Sunday 3PM 01/24/10 Today’s Current Mortgage Rates Update News

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates moved lower again this past week, because of increasingly “aggressive” verbal attacks on Wall Street, emanating from the White House. When there is uncertainty in the air, investors often turn to the perceived safety of U.S. Treasury and mortgage-backed securities to “protect” their cash. As a result, home loan rates typically decline.

The national-average thirty-year fixed-rate mortgage is now at four and seven-eighths percent with one-and-five-eighths points, down a “quarter” point from a week earlier, for a savings of $250 on a one-hundred-thousand dollar loan.

The five-and-one-eighth percent rate is now at three-eighths of one point, also down a “quarter” of a point from January 15th.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred-thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average fifteen-year fixed-rate mortgage was also down a quarter of one point, with the four-and-A-quarter percent rate now at one-and-A-half points. The four-and-A-half percent rate is now at just one-eighth of one point.

In order for you to know “when” to lock your “floating” fixed-rate mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate before the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

This week, Wall Street will watch to see if current Fed Chairman Ben Bernanke will be “approved” for another four-year term in that position. A U.S. Senate confirmation vote is expected. There has been substantial opposition from both Democrats and Republicans who are angry that Bernanke created $1.5 trillion in new cash out of “thin air” last year, without “prior” approval of that sum, by Congress.

Insofar as “data” are concerned, Monday will feature December existing home sales and Tuesday will see the January Consumer Confidence Index. On Wednesday, it’s time for the “Federal” Reserve’s latest announcement on interest rates, while Thursday will be “all about” weekly jobless claims. Friday is when we learn “how well” the economy did, during the October-thru-December period, with the release of the Gross Domestic Product numbers.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Monday morning, for my next *free* mortgage rate update.

Some Federal Reserve policymakers last month were conflicted over whether to expand or cut back a program intended to drive down mortgage rates and bolster the housing market, according to a document released Wednesday.

Minutes of the Fed’s closed-door meeting on Dec. 15-16 revealed that a “few members” thought that the Fed’s $1.25 trillion program to buy mortgage securities from Fannie Mae and Freddie Mac might need to be expanded and extended beyond its current end date of March 31. Such an additional dose of stimulus would be especially needed if the economic recovery were to weaken, they argued.

However, one member thought the program could be “scaled back” given the improvement in economic and financial conditions.

The debate over the future of the program comes amid uncertainties about the vigor of the budding economic recovery.

At the December meeting, Fed policymakers decided not to make any changes to the program. At their September meeting, they opted to slow the pace of the purchases, wrapping them up by the end of March, rather than the end of 2009.

The minutes don’t identify speakers by name but seeks to provide a more detailed account of the Fed’s private discussions.

Some Fed officials remained concerned about the economy’s ability to mount a self-sustaining recovery once government supports are removed. To that end, those officials worried that improvements seen in the housing market might be “undercut” this year as the Fed’s mortgage-buying program winds down, the government’s home buyer tax credits expire at the end of April and home foreclosures grow.

Getting the housing market back on firm footing is a key ingredient to a lasting recovery. The collapse of the housing market, which dragged down home prices with it, was the catalyst for the longest and worst recession to hit the country since the 1930s.

“Generally the outlook was for gains in housing activity to continue. However, some participants still viewed the improved outlook as quite tentative and again pointed to potential sources of softness,” the minutes said.

To nurture the recovery, the Fed at the December meeting kept its key bank lending rate at a record low near zero and pledged to hold it there for an “extended period.” The goal: low interest rates will entice people and businesses to boost spending, which will fuel economic growth.

RATES REMAIN NEAR ZERO: Fed left rates unchanged at Dec. meeting

Economists said the Fed is all but certain to leave rates at record lows at its next meeting on Jan. 26-27 and probably for a good chunk of this year.

“Overall, there is nothing here to suggest that interest rates will rise for quite some time,” Paul Ashworth, economist at Capital Economics., said of the Fed minutes. Ashworth is among the economists predicting economic growth will slow in the second half of this year as President Barack Obama’s $787 billion stimulus package of tax cuts and increased government spending fades.

Most Fed officials don’t currently see inflation as a problem because companies have “little ability to raise their prices” in the fragile economic environment. But they had mixed views about inflation risks.

Some noted that rising prices of oil and other commodities could boost inflation pressures down the road. Others thought investors’ expectations of inflation could edge up because of large federal government budget deficits and vast sums of money the Fed pumped into the economy to fight the financial crisis.

However, others predicted that the sluggish recovery and “slack” in the economy — meaning factories operating well below capacity and the weak labor market — would keep inflation under wraps.

At the December meeting, Fed staff gave several presentations on research into “inflation dynamics.”

The biggest challenge facing Fed Chairman Ben Bernanke and his colleagues is to decide when to start boosting interest rates. Moving too soon could short-circuit the recovery. Waiting too long could unleash inflation.

