Friday’s Rates from Pete Phillippe of Indy Mac Bank as of Friday, April 10th! For Sonoma County conforming loan limit.
April 11th, 2008 . by Mike KellyInterest Rates from Pete Phillippe, Indy Mac Bank: Adjustables make a comeback!
March 27th, 2008 . by Mike KellyHere are Pete’s rates as of Thursday. if you have any questions please feel free to give him a call at: Cell 707-481-2737 or 707-535-1263 direct
Up to $417,000 30 yr fixed is 5.875 at 1 pt The 30/7 programs are at 5.5% with 1 pt, the 30/10 is at 5.626% at 1pt.
FHA 30yr fixed 6.0% 1 pt. . . . easier to qualify with FHA. .up to $362,790 . . . . . to $662,500 rate at 6.125% At 1 pt . . . refinances to 90% ltv with no 5% reduction in loan amount due to “declining market “ if noted by appraiser . FHA is always full documents and NO STATED INCOME! Read the rest of this entry »
Pete Phillippe’s Latest Interest rates as heard on the show this morning, Happy Easter!!
March 23rd, 2008 . by Mike KellyRates went up a little from Monday and Tuesday , stock market better? Interest rates go up a little , fears still of inflation, lots of emotion and not much rational thinking now Up to $417,000 30 yr fixed is 5.625 at 1 pt
FHA 30yr fixed 5.75% 1 pts. . . . easier to qualify with FHA , but need seller’s disclosure too . . . .up to $362,790 . . . . . to $662,500 , rate at 6.125% At 1 pt . . . refinances to 90% ltv with no 5% reduction in loan amount due to “declining market “ if noted by appraiser .
$417,000 to $662,500 , 30 yr fixed is 6.5 at 1 pt . Full doc, SFD owner occupied only, 90% ltv purchase with 700 ficos, 80% max ltvs with 660 fico. On refinances 75% ltv’s , FHLMC will now allow $100,000 cash out , payoff of seconds now ok , but no stated income deals . FHA 30 yr fixed at 6.25 0pts . . .FHA is always “full doc”
Over $662,500 30 yr fixed is 7.125 pt, the 7/1 is at 6.625 1 pt 80% ltv to $2,000,000
Purchase . 75% to $3,000,000 on purchases
Napa and Marin are at $729,750, Lake is still at $417,000, Mendocino at $512,000. Sonoma County at $662,500 new FNMA loam limits for these areas . . .time to refinance? Aprs not calculated, full doc examples with 680 fico scores . . .30 day locks shown on rates Stated income ,40 yr terms interest only loans, available . . .
Equal Opportunity Lender Cell 707-481-2737 707-535-1263 direct
Friday’s Interest Rates–Such as they are here in Sonoma County!
March 15th, 2008 . by Mike KellyFor Sonoma county, its $662,500 now , FHA and Jumbo “lite” Up to $417,000 30yr fixed is 5.75 at 1 pt ( 5/1s and 7/1s same as fixed currently, the secondary market still does not want to “buy “ these adjustables so no lower rate “deals”. FHA 30yr fixed 6% 0 pts. . . . easier to qualify with FHA , but need seller disclosure too
Up to $662,500 30 yr fixed is 6.5 at 1 pt , all full doc, SFD owner occupied only, 90% ltv purchase with 700 ficos, 80% max ltvs with 660 fico. On refinances 75% ltv’s , FHLMC will now allow $100,000 cash out , payoff of seconds now ok , but no stated income deals . FHA 30 yr fixed at 6.25 0pts . . .FHA is always “full doc” Read the rest of this entry »
Why is the chasm between the 10 Year Treasury Bill and Mortgages so BIG? Lou Barnes comment
March 9th, 2008 . by Mike KellyI reccomend Lou Barnes as one of our radio show commentators for his sharp wit and dead-on takes of the mortage market. You can read his column by going to the following link and signing up for his weekly commentary: http://www.boulderwest.com/news/ Here is his take on this big gap:
“The spread between government guaranteed (or effectively so) mortgage-backed securities and 10-year Treasurys reach an all-time, utterly non-economic 3.00%. The spread between AAA-rated municipal bonds and Treasurys is out of linie by 2.00%. These and other cedit markets this week for teh most part ceased to function, the capital in teh banking system effectively exhausted. Scott Simon of bond-giant Pimco, a calm sort whose remarks are usually limited to time and temperature, said, “Everything is tell you that the financial system is broken.” Not very confident words huh? If you read the rest of the column you’ll also hear comments from others in the know about the remedies to our financial, credit, mortage problems.
Pete Phillippe chimes in on the new conforming loan limits and how the Interest rates will shake out here in Sonoma County
March 8th, 2008 . by Mike KellyWe now know what the new FNMA/ FHA conforming loan amounts are . . .Sonoma county $662,500, Napa $729,700, Lake still at $417,000 and Mendocino at $512,000, Marin at $729,700 . . . we still don’t have the pricing yet because there are no “buyers” of these loans on any secondary market . . . even with the guarantees of the government . FHA loan amounts have gone up as well in these counties to similar loan amounts . Some restrictions we lenders know about , will be only owner occupied loans, rate and term refinances , 90% max. ltvs and no stated income deals . Pricing probably in between current jumbo ( which has really been going up lately) and conforming . . . so I’m guessing around 6.75 at 1 pt for a 30 yr fixed . . . 5/1’s and 7/1”s will also be offered . . .I do not really see any “rush” for these loans . Read the rest of this entry »
latest Interest Rates–NOT relfective of the new loan limits. That’s gonna take a while!!
March 7th, 2008 . by Mike KellyRates as of 03/7/08
The Federal Housing Administration (FHA) announced their temporary change in lending limits. In Sonoma County it is now $662,500. We have yet to receive the information from Fannie Mae and Freddie Mac, but the FHA increases will give a large contingency the opportunity to refinance and purchase homes that wouldn’t have qualified before. Please call me to discuss FHA financing for your clients, I can help! Today’s rates quoted are a small sample of current rates – all quoted without points- call me about rates with point(s), different loan products and requirements! (707) 284-2718
Conforming fully amortized interest only
30 year fixed 6.25% 6.50% Read the rest of this entry »
Sonoma County FHA New Mortage Loan Limits! Not as much as we wanted! But it’s a Start!
March 6th, 2008 . by Mike KellyFHA Mortgage Limits FHA and HUD
The new Loan limits got issued today and we are in the “second tier” of the high priced spread! The maximum level is now $729,750. If you live in Sonoma County it is $662,500. So let me get this right. You live in Petaluma and just 20 minutes away in marvelous Marin the new loan limit is about $70,000 more! But hey, it’s a start! Here in Sonoma County at the old conforming loan limit of $417,000 we had 924 residential properties which qualified. Today with the new limit of $662,500 we double that number and have 75% coverage for all “Active” residential properties now on the market. NOT BAD!! However, the big shoe to drop next will be at WHAT RATE?? Some think a blended of the old “conforming rate” and the “JUMBO” products. We’ll know most likely tomorrow and we will be discussing this on the “Real Estate Hour”, Sunday, 9 to 10AM PST, 1350AM radio!! KSRO. Read the rest of this entry »
Rates are heading into sub 5% territory. Now’s the time to get pre-approved and start looking for Raving Deals!
March 1st, 2008 . by Mike KellyRates as of 2/29/08
Today’s rates quoted are a small sample of current rates – all quoted without points- call me about rates with point(s), different loan products and requirements! (707) 284-2718
Conforming fully amortized interest only
30 year fixed 6.00% 6.25%
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