Archives for August 2013

Main Stream Media Misses Message on Mortgages [Rant Warning]

2013-08-14_1419Recently a piece that was aired on ABC news about mortgages and was brought to my attention. It’s been a long time since I’ve seen something so misleading and sensational about what consumers should watch for when obtaining a mortgage.

The segment features Erin Lantz from Zillow who claims to have saved a couple thousands of dollars on their home mortgage. Erin is Zillow’s Director of Mortgage Business and prior to Zillow, her lending career was at Countrywide and Bank of America, during the subrime era.

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Two Home Buying Seminars Coming Up!

iStock_000020110629XSmallIf you are considering buying a home and want to learn more about the process, I invite you to attend one of upcoming seminars I have scheduled. Both classes are sponsored by the Washington State Housing Finance Commission (WSHFC) and attendees are eligible for down payment assistance programs offered through WSHFC.

I’ve just scheduled the following seminars:

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What May Impact Mortgage Rates this Week: August 12, 2013

mortgageporter-economyWe don’t have any economic indicators scheduled to be released today…however, the rest of this week is loaded with data that could impact mortgage rates. If the reports reveal inflation heating up, mortgage rates may trend higher. Here’s a list of what’s scheduled for this week:

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Mortgage Rates are still Historically Low

I thought it would be interesting to share a historic snapshot of where rates have have been based on a national annual average back to when I began my mortgage career in 2000.

The chart below is based on a 30 year fixed conventional as reported by Freddie Mac.  NOTE: 2013 is not on the chart below because this is based on “annual” averages.

mortgage rates chart



Mortgage rates are currently hanging around back to 2011 levels. As you can see, mortgage rates are still historically very low.

In fact, back when I bought my first home in 1988, the average annual mortgage rate was 10.34 with 2.1 points!

My point is, rates are still historically low and won’t stay this low forever.

If you would like me to provide you a rate quote for your home purchase or refinance on property located anywhere in Washington state, please click here.

Hope for HARP 3.0 and #MyRefi

2013-08-06_0653Today President Obama answered questions submitted by social media savvy Americans which was moderated by Zillow CEO, Spencer Rascoff. It seemed to me the most common questions were concerning HARP 3.0.  HARP 3.0 (Home Affordable Refinance Program) is currently a hypothetical expanded version of HARP 2.0 and would allow for more home owners, including those in Washington state, to refinance their homes at present low rates.

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Do you have a question for President Obama about housing?

Here’s your opportunity to ask President Obama your question related to housing, including mortgages. Are you wondering why we don’t have HARP 3.0 yet? Or perhaps why HUD does not allow an FHA streamline refi to a shorter term if it increases the payment (even if the borrowers qualify for the increased payment)? Maybe you’re wondering why would bank and credit union loan officers only be registered and held to the same standards as a licensed loan officer?

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What May Impact Mortgage Rates this Week: August 5, 2013

We have a very light calendar this week with only two scheduled economic indicators being released.

  • Monday, August 5: ISM Services Index
  • Thursday, August 8: Initial Jobless Claims

Don’t let this light calendar lull you into thinking it’s going to be a calm week for mortgage rates. With summer time in full swing and lighter volumes due to traders enjoying a summer vacation, we may see volatility with the direction of mortgage rates.

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