Danny Salas

Archive for November, 2009

Chico, CA Interest Rates Market Report – Economic Influences – November 30, 2009

Dubai's Troubles Help Interest Rates

Black Friday

It came and went, and the numbers, according to the media, were great.  However, let’s look at this closely.  There were 22 Million more shoppers this year, compared to last year.  With 195 Million shoppers, all over the news channels, we’re seeing and hearing excitement about this year’s Black Friday Numbers.  The problem…people are buying less.  The National Retail Federation has estimated that $41.2 Billion were spent.  That matches last year’s numbers.  Do the math.  Also, think about this.  This year, we’re seeing more incentives to get the people to the shops.  So, the real numbers will be interesting to watch unfold.

Dubai Having $$$ Problems

Who’d have thought?  This is the country that was forming its own islands to make them look like palm trees.  They’re running out of money?  The fact is that Dubai requested more time, to make their monthly debt payments.  The world was in shock, but interest rates benefited from this shock, as money poured from stocks, into the safe haven of bonds.  Apparently Abu Dhabi and The United Arab Emirates are loaning funds to Dubai, but it’s still alarming that many projects (like the palm tree islands), may not be completed.  This will, in turn, hurt European Banks.

$1.25 Trillion Mortgage-Backed Security Purchase Program

Only $211 Billion left in the program!  March of 2010 is right around the corner, so that leaves about $11.7 Billion a week.  This will put pressure on interest rates. 

Locking Advice

Again, rates are just spectacular!  It may be prudent to lock in, whilst the gettin’s good!  If you do choose to float, just have an itchy finger on that lock button!  Have an excellent week.

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Chico, CA Interest Rates Market Report – Economic Influences – November 25, 2009

Happy Thanksgiving Weekend!

Rates are just spectacular! I will be available for applications over the weekend, as well as Bodie. I can be reached at (530) 228-6300 and Bodie is at (530) 624-2482

Look forward to updated posts, Monday, November 30, 2009.  For updated Rates, log on to www.accessloans.net and scroll to middle left-hand side of the page.

Thank you and Blessings from Access Real Estate Lending! 

 

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Chico, CA Interest Rates Market Report – Economic Influences – November 20, 2009

No News Day

There are no economic reports to discuss today.  No news means that bonds will likely take the opposite direction of Stocks.  It’s the third consecutive day that Stocks are falling, so Bonds should fall…therefore have higher yields, therefore higher rates.  But it’s a close call, as Bonds have remained at high levels, giving us excellent interest rates this past week.  I would lock, however, as it doesn’t get any better than this.

To See Rates

Just click on the blog and go about half-way down the page, on the left hand side, as you’ll see the US Average Rates…24/7!

Recond Treasury Note Auction

Next week, we’ll see a Record Auction of Treasuries…AGAIN!  I’ll report on this, probably Tuesday!  I’m off to Austin, Texas for the weekend to see a friend get married!  Have an excellent weekend and if you don’t hear from me Monday…you will on Tuesday!

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Freddie Mac Announcement Regarding Loan Limits for 2010

Fannie Mae & Freddie Mac Loan Limits Extended to 2010

Freddie Mac Maximum Loan Limits Are Unchanged for 2010

On November 12, Freddie Mac announced that our base conforming loan limits will be maintained at their current 2009 levels for 2010, with the maximum loan limit for a 1-unit single-family property remaining at $417,000. The temporary high-cost loan limits for properties located in designated high-cost areas will remain unchanged for 2010 as well.

- High-Cost Loan Limits

As a reminder, the loan limits in designated high-cost areas are the higher of the temporary limits established by the Economic Stimulus Act of 2008 (maximum of $729,750 for 1-unit single-family properties) and the permanent limits established by the Housing and Economic Recovery Act of 2008 (maximum of $625,500 for 1-unit single-family properties).

Actual loan limits for a specific high-cost area may be lower than the maximum permitted loan limit. It is important that you review the 2010 loan limits permitted for a specific county, which the Federal Housing Finance Agency (FHFA) determines and makes available on its Web site <http://www.fhfa.gov/Default.aspx?Page=185>.

- Super Conforming Mortgages

The recently enacted extension of the high-cost loan limits through year-end 2010 applies to all super conforming mortgages with note dates on or after October 1, 2008, and on or before December 31, 2010. There are no changes to our super conforming mortgage requirements as a result of the extension.

- Operational Impacts

Because the 2010 loan limits are unchanged from 2009, there are no impacts to Loan Prospector or the selling system.

The Single-Family Seller/Servicer Guide (Guide) <http://www.freddiemac.com/sell/guide/> will be updated in an upcoming Guide Bulletin to reflect the extension of our current loan limits through 2010, as well as the eligible note dates for super conforming mortgages.

For More Information

- Review the 2010 base conforming loan limits <http://www.freddiemac.com/sell/selbultn/limit.htm> and the higher loan limits in designated high-cost areas <http://www.freddiemac.com/sell/selbultn/limit.htm> as permitted under ARRA.

- View the 2010 loan limits <http://www.fhfa.gov/Default.aspx?Page=185> in designated high-cost areas as published by FHFA.

- Learn more about our super conforming mortgage requirements <http://www.freddiemac.com/singlefamily/mortgages/super_conforming.html>.

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