lender: My Lender Lied to Me ... Really? Eric's Daily Rate Watch Sept 28, 2011 - 09/28/11 11:04 AM
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lender: Eric's Daily Rate Watch for April 9, 2010 - Here Comes Recovery! - 04/09/10 10:13 AM
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Wall Street Extends Gains  -  In early trading Friday, stocks are rising as worries about Greece seem to fade away.  European markets were sharply higher after reassuring statements by Greece's finance minister and the head of the European Central Bank.  The dollar fell against the euro as the crisis appeared to dissipate.         Read the full AP article   
China Close to Raising Interest Rates  -  Beijing might increase rates as early as this month to increase the value of the yuan.  This may seem to be a sideline story, but in the long-run, we should watch … (0 comments)

lender: Eric's Daily Rate Watch for April 8, 2010 - Jobless Claims Increase - Rates Improve! - 04/08/10 10:06 AM
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Initial Jobless Claims Jump to 460k  -  The weekly report is out on how many new people file for Unemployment benefits for the first time.  Economists expected a dip from last week to 435k, but the actual number was 460k, which is a significant jump.   Still a tough job market.  But, to put this in perspective, in March 2009, the peak number for a single week was 651k.  Read the full AP article   
China Close to a Currency Adjustment  -  The Chinese government is close to announcing a revision of its currency policy that will … (1 comments)

lender: Eric's Daily Rate Watch for April 07, 2010 - Slight Rebound for Rates this morning! - 04/07/10 11:02 AM
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Stocks fall back on Greece worries  -  A couple months ago, I mentioned the financial problems in several European countries and Greece was the largest concern.  Those worries seemed to disappear, but have returned this morning as its Stock Market fell big on Tuesday.   Read the full AP article 
More CEOs expect to add jobs  -  First time in two years that more job additions are expected than job cuts.  29% of CEOs expect to add to their payrolls, versus 21% who see cuts.  Half see no change at all in 2010.   Full story
Financial 9/11 … (0 comments)

lender: Eric's Daily Rate Watch for April 6, 2010 - Stocks Hover Near 11000 - 04/06/10 11:01 AM
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Stock Market Closes In on 11,000  First time in the last 18 months that we have been at this level.  Seems to signal that the economy is improving ... slow but steady.   Read the full AP article   
Toyota fined $16.4 Million Record fine by the U.S. Transportation Department. But the Prius was still the company's top-seller last month, despite the quality setbacks.   Full story  
Oil Jumps 24% Since February Seems like Spring is here ... as oil rises again heading towards the summer travel season.  Will that trend continue?  Remember the $4+ gas ... is that coming? … (0 comments)

lender: Eric's Daily Rate Watch for April 1st - Rates Going Up Again! - 04/01/10 10:06 AM
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Have we seen the last of 4's ??  -  Rates in the 4's for 30yr Fixed loans are just about to be a thing of the past.  For 7 of the last 8 days, the MBS Market, where Mortgage-Backed-Securities are sold, has taken major hits for the worse.
Last week, investors began positioning themselves ahead of the Fed pull-out of the MBS market.  Demand has now fallen dramatically, and rates have to rise as a result to entice investors to buy.  Without MBS buyers, our entire mortgage system would crash.  So you can see the importance of … (1 comments)

lender: Eric's Daily Rate Watch for March 29, 2010 - Rates Are Heading Up! - 03/29/10 11:26 AM
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More Boom & Bust Cycles Ahead  -  Many investors have given up on the "buy and hold" strategy ... however some think now is a great time to employ that principle.  Which is right?  Read the full article   
Rates Jumped Last Week (while I was on vacation!)  Why did this happen?  Stocks continue to rise on what seems to be a gradual economic recovery.  Also, major investors are positioning themselves ahead of the end of the Fed program to buy mortgage-backed-securities, which is over this month.  FHA raises its costs next week, … (0 comments)

lender: Eric's Daily Rate Watch for March 17, 2010 - Bernanke Wants Total Control - 03/17/10 12:15 PM
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Bernanke Wants Banking Control
The Senate wants to limit how much control the Federal Reserve Board has over banking ... but Ben Bernanke says the Fed should retain full oversight.    
Read the full article   
Stocks Climb after Fed pledges to keep rates low But the real question is ... for how long?    
Senate OK's Jobs Bill for Obama's Signature Companies that hire unemployed workers will get a temporary payroll tax holiday under the new bill that won easy congressional approval Wednesday.  Read more  
Comment at Summit Mortgage Home Loans, which is my new Facebook Fan Page.  … (0 comments)