(Home)

Tuesday 8AM 12/8/09 Free Mortgage Rates Update

Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates fell for the +first+ time in a week yesterday after Fed Chairman Ben Bernanke said he was too worried about the current unemployment situation to hike rates anytime in the near future. Bad news about the economy is often good news for those seeking a lower mortgage rate.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with two-and-five-eighths points, down three-eighths of a point from Friday, for a savings of three-hundred seventy-five dollars on a one-hundred thousand dollar loan.

The four-point-eight-seven-five percent rate is now at three-quarters of one point, also down three-eighths of a point from Friday.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average fifteen-year fixed-rate mortgage was down a quarter-of-a-point, with the four-percent rate at two-and-three-eighths points. And the four-and-a-quarter percent rate fell to one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have real-time information on changes in rates and points throughout every business day. That’s where my “Rate Alert Now” service becomes essential. I’ll tell you via regular e-mail and/or mobile “text message” when rates are going up, and if you act quickly enough, you may be able to get your local mortgage professional on the phone to lock your rate +before+ the mortgage company has executed an emergency rate change. The cost of my “Rate Alert Now” service is less than a dollar a day.

There were no data releases on Monday. But early this afternoon, we will see an auction of 40 billion dollars in U.S. 3-Year Treasury IOUs as Congress and our central bank continue to print money out of thin air in order to pay the nation’s bills.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later today for my next *free* mortgage rate update.

Monday 5PM 12/7/09 Free Mortgage Rates Update

Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates fell for the +first+ time in a week on Monday, after Fed Chairman Ben Bernanke said he was too worried about the current unemployment situation to hike rates anytime in the near future. Bad news about the economy is often good news for those seeking a lower mortgage rate.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with two-and-five-eighths points, down three-eighths of a point from Friday, for a savings of three-hundred seventy-five dollars on a one-hundred thousand dollar loan.

The four-point-eight-seven-five percent rate is now at three-quarters of one point, also down three-eighths of a point from Friday.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average fifteen-year fixed-rate mortgage was down a quarter-of-a-point, with the four-percent rate at two-and-three-eighths points. And the four-and-a-quarter percent rate fell to one point.

If you want to know immediately when rates are moving higher or lower (while floating your loan) you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

There were no data releases on Monday. But on Tuesday, we will see an auction of 40 billion dollars in U.S. 3-Year Treasury IOUs as Congress and our central bank continue to print money out of thin air in order to pay the nation’s bills.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Tuesday morning for my next *free* mortgage rate update.

It’s no secret that my beloved Las Vegas has seen some pretty rough times over the past few years. Real Estate prices took a dip so deep even Jacques Cousteau was having trouble seeing the bottom of the proverbial ocean.  As the economy worsened on a ultimately global level, Vegas felt the crunch (and is certainly still feeling it…).  Mega Resorts that were once know for their endlessly deep pockets have spent the past year basically giving everything away to get patrons in the door.  The Las Vegas “Vertical” market that once thought the “sky was the limit” got a horribly healthy dose of reality check and most never even made it near the “sky”.  We all know the rest…

But something new and strange is happening.  I read the Las Vegas Review Journal article yesterday on home prices rising.  Seems as if writer Hubble Smith is on the same path I’ve been thinking about for the past few months.

MSNBC reports show National Home Sales up 7.2% in July- The largest monthly increase in at least 10 years.

And even Federal Reserve Chairman Ben Bernanke made the bulls happy campers this morning, stating that the Global Economy is recovering.

Although I keep reiterating the fact that my crystal balls is broken, changes-are-a-comin’ Las Vegas.  The air even feels different. -Heidi

The RJ’s story really does tell it quite well.  Home prices are inching upwards.  Inventory of homes is basically non-existent (a three week inventory on Bank Owned properties- what does that mean?  It means that if no new homes were placed for sale, there would be NO homes available in THREE WEEKS!).

Investors (the real ones- not the 2005- 06 fly-by-night wanna-be flippers) are scooping up homes like they’re getting them for FREE.  These guys know good things NEVER last forever. They see the window of opportunity closing and they are surely swooping in.

Yes, it’s still quite tough for a first time homebuyer to take full advantage of these remarkable deals.  Cash talks. It’s the investors with all of the dough.  But… it’s not impossible for Betty and Bob buyer to take advantage.  Today.

If I had to be a betting person- and Vegas STILL is the place to be one of those… I’d place my money on Spring-Summer ‘10.

I’ve had visitors in town over the past few weeks.   I’ve been to McCarran Airport a few times.  It’s Busy. I’ve been to Hotel/Casino after Vegas Hotel/ Casino.  They’re Busy. Yes, these out-of-towners that make this Glorious City what it is are getting deals and steals to come visit us.  But they’re coming. And the more they come, the more Las Vegas inches towards that much needed relief we’ve all been looking for.

A Vegas Comeback of sorts.  The “New Normal”.