Looks like rising mortgage interest rates might be delayed as I stated before. Treasury auction today shows demand is still there for 10 Year Notes which are one of the key plays tied into what mortgage rates look. Found this good article below and wanted to share with you guys. The key now is to watch the Treasury note schedule of when the auctions are for the 10 year notes and see how demand will be for the notes. If the auctions do not find demand then rates will rise, just not sure how high. Right now the mortgage interest rates are mainly speculation on the demand and this will cause a roller coaster ride. Hope you find this helpful 
Treasury Auction Finds Strong Demand For 10-Year Notes
Published: Wednesday, 7 Apr 2010 | 1:10 PM ET
By: Jeff Cox
CNBC.com http://www.cnbc.com/id/36220519
Investors showed surprisingly strong appetite for long-dated Treasurys in a Wednesday auction that saw high demand and lower-than-expected yield.
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Since Feb. 1st Condo’s and FHA have changed as people are starting to find out. More changes are happening for FHA with the costs for an FHA mortgage are going up after April 5th to find out about those details just check out FHA higher costs. With the previous post about the FHA condo changes I touched on this breifly but wanted to summerize it for you.
The good things with this change are that once you gather up all the information like you would have had to for a “spot approval” in the past, submit the info through a Direct Endorsed Lender, then they can work on getting the condo approved. Once the condo is approved for that one buyer going into the project……..THE WHOLE PROJECT IS APPROVED and everyone within the project should be thanking that one buyer and everyone involved who went through the process.
Couple of key things you need to watch out for that would be red flags up front:
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What you need to watch for to see if mortgage rates will rise is the 10 year Treasury Note sale date after the end of March. The FED is ending their stimulus program for buying mortgage backed securities and debt which comes in one form as Treasury Notes. The mortgage rate market will be pretty bumpy up until the 1st auction is held without one major buyer which is the FED and that date is April 7th according to the Treasury Note auction schedule. Some of this is explained in this old prediction post mortgage rates will rise by end of 1st quarter 2010. I decided to put out a couple of key dates you should be watching for, but in the mean time get ready to hold on to the interest rate roller coaster for the next month or so.
March 31st — Ends the FED stimulus of being a 1.25 Trillion dollar buyer in the market of our debt.
April 6th — this is the auction date for 3 year Treasury Notes. (are not tied into mortgage rates as much but a good indication of the demand for buying Treasury Notes.
April 7th — 10 Year Treasury Note Auction, the bid day of determining what the demand will be for this debt and one of the key elements tied into mortgage rates. This is also the first auction after the FED pulled out of being a 1.25 Trillion dollar buyer in this market.
Be interested in hearing what you think about this. Hope this helps
Here comes more changes! We all have hopefully heard about the FHA Condo Changes that took place in February, but now the cost of an FHA mortgage is going up. It was only a matter of time this would happen because you have major market share of people now only able to go under the FHA product since that is the only product with the lowest down payment available right now, unless you fit into THESE categories. Looks like April 5th, 2010 is going to be the date FHA (HUD) will make some changes and here is a summary of them.
1. Increase in upfront MIP from 1.75% to 2.25%
2. Reduction in maximum seller contributions from 6% down to 3%
3. Congressional request to increase monthly mortgage insurance premiums. For a 30 year fixed FHA those are currently .55% a month.
4. Minimum credit score of 580 in order to have only a 3.5% down payment. If below 580 then a 10% down payment is required. (of coarse most all banks are currently at 580 to 620 so this will not be a concern unless the markets credit score requirements go lower)
Want to read it for HUD’s website then keep on reading below. Hope this helps
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Just like in an earlier post Mortgage Rates Will Rise, looks like demand is slowing down at least at the 5-year auction. The big one will be watching for the 10-year Treasury auction since they are the ones that are tied into mortgage rates. It will be very interesting over the next few weeks to see how the market will react about mortgage rates. Some are saying mortgage rates will stay the same and the market has already set the price. Others are saying that mortgage rates will be jumping up by maybe one whole percentage point. Only time will tell which way the mortgage rates will go, and we will not know for sure until we are fullying into April and after the 10-year Treasury note aution takes place then. Here is an article from CNBC, Hope this helps
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Ok……..maybe smashes was a little extreme but when any website beats out google for the most visited one week in a row, then for Google that would be smashing. Looks like more and more people are jumping on this wave called facebook so what is next? Found this great article down below and thought I would share it with you guys. As always, have a glorious day!
http://www.cnbc.com/id/35908591/
Facebook Becomes a Bigger Hit than Google
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In politics, financial markets, and real estate the only true constant is change. Ever since November I have been warning about the FED’s stimulus program ending March 31st of 2010 and that would be a factor in making rates jump up a little bit. Sounds like that might change depending on how the politicians roll the dice on this and how our economy is looking. The article below touches on this just a little bit, but only time will truely tell what will happen in the future. Hope you enjoy this and as always, have a glorious day!
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The count down to the government tax credits only gives 60 days left until a sales contract needs to be completed by April 30th. Do you have a chance at part of this credit? Have you already bought a house and looking for this tax form from my previous blog? Well, lets take a look at some of the things you need to know that is happening right now in the real estate and mortgage market.
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Looks like the new form came out just in time for all the new home buyers that will be taking advantage of the governments extention of the tax credit. As post about the details for this tax credit before from Homebuyer Tax Credit, I have put direct links to the IRS website for your easy access to the forms and exact guidelines directly from the IRS.
Hope this helps, have a glorious day!
http://www.irs.gov/newsroom/article/0,,id=218336,00.html?portlet=7
New Homebuyer Credit Form Released; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents
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I grew up watching the Cubs play, and remember my first trip to Wrigley Field when I was 13. Walking up those stairs from the dark old stadium and seeing that bright sunny field, hearing the crack of the bat during batting practice was awesome. During my time of watching the Cubs, my friends and I would imitate the players as we would swing the wiffle ball bat. My friend would be Ryne Sandberg……….I would be ANDRE DAWSON!!! Would even do the batting stance and bat movement before the pitch. What great memories and congrats to Andrew Dawson for his election to the baseball hall of fame. I just hope he wears the correct hat when entering the hall of fame……….the Cubs hat!
I would like to think the reason why he made it in this time was because of those crazy Cubs fans over at www.cubscast.com because they had a big twitter campaign under the hash tag #dawson4thehall which got 1677 tweets. Way to go guys!
It is only fitting to end this post with……….a HAWK CHOP! HAWK CHOP! HAWK CHOP!
Have a glorious day!
