US Housing Starts Drop 1.1% In February, But Building Permits Rise

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Mortgage and Lending NMLS 291249

MORTGAGE LOCK ADVISORY 

March 21, 2012, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily  

     

Mortgage Interest Rate lock Advice for locks within 8 days: FLOAT 

Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.18 point. 

 

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK

 

MORTGAGE MARKET INDICATORS 

National Average Fixed Rate Mortgage 3.875%   
MBS (3.5%) - 101.97, High: 102.03, Low: 101.84   
DJI Stocks currently $13,180.18,  Up $9.99, Change 0.076%   
Asian & European Stock Market Indexes Down -0.337%   
Nymex Crude Oil Currently $106.39 Up $0.32   
Gold 1 Once - 1649.2 

                
MORTGAGE NEWS BRIEFS

 

US Housing Starts Drop 1.1% In February, But Building Permits Rise
 
(RTTNews) - New residential construction in the US showed an unexpected decrease in the month of February, according to a report released by the Commerce Department on Tuesday, although housing starts came in nearly in line with estimates due to an >> Read More in RTT News

 

Mortgage Rates Rise To Highest Levels Of The Year
 
With the new week comes new pain for Mortgages Rates, which rose to their highest levels of the year today.  Lenders have been adjusting their rate sheets all day and by varying degrees, so there's greater than normal degree of variation between them.>>Read More Mortgage Daily News

  

One BofA Manager Signs 67,908 Documents in 2 Year Period
A Bank of America manager said she read the first paragraph of a document, and then located the place she needed to sign.  She spent 1-1/2 to 2 hours per day on signing documents and two to three minutes on each. >>Read More Mortgage News Daily

 

FHA 203k Renovation Loans - All You Need To Know - Nine Minute Video 

Provide Your Clients With Options - Energy Efficient Mortgages - 4 Minute Video

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Rainmaker
1,242,797
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Things are so tentative Bill, what is your thinking about what would happen to the housing market if interest rates rose by even 1%?  How many people would that close out?

Apr 04, 2012 03:47 AM #1
Rainmaker
610,610
Bill Ladewig
Escondido, CA
Experience Is Your Advantage

Jay, a one percent rise would close out few people and lower the qualification price for others.  I am not sure it would do more than temporarily slow real estate sales.  There are still a lot of people out there who will buy one way or another.  In the eighties, I saw people scrambling for homes at 12% rates.

Apr 04, 2012 06:26 AM #2
Rainmaker
1,242,797
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

In 1988 I assumed a loan because it was only 10%!!  Thats the same reason I bought a Japanese pick up truck in 1982 - Nissan was offering an interest rate of 10%, far lower than anyone else!

Apr 05, 2012 02:27 AM #3
Rainmaker
610,610
Bill Ladewig
Escondido, CA
Experience Is Your Advantage

Jay, everything is relative, in 1988 people would stand in line for 10%, in 1981 they would have been happy with 15%.  All and all, now are rates are fantastic.

Apr 05, 2012 06:16 AM #4
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Rainmaker
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Bill Ladewig

Experience Is Your Advantage
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