Hey everybody,
How ya doing? The Real Bruno Mckenzie signing in here for some shop talk. Now on FreeRateUpdate.com…. We’re gona’ talk Mortgage Rates, FHA Mortgage Rates, Jumbo Mortgage Rates and DTI RATIOS.. not in that order.
The stock market tanked over 250 points, investors seeking a safe haven fled to bonds including mortgage-backed securities. As a result MBS prices shot up and mortgage rates both conforming and FHA which move in the opposite direction are set to open lower tomorrow. The market got spooked by jobless claims and a changing political atmosphere, can you say NO? Mortgage rates set to improve
NEW: Speaking of mortgage rates, if you’re looking for the lowest mortgage rates try our free local mortgage rate search.
In his infamous weekly rate update, Mark Simons, the S.F. Mortgage Market Examiner and licensed CA loan officer with First Capital Alliance, talked about DTI ratios. Mortgages are tougher to qualify for now than at the same time last year. As if it’s not hard enough to qualify already the Natural Resources Defense Council put a study out aimed at adding commute cost to DTI calculations. Are you kiddin’ me? Mark Simons and his “lovable POV” (plain old vanilla) mortgage rates, Nothern California update for the week of 2/5/10.
Jeff Bowman of http://www.thegreatloan.com, a specialty super jumbo mortgage lender, wrote an excellent peice for our jumbo mortgage rates page yesterday. I pulled a paragraph out of there to quote in my column and here it is… “The push for somewhere to put all the government and depositors money has lead management to determine that lending on solid jumbo loans is the place to be in a risky lending environment. This has resulted in the lowest fixed jumbo rates in history. Jumbo Mortgage money is on SALE. Fixed 30Y rates are currently 5.75% and 15Y Fixed Jumbo Loan rates are at 4.375%”.