 5.59 percent with an average of 0.3 discount and origination points.

The average 15-year fixed rate mortgage jumped to 5.2 percent and the average jumbo 30-year fixed rate climbed to 7.22 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM sliding to 5.91 percent and the 5/1 ARM rising to 5.58 percent.

The reversal in mortgage rates was prompted by investors' nervousness about a large supply of government debt and renewed concerns about the health of banks. Higher yields on benchmark Treasury debt and wider mortgage credit spreads spelled an increase in mortgage rates versus one week ago. While mortgage rates remain historically low, the barrier for many homeowners is lack of equity. Similarly, a lack of downpayment could be a barrier to an otherwise well-qualified home buyer.

Lower mortgage rates have opened the door to refinancing for homeowners with equity. As recently as October, the average 30-year fixed mortgage rate was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate having since fallen to 5.59 percent, the monthly payment on a $200,000 loan is now $1,146.90.

SURVEY RESULTS

30-year fixed: 5.59% -- up from 5.28% last week (avg. points: 0.30)
15-year fixed: 5.20% -- up from 4.89% last week (avg. points: 0.37)
5/1 ARM: 5.58% -- up from 5.51% last week (avg. points: 0.38)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. There is no firm conviction among the panelists this week, with 38 percent predicting that rates will remain more or less unchanged over the next 30 to 45 days. The remaining respondents are evenly split, with 31 forecasting higher rates and 31 percent expecting lower rates.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

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Visit http://sev.prnewswire.com/banking-financial-services/20090122/CLTH05022012009-1.html for original post
=== End of original post ===


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Schiff got it right... and why it's foolish to keep waiting to refinance!

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 5 of 8
Interest rates may drop, but if values drop as well, refinancing will become difficult...

Schiff mentions a pendulum swing on prices of real estate, etc. I'm probably at risk at saying this publicly and on record, but I'm afraid we're still not on the other side of the pendulum swing. IF you've been waiting to refinance thinking rates will drop even lower, you're foolish. 2009 will see even lower values; probably another 9-13% drop in home values.

My point is, you can wait to get to 4.5% interest rates to refinance, but you will almost certainly have a home that's worth less in value. So, unless you had 10% or more in equity 2 years ago when you bought, you won't be refinancing to 4.5% or 5% or any rate this year. I guarantee it...

Great time to be a buyer, though, because of the low, discounted prices on homes. Investors (smart ones) will just get richer. One client bought home to live in ($244k listed, bought at $190k) but decided to rent out with renters waiting to move in, deposit and year lease signed. With 4.75% on loan, 20% down, can you say cash flow?? :-)

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