What’s Moving Mortgage Rates, November Holidays and More!

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Europe continues to impact our markets as we watch the drama in Greece and Italy continue to unfold. It's amazing to some that something that is happening so far away may impact your mortgage rates. This is because mortgage rates are based on mortgage backed securities (bonds) and investors will either seek the safety of bonds over stocks when stocks are deteriorating or will opt for stocks and sell bonds when a better return is available. Basically, bad economic news tends to be good for mortgage rates (not so good for our retirement accounts) and good news, as well as inflationary data, tends tends to drive mortgage rates higher. 

This afternoon, we'll have the results of a $32B auction of 3-year Treasury Notes.  We don't have any major economic reports scheduled to be released until Thursday, November 10th, with the weekly Initial Jobless Claims. On Friday, we have Consumer Sentiment from the University of Michigan.  On Friday, the bond markets will be closed in observance of Veterans Day.

Something else to keep in mind with November is that it is a shorter month as we are beginning "the holiday season". Some of these holidays may impact your refinance waiting periods or when you may be able to close.

Friday, November 11, 2011 is Veterans Day.  Veteran’s Day is a federal holiday, therefore, this date cannot be included when counting the waiting period for rescissions for refi's, MDIA (initial waiting period and re-disclosure waiting period) or HVCC.  In addition, this date is not counted in the 3 day disclosure requirement for initial disclosures or re-disclosures.  Banks, county courthouses, and Mortgage Master Service Corporation will be closed for business on Friday, 11/11/11.

Thursday, November 24, 2011 (Thanksgiving):  Thanksgiving is a federal holiday, therefore, this date cannot be included when counting the waiting period for rescissions, MDIA (initial waiting period and re-disclosure waiting period) or HVCC.  In addition, this date is not counted in the 3 day disclosure requirement for initial disclosures or re-disclosures.  Banks, the post office, the county courthouses, and Mortgage Master Service Corporation will be closed for business on Thursday, 11/24/11.

Friday, November 25,2011:  This is NOT a federal holiday.  While courthouses and Mortgage Master Service Corporation are closed, this date can be included in the waiting period for rescissions, MDIA (initial waiting period and re-disclosure waiting period) or HVCC.  In addition, this date is counted in the 3 day disclosure requirement for initial disclosures or re-disclosures.

Also in November… 

In a few weeks we should have more details about HARP 2.0 and learn what 2012's loan limits will be for Conforming and FHA loans.  And hopefully this month, there will be decision on the VA funding fee, which was earlier reduced and then retracted. It's quite possible that conforming and FHA loan limits may be reduced further – we really have no idea what Congress is going to agree on at this time.  Currently the conforming and FHA loan limits in King, Pierce and Snohomish County is $506,000 (reduced from $567,500 on October 1, 2011).   If you have a "high balance" loan amount and are considering refinancing or buying, you may be gambling becoming a "jumbo loan" with each day you wait.  

If you have questions or need help with a mortgage on a home located anywhere in Washington, please contact me.  I am a Licensed Mortgage Originator who not only provides information to consumers via my blog, I help people with homes in Seattle, Redmond, Tacoma, Everett and beyond with their refinance and home purchase mortgage needs. I also adopt mortgages. If you haven't heard from your mortgage originator in the last six months, it's quite possible they are either no longer licensed or may have chosen another career. If your home is in Washington, and you would like to be treated like one of my clients (added to may mailing list, receive updates and a review of your current mortgage – no refinance or new mortgage is required) please contact me.

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