5 results for tag: trade


Have Loans, But, Won’t Travel!

The good news for the mortgage industry is that rates continue to be ridiculously low.  This has translated into a refinance boomlet (which is significantly less than a boom) for mortgage originators.   Loan pipelines that were drier than the lawns of the unsold houses in America this summer, suddenly have swelled up with new deals. Unfortunately, like a snake that eats an elephant, these loans are stuck in the middle of the vast underwriting bureaucracy of our great lending institutions.   So, until they eeck their way out the other end to the closing departments, the cash-flow positions of many of the origination shops is still tenuous. ...

We are in a holding pattern with rates. Up a bit, down and then back up.

30 year-4.375% up to $417k 30 year-4.625% up to $729k 30 year-5.125% (NJ)/5.25% (NY) $729k-$1M 15 year-3.875% up to $417k 15 year-4.25% up to $729k 5/1 ARM-3.625% (up to $417K) 5/1 ARM-3.875% up to $1.5M 7/1 ARM-4.0% up to $800K 7/1 ARM-4.125% up to $1.5M All rates are for 45 days with 0 points and made by third party providers.  They are arranged by FCMC Mortgage Corp. a registered/licensed mortgage broker with the NYS and NJ Departments of Banking/

Rates Have Settled Down a Bit. Hoping they will stay here or go lower!

30 year-4.375% up to $417k 30 year-4.625% up to $729k 30 year-5.125% (NJ)/5.25% (NY) $729k-$1M 15 year-3.875% up to $417k 15 year-4.25% up to $729k 5/1 ARM-3.625% (up to $417K) 5/1 ARM-3.875% up to $1.5M 7/1 ARM-4.0% up to $800K 7/1 ARM-4.125% up to $1.5M All rates are for 45 days with 0 points and made by third party providers.  They are arranged by FCMC Mortgage Corp. a registered/licensed mortgage broker with the NYS and NJ Departments of Banking/

We’ve Broken 4% (on certain products). Who would have thought?

Biscuit icing sweet chocolate cake carrot cake gummi bears I love I love. Wafer cotton candy I love lollipop oat cake gummies candy canes brownie. Sweet pie chocolate jujubes. Candy canes I love carrot cake. Lollipop I love chocolate cake bonbon I love pudding.

Continued Low Rates and Extension of Homebuyer Credit Do Not Help Housing Market

We are seeing historically low interest rates.  But, these are neither (i) causing a new refinance boom or (ii) spurring on the housing market.  The lack of substantial refinancings are not for lack of interest by borrowers.  Rather, many people would refinance but are unable to due to tighter lending guidelines.  While traditionally, the fall-out rate (i.e. loans applied for but not closed) was in the 10-20% range, it is not somewhere between 30-50%.  This is the result, mostly, of decreasing home values which cause the appraisals to be too low to refinance.  In addition, the combination of decreased employment and income (i.e. salaries) with ...