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Twin Cities Mortgage

Monday, March 10, 2008

 

Treasury bonds finally got a much needed break on Monday and long-term mortgage rates reacted favorably.

Even though rates crept up last week, let's put this into perspective.  Remember the 80's?  (Okay, maybe I am dating myself...yes, I  realize that many of you were still in diapers.)

Nonetheless, there were times when 30 year fixed rate mortgages were in the double digits.  How about 11%?  14%?  Now, that's what I call high.

The good news is that interest rates are still below 7%...considerably below.  And although rates may ticker up a bit from time-to-time, the bottom line is that they are still VERY LOW.

Another perspective?  When have you been able to buy real estate as low as you can right now???  Here's my point:  Don't play the rate game and hold out for rates to drop.  You may find yourself in a much worse position as real estate turns around and prices start going back up.  The tiny little fluctuations in the rates don't even come close to the financial punishment you'd feel by waiting on purchasing a home when prices begin to rise.

Twin Cities Mortgage Rates

30 Year Fixed          6.375%

15 Year Fixed          6.25%

Jumbo 30 Year        7.75% (paying .75% discount point)     

 

Make it a great day,

Minnesota Mortgage Mom

0 comments • Sherri Sherpy • March 11 2008 11:35AM

Twin Cities Mortgage

March 6, 2008

To all my readers, I want to say thank you for the kind words and shared laughs regarding my stories that I include from time-to-time.  I'm glad I can make you smile!  Here is my latest...

For those of you who know me, I am a VERY down to earth person.  Not presumptuous, not egotistical and certainly not materialistic.  Well, I think my oldest daughter may have come from a different mold. 

I grew up on a large dairy farm up until I was 16 years old.  Certain traditions were instilled and to this day, I am what you call a meat and potatoes kind of gal...everything from scratch, rarely use a recipe for anything and my family is spoiled rotten with good food.  The other evening, my daughter came into the kitchen when I was preparing chicken, mashed potatoes and gravy, 7 layer salad and brownies to boot for dinner.  She said to me, "Mom, you spend way too much time cooking.  It's way too much work and I never want to learn to cook."  I said to her, "Well you know what they say, the quickest way to a man's heart is through his stomach."  She looked at me as if I were crazy and said, "Who cares about that!  The only thing that really matters is the quickest way to MY heart.  And that is straght through HIS wallet."  Wow, have times changed...Trophy wife in the making?  Yikes.

 

Unfortunately, the fall out continues with more bad news on Wall Street.

Twin Cities Mortgage Rates

30 Year Fixed          6.625%

15 Year Fixed          6.125%

30 Year Jumbo        7.875% (paying 1 discount point)

 

Make it a great Thursday,

Minnesota Mortgage Mom

0 comments • Sherri Sherpy • March 06 2008 07:04PM

Twin Cities Mortgage

March 4, 2008

I hope you took my advice from Monday and locked your mortgage interest rate.  Today has been a bad scene on the secondary markets.

Didn't get in on time while rates were below 6%?  Call me and I will see what I can get for you.  That's the beauty of a Mortgage Broker.  I can shop all day for you!  Besides, a second opinion can be very healthy and can often time save you thousands in the long run.

Before I get to today's bad news, I have to share a wonderful compliment that I received on one of my recent blogs.  (Okay, so I am bragging a bit!  But, gosh!  A nice compliment is worth sharing...anyway, it sure made my day.)  So here it is:

FOR THOSE OF YOU LOOKING FOR A LOAN OFFICER...SHERRI SHERPY IS ONE OF THE MOST ETHICAL AND KNOWLEDGABLE IN THE INDUSTRY!!!

02/08/2008 08:22 AM by Paulette Hjelle Ranta

Kind of thoughtful, huh?  Okay, off my throne and let's get down to what prompted you to my blog in the first place...

Twin Cities Mortgage Rates

30 Year Fixed          6.375%

15 Year Fixed          5.75%

30 Year Jumbo        7.625%

Make it a GREAT Tuesday,

The Mortgage Mom

0 comments • Sherri Sherpy • March 04 2008 04:00PM

Nehemiah's (Down Payment Assistance) Court Victory!!!

Directly from Scott Syphax, President and CEO of Nehemiah:

 

Dear Colleague,

I am pleased to announce that Nehemiah was victorious in its litigation against HUD!

Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case.

To be clear, the U.S. Department of Housing and Urban Development's (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment in Mortgaged Property" regulation published October 1, 2007, is permanently set aside.

We are thrilled with the Court's decision to support low-to-moderate income families across the country by ruling against HUD's attempt to ban private downpayment assistance. This is a major and conclusive judgment, leaving no uncertainty that downpayment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Court's arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. It is a privilege to continue providing a helping hand to America's underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country.

Since May 2007, Nehemiah has led the fight against this controversial rule. Since it was announced, there has been confusion throughout the industry regarding the potential impact of this rule. As the DPA industry leader, Nehemiah took seriously our responsibility to provide you with timely, accurate and responsible information about the events and activities surrounding this issue.

We took action by educating influential people and organizations regarding the truth about downpayment assistance. We asked for our homebuyers and industry partners to help us by voicing their support and the response has been overwhelming. I want to thank each of you for your letters, phone calls and spoken support of Nehemiah throughout this unfortunate situation. Your support has helped raise awareness in Washington D.C. which has increased the dialogue regarding DPA regulation though legislation. We hope to see some positive congressional developments aimed preserving the option of private downpayment assistance for homebuyers. Currently, the Senate is contemplating FHA Reform legislation that will determine the fate of private downpayment assistance programs. Please help us one more time by contacting your Senators to convey your support for downpayment assistance; a very important vote is expected in the next few weeks.

As a reminder, we provide a section on our website called Regulatory Updates where we detail significant issues relating to DPA regulatory and legislative events. Check back for new postings or sign-up to have accurate and timely information delivered to you.

On behalf of the entire Nehemiah team, we look forward to providing you with the same unmatched quality you have come to expect from us for years to come.

Sincerely,

Scott Syphax
President & CEO
Nehemiah Corporation of America


Nehemiah Corporation of America | 424 N 7th Street, Suite 250 | Sacramento, CA 95811
Toll Free: 1-877-634-3642 | (877) NEHEMIAH

getdownpayment.com

 

3 comments • Sherri Sherpy • March 04 2008 09:46AM

Twin Cities Mortgage

Monday, March 3, 2008

Today has been a quiet day for interest rates.  Mortgage rates have remained unchanged since last Friday.  However, industry leaders are edging toward a "lock" recommendation, as this week may be prove to be volitile. 

My clients ask me every day, "Should I lock or float?"  And my answer is this..."Your crystal ball is as good as mine."  (Okay, maybe not quite that blunt, but you get my point.)

Our markets have been so crazy and so unpredictable that it is hard for even the experts to get a good handle on things.  So when should you lock?  When the economic indicators give us reason to believe that rates are going up...When you feel you are not willing to take the risk to float...When you feel good about your new housing payment with the current rate.

Why should you float?  Because you can HANDLE the risk.

Twin Cities Mortgage Rates

30 Year Fixed          5.875%

15 Year Fixed          5.25%

30 Year Jumbo        6.875%

 

Make it a great Monday,

Minnesota Mortgage Mom

0 comments • Sherri Sherpy • March 03 2008 02:10PM