lender: Eric's Daily Rate Watch for March 16, 2010 - Michael Jackson gets $250mil record deal - 03/16/10 10:56 AM
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Fed to Change its Language in April
Analylsts believe the Federal Reserve Board will change its tune in April.  Will these mean a rise in rates is coming?  Probably.  When will this actually happen?   Read the full article 
 Michael Jackson cuts record deal worth $250mil   
Housing Construction Dropped 5.9% in February  -  Much of the drop is blamed on the massive snowstorm in the Northeast and South, but is that really the problem, or are homebuilders still struggling to emerge from the worst housing slump in decades?  Read more  
Comment at Summit Mortgage Home … (0 comments)

lender: Eric's Daily Rate Watch for March 15, 2010 - China could cause higher rates - 03/15/10 03:42 PM
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China May Cause Mortgage Rate Increase
For the 3rd straight month, China has cut back its holdings of U.S Treasury debt.  China is currently the largest foreign owner of U.S. debt.  If demand for our debt drops, interest rates will have to be higher to entice investors.  This is a big bubble getting ready to burst!    Read the full article   
Industrial Production Rises Again     
Will the U.S. & U.K. lose its AAA Debt Rating? The United States and Britain are more likely than Germany and France to witness an embarrassing downgrade of their top … (0 comments)

lender: Eric's Daily Rate Watch for March 12, 2010 - Daylight Savings Time Again! - 03/12/10 10:54 AM

Will Google Cave to China?
Forbes Magazine just released its annual list of the world's richest people.  40% of them live in the U.S.  Is Bill Gates still on top?  Read the full article 
 
Daylight Savings Time is THIS WEEKEND!  Don't forget to set your clocks forward on Saturday! 

Stocks are flat after mixed reports  -  Retail Sales are up slightly, but inventories remain the same, after forecasters predicted and increase.   Read more 
Send me your loan scenario today!  TODAY'S RATES AT A GLANCE 
Conforming ($417k or lower - Pmt based on $250k loan amt)
RATE      APR       P&I Pmt
4.750     4.896      $1304       30yr … (0 comments)

lender: Eric's Daily Rate Watch for March 11, 2010 - Forbes Billionaire List, Who's on Top? - 03/11/10 02:58 PM

Forbes' Billionaires - Who's Listed?
Forbes Magazine just released its annual list of the world's richest people.  40% of them live in the U.S.  Is Bill Gates still on top?  Read the full article 
 
Stocks are Flat on Mixed Economic News  -  Still have almost 500,000 new Americans filing for unemployment claims.  The Commerce Dept said the trade deficit dropped in January, although slightly.  Read this Associated Press article 
Will American go the way of Greece?  If you have been reading my daily rate watch in recent weeks, you will have seen the articles on what's happening in Greece (and other European countries).  … (0 comments)

lender: Eric's Daily Rate Watch for March 11, 2010 - Forbes Billionaire List, Who's on Top? - 03/11/10 02:57 PM

Forbes' Billionaires - Who's Listed?
Forbes Magazine just released its annual list of the world's richest people.  40% of them live in the U.S.  Is Bill Gates still on top?  Read the full article 
 
Stocks are Flat on Mixed Economic News  -  Still have almost 500,000 new Americans filing for unemployment claims.  The Commerce Dept said the trade deficit dropped in January, although slightly.  Read this Associated Press article 
Will American go the way of Greece?  If you have been reading my daily rate watch in recent weeks, you will have seen the articles on what's happening in Greece (and other European countries).  … (0 comments)

lender: Eric's Daily Rate Watch for March 10, 2010 - China's Housing Bubble is Growing - 03/10/10 11:28 AM
China's Housing Bubble Is Growing
Despite efforts by the Chinese gov't to slow appreciation, home prices are exploding across the nation.  In some areas, prices are up 58% in the past year!   Read the full article 
 
Is the Fed planning to raise interest rates soon?  Read this Wall Street Journal article 
Will American go the way of Greece?  If you have been reading my daily rate watch in recent weeks, you will have seen the articles on what's happening in Greece (and other European countries).  It's not pretty ... Read more 
Wholesale Inventories Fall and Sales Increase  -  Businesses cut back on their inventories again … (0 comments)

lender: Eric's Daily Rate Watch for March 9, 2010 - Stocks Up 61 Percent - 03/09/10 11:30 AM
Stock Market Up 61% in Past Year



One year ago today, the stock market hit a 12-month low.  Today, it is 61.2% higher, and world markets are 73% higher than a year ago.  Will this trend continue?   Read the full article 
 Most Americans Are Unprepared For Retirement  -  A survey out today reports that 43% of workers have less than $10,000 in savings ... up from 39% a year ago.  27% have less than $1000.   Read more 
Comment at Summit Mortgage Home Loans, which is my new Facebook Fan Page.  Become a fan and stay in touch!GOVERNMENT LOANS - MUST READ

