It is hard to believe that it was just five years ago when HUD created and required the use of their uniform Good Faith Estimate, often referred to as the 2010 GFE. HUD was very proud of this achievement despite obvious flaws with the document, including (and not limited to) no total monthly mortgage payment (PITI), no total funds due for closing and lenders having to disclose costs that the borrower did not have to pay (such as the owners title policy). The 2010 GFE, which was created to help borrowers shop lenders, was also severely flawed because a lender could not issue the GFE with having a “TBD” address for home shoppers. There was no wiggle room for lenders to re-issue the GFE to add an address.
Mortgage Rates & Market Updates
Mortgage rates are influenced by economic data, inflation trends, Federal Reserve policy, and global markets — not just headlines.
In this section, I break down what’s happening in the mortgage-backed securities market and how economic reports may impact rates. You’ll find:
- Weekly mortgage rate updates
- Federal Reserve (FOMC) commentary
- Inflation and employment report insights
- Housing market trends
- Legislative updates affecting lending
My goal is to translate complex economic movement into practical guidance for buyers and homeowners.
If you want context — not speculation — this is where you’ll find it.
The Good Faith Estimate will retire today
October 2, 2015 by Leave a Comment
The new Loan Estimate and Title Insurance Fees
September 18, 2015 by 3 Comments
In just a few weeks, the Good Faith Estimate that was created by HUD in 2010 will be replaced by CFPB’s Loan Estimate. The Loan Estimate will also replace the “Reg Z/Truth in Lending” document. When the samples of the “Loan Estimate” where first revealed, I was pretty excited. It appeared to be a significant improvement over the well intended but flawed 2010 Good Faith Estimate, which caused a lot of confusion for consumers. As I’m learning more and more about CFPB’s Loan Estimate, I can see that we are all in for a huge adjustment as we deal with not only implementing new documents and procedures, but also dealing with the flaws to the document and the procedures to the document.
What May Impact Mortgage Rates this Week: April 6, 2015 – MORTGAGE RATES IMPROVED
April 6, 2015 by 1 Comment
Friday’s weaker than expected Jobs Report surprised the market, causing mortgage rates to improve. This week appears to be a little light on economic calendar for indicators scheduled to be released. Watch for the FOMC minutes to be released on Wednesday. You may also want to watch the Seattle Mariners first game of the season this afternoon against the Angels. For the record, I will not be at the game today…it’s a typical work day for me, helping my clients buy and refinance homes around the greater Seattle area. 😉
What May Impact Mortgage Interest Rates this week: March 2, 2015 – Rates Improved
March 2, 2015 by 1 Comment
This being the first week of the month, means that Friday, we will have the Jobs Report. Last month, the better than expected Jobs Report sent mortgage rates trending higher.
Here are some of the economic indicators scheduled to be released this week:
What May Impact Rates this Week: January 19, 2015 [Mortgage Rate Post: Rates trending lower]
January 20, 2015 by 1 Comment
Holy Catfish – the Seahawks are going to the Superbowl! Okay, now I can return to writing this week’s mortgage rate update.
This is a short week with yesterday’s holiday honoring Martin Luther King. There are not a lot of U.S. economic indicators scheduled to be released this week. Elsewhere in the world, China has some interesting developments taking place in their markets yesterday and the ECB’s monetary policy decision will be released on Thursday, which may impact our markets.
