0 Jumbo and Conforming Loan Rate Update

Mortgage Delinquency continues to be a problem. It is our view that this could take several more years to run it's course. Average days till a home goes from first missed payment to getting listed as a foreclosure is roughly 1.5 to 2 full years in most states. The chart below is showing that over 10.18% of all mortgages are at least 60 days this is down from 10.58% at the March 2011 report. A modest improvement...

This is against the backdrop of an ultra-low purchase and refinance environment for conforming and jumbo mortgage loans.

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Detail: Jumbo and Conforming Loan Rate Update

0 Conforming and Jumbo Rates Move Higher

Last week was a roller coaster ride for mortgage rate watchers. After a nice rally in the mortgage-backed securities market on Tuesday, the par 30 year fixed mortgage rate moved below 5.00% on Wednesday, however by Friday Treasuries and MBS prices had fallen back to Monday 's levels and mortgage rates consequently moved higher. This has been a consistent pattern lately, each time mortgage rates break the 5.00% barrier, they fail to remain below 5.00%. This implies, if you are considering a refinance and have yet to submit a loan application...you should do so to ensure that you are able to take advantage of the periods of mortgage rates below 5.00% (assuming you qualify).

Reports throughout the industry are indicating that the par 30 year conventional rate mortgage is in the 5.25% to 5.375% range for the best qualified consumers and 30Y fixed jumbo loans are at 6.25%. In order to meet the criteria of best qualified you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including 1 point loan. Looking at the national average in this volatile rate enviroment is like looking at last weeks temperature. To get a quote or a custom proposal contact us anytime.

Detail: Conforming and Jumbo Rates Move Higher