Right now, the … (2 comments)

lender: Eric's Daily Rate Watch for March 8, 2010 - Gordon Gekko Is Back ... - 03/08/10 01:03 PM

Gordon Gekko Is Back ... April 23rd
This is of course, the "Wall Street" section of my daily update ... so how fitting, I announce the sequel to the famous 1987 flick with Michael Douglas and Charlie Sheen.  Timing is impeccable to say the least!  Read the full article 




GOVERNMENT LOANS - MUST READ
Right now, the pricing for goverment loans ... FHA, VA, USDA Rural ... is fantastic and at record lows. 
 Summit Mortgage has just added new investors for our gov't programs, including FHA, VA, and USDA Guaranteed Rural ... and that is giving our … (0 comments)

lender: Eric's Daily Rate Watch for March 5, 2010 - Goverment Loan UPDATE - 03/05/10 10:52 AM
Eric's Daily Rate Watch for March 4, 2010 - Pending Sales Drop Sharply (edit/delete)

GOVERNMENT LOANS - MUST READ
Right now, the pricing for goverment loans ... FHA, VA, USDA Rural ... is fantastic and at record lows. 
 Summit Mortgage has just added new investors for our gov't programs, including FHA, VA, and USDA Guaranteed Rural ... and that is giving our clients amazing rates with fast closings.  Applies to OR, WA, and CA loans.
 How fast can we close?  Less than 30days, in most cases.  I just did a couple FHA loans in only 3 weeks.  Brokers will take … (0 comments)

lender: Eric's Daily Rate Watch for March 4, 2010 - Pending Sales Drop Sharply - 03/04/10 11:37 AM
Pending Home Sales Fall 7.6%.  Was this caused by winter storms, or the economy and housing market? Read the full article 
New Unemployment Claims Drop.  Initial Claims for benefits this week fell by 29,000.  This matched Wall Street estimates.  Is this a sign of recovery?  Read more 

TODAY'S RATES AT A GLANCE 
Conforming ($417k or lower - Pmt based on $250k loan amt)
RATE      APR       P&I Pmt
4.750     4.896      $1304       30yr Fixed
4.250     4.522      $1880       15yr Fixed
5.250     5.418      $1380       30yr Fixed investment
3.500     3.416      $729         5/1 ARM interest-only
4.750     5.603      $1326       30yr Fixed FHA
Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)
RATE      APR       P&I Pmt    
5.500     5.620      $2838       30yr … (1 comments)

lender: Eric's Daily Rate Watch for March 3, 2010 - Private Sector cuts another 20k ... - 03/03/10 10:33 AM
That's jobs, not income.  Now this isn't as many planned layoffs as in January, when they cut 60k workers.  This report also says it thinks employers have shifted away from future downsizing and may start hiring in the near future. 
Read the full story here

TODAY'S RATES AT A GLANCE
Conforming ($417k or lower - Pmt based on $250k loan amt)
RATE      APR       P&I Pmt
4.750     4.896      $1304       30yr Fixed
4.250     4.522      $1880       15yr Fixed
5.250     5.418      $1380       30yr Fixed investment
3.500     3.416      $729         5/1 ARM interest-only
4.750     5.603      $1326       30yr Fixed FHA
Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)
RATE      APR       P&I Pmt    
5.500     5.620      $2838       … (0 comments)

lender: Eric's Daily Rate Watch for March 2, 2010 - No Mail on Saturday? - 03/02/10 10:54 AM
TODAY'S RATES AT A GLANCE 
Conforming ($417k or lower - Pmt based on $250k loan amt)
RATE      APR       P&I Pmt
4.750     4.896      $1304       30yr Fixed
4.250     4.522      $1880       15yr Fixed
5.250     5.418      $1380       30yr Fixed investment
3.500     3.416      $729         5/1 ARM interest-only
4.750     5.603      $1326       30yr Fixed FHA
Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)
RATE      APR       P&I Pmt    
5.500     5.620      $2838       30yr Fixed to $500k
5.750     5.867      $3501       30yr Fixed to $600k
6.125     6.241      $4253       30yr Fixed to $700k
6.375     6.489      $5302       30yr Fixed to $850k
6.625     6.733      $9604       30yr Fixed to $1.5mil
4.250     4.349      $4427       5/1 ARM to $900k
3.900     3.997      $4245       3/1 ARM to $900k
Up to $3million loan amounts available, … (0 comments)