First Time Home Buyers
From the monthly archives: June 2008
We’re back to a recurring theme: volatility.
The last two days have seen nearly 100 bps recovery in the market after getting pummeled for a few days in a row.
Today opened down about 16 bps largely driven by lower initial jobless claims versus last week’s number. The Philly Fed Index is due [...]
Continue Reading →Mortgage bonds appear to be trying to form a bottom today after trading in the red for the past few days.
We are going to keep a close eye on this, but we’re seeing a few things. There are no economic reports scheduled for release today. On days like this, the stock market and [...]
Continue Reading →Mortgage Bonds are trading higher this morning on good inflation news. The Producer Price Index came in higher than expected, but Core PPI was right at expectations of just .2%.
This figure would seem to indicate that companies shouldn’t have to raise prices as much as originally feared. Since mortgage bond investors lose when [...]
Continue Reading →Just a quick reminder that we switched our tracking of the Fannie Mae 30 Year Bond from 5.5% to 6% as of last Thursday.
From time to time, when mortgage rates rise and fall, we use a more accurate figure to approximate current rates.
In addition to the FNMA 30 Year, [...]
Continue Reading →Mortgage bonds opened up on the day on softer numbers for the Empire State Manufacturing Index.
Stock futures are indicating a lower open and that is typically good for bonds.
Both Chicago mortgage rates and FHA rates are slightly worse than this time on Friday, but today’s early trading should close some of [...]
Continue Reading →After a lower open, Mortgage Bonds formed a bottom and started to reverse the trend. We’ll need to be paying close attention today to news, particularly Federal Reserve member comments, to see if this negative trend can be reversed.
The Consumer Price Index (CPI) rose 0.1% more than expected in May at .6% rather [...]
Continue Reading →Bonds are selling off today after yesterday’s decent rally.
In the news, the May Retail Sales Report came in twice has high as expected to rise 1%. Money is moving from bonds to stocks on the news.
Additionally, Fed member Charlie Plosser was harshly critical about the inflation concerns and called for the [...]
Continue Reading →Mortgage bonds are rallying today on losses in the stock market. Stocks are reaching levels not seen since March which is pushing money over to bonds. On the heels of a 200+ basis point loss in recent days, bonds have found a low and surged higher.
Until further notice, we’re floating with little to [...]
Continue Reading →Effective June 11, 2008 – Luett Mortgage Group down payment options for the City of Chicago Teachers Program (CPS Grant Program) are as follows.
Credit tiers of 620 or above may finance up to 105% of the property value, inclusive of the City of Chicago Teachers Program Grant funds. The first mortgage must [...]
Continue Reading →Effective June 12, 2008, the Illinois Housing Development Authority will change its interest rates for the First-Time Homebuyer Program. The new rates for both “non-targeted” and “targeted” properties are as follows:
6.10% – 0 Points
5.95% – 1 Points
5.80% – 2 Points
5.65% – 3 Points
This change is for new reservations and [...]
Continue Reading →