Mortgage Rates Plummet to
Lowest Levels in 50 Years!
Restrictions apply
Need expert advice on a new loan?
Contact me to save big on refinancing your home.
Call: John Sauro 914-764-3261
john@northatlanticmortgage.com
Stephanie S. saved more than $2,100 per month
on her mortgage and she closed in 23 days. REALLY!
Purchase Home Loans – Debt Consolidation – Reverse Mortgage – Home Buyer Loans
Existing Home Sales were up .7% in December with a record low inventory from November. That’s a 1.9 month supply which is also a record low. Homes were only on the market for 21 days on average!
The Median home price was $309,800, up 12.9%. Although sales on the low end were down 15%, homes above $1M were up 90% which dragged the median home price higher.
First Time Home Buyers dropped slightly from 32% to 31% even with the stiff competition for homes on the lower end. Cash buyers decreased from 20% to 19% but still remains at a high level and so the only way to beat a cash buyer is to offer more.
Did you know you don’t need 20% down to buy a home? Allot has changed in mortgage lending these days so don’t go it alone. Give us a call and we can inform you of many options that you may not be aware of.
Next you should tell a friend! Share this information with someone you may think needs help with their mortgage.
Comparing quotes for home loans means you will have success in finding real savings. Keep in mind this will take up an enormous amount of time educating yourself about mortgage programs and many many resources.
Instead you should contact a reputable and experienced Mortgage Broker. That’s all they do, everyday, compare rates, programs and money-saving ways.
Mortgage Rate Update Sept 25th,2020
We are guardedly optimistic that mortgage rates can move lower over the next week. So if you haven’t, sent in your loan application or haven’t locked into a rate, you’re going to want to get moving.
In the first place, my analysis of the Mortgage Bond Market Charts shows Mortgage Bonds have broken above resistance at the 25 and 50-day Moving Averages, which is the positive breakout we have been waiting for.
And secondly, next week is jobs week, The Fed inflation report and The Case Schiller housing price appreciation and pending home sales report.
All of these can influence the direction of mortgage rates.
Position- Floating
Positions: Floating- (not locking into the rate) Locking-(Lock in the interest rate)
_______________________________________________________________________________
As a result you can maximize your financial future with our custom designed home loans. You can also expect close communication and responsiveness.
Next thing is to get a rate quote FAST?
Contact us at 877-794-5363 (Lend)
_______________________________________________________________________________
John Sauro
Phone: 1-877-794-5363
Direct Line 914-764 3261
Email: johnsauro@gmail.com
Next you should tell a friend! Share this information with someone you may think needs help with their mortgage.
Equally important is what many of our happy clients are saying about us!
Furthermore you want to lock a low rate? Want to See Current Rates? Our Home Loan Experts Can Help. Start Saving Money Now! Compare Loans. Lock Your Rate. Get Approved Today. Start Your Mortgage.
Refinance Your Home Loan · First Time Home Buyer · Buying a New Home? · 5-Year ARM
Mortgage Rates Awaiting Direction
We are recommending locking into mortgage rates, as our charts show that mortgage rates could move higher, after the bond market failed to break above the 25 & 50 day moving average and have broke below their lows set on Wednesday.
The next floor of support, which is likely to be tested, is another 10bp beneath present levels at 102.766. Support will likely be tested before Bonds start to move higher again.
Position Locking
Mortgage Bond Chart Sept. 18 2020
________________________________________________________________________________
Maximize your financial future with our custom designed home loans. You can expect close communication and responsiveness.
Click for Mortgage Rate Video Update
Get a Rate Quote FAST?
Contact us at 877-794-5363 (Lend)
_______________________________________________________________________________
John Sauro
Phone: 1-877-794-5363
Direct Line 914-764 3261
Email: johnsauro@gmail.com
Maximize your financial future with our custom designed home loans. You can expect close communication and responsiveness.
Click for Mortgage Rate Video Update
Get a Rate Quote FAST?
Contact us at 877-794-5363 (Lend)
John Sauro
Phone: 1-877-794-5363
Direct Line 914-764 3261
Email: johnsauro@gmail.com
Many rush to get their loan application in before their income changes.
With the sudden dramatic drop in rates and paychecks taking a hit, it is advised to quickly submit your loan request. It costs nothing, no commitment necessary and if you choose not to go ahead with it there is no adversary effects on your financial situation.
If you don’t make a move now, qualifying for that great rate may not happen if your income shows a decline.
or
U.S. stock-index futures fell sharply Sunday night following the Federal Reserve’s emergency decision to slash interest rates nearly to zero and buy $700 billion in Treasurys and mortgage-backed securities in an effort to quell financial market turmoil sparked by the global coronavirus pandemic.
The benchmark federal fund rate is now at a range of 0 to 0.25 percent, down from a range of 1 to 1.25 percent. The cut essentially brings the nation’s interest rate to zero — something that President Trump has repeatedly pressed for over the past year.
“The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals,” the Fed said in its Sunday evening statement.
The Fed also said that it will buy at least $500 billion in Treasury securities and $200 billion in mortgage-backed securities over the coming months, a program known as “quantitative easing.”
This may or may not be good for mortgage rates. Contrary to popular belief, historically Fed Rate Curts result in Mortgage rates rising.
Weather ot not the Fed buying $500 billion in Treasury Securities and $200 billion in Mortgage Backed Securities brings Mortgage Rates lower is to be seen. There are many other factors that are in play, such as convesity buying, oil and heavy institutional borrowing on banks.
Stay tuned for another wild ride in the markets.
You can contact John Sauro for more information and consultation.
or
.
.
.
.
Source: John Sauro President North Atlantic Mortgage Corp. & Fox News
The Fed cut rates this week by .50% due to the concerns that the Carona Virus will damage the current vibrant economy. Contrary to the media hype, historically mortgage rates can actually rise and they did the day after the rate cut.
That’s because mortgage rates are not directly affected by a fed rate cut.
Rather mortgage rates are directly affected by the prices of mortgage bonds, known as the Mortgage Backed Securities Market. Specifically the Fannie mae and Freddie mac bonds. Not the 10 year treasury, as many would have you believe. The 10 year Treasury affects the commercial mortgage backed securities market used for commercial real estate loans, not home loans. Glad I could clear that up.
Mortgage rates dropped because of the stock market turmoil. When the stock market drops, investors move their stock investments into the bond market this is known as “Flight to Quality”.
Flight to quality is the action of investors moving their capital away from riskier investments to safer ones. Uncertainty in the financial or international markets usually causes this herd-like shift.
Therefore the Price of the bond rises and inversely the rates tied to those bonds drops.
Below is a chart of the Mortgage backed Securities Market showing the rise in bond prices from January 16th to march 6th. An increase of 133 basis points, which results in approximately 50% reduction in mortgage rates.
Once the fears and media hype about the Carona virus subsides, as did with the Swine Flu H1N1 Pandemic in 2009, the financial markets should recover. Especially with the current strong economy and its anybody’s guess when that will happen.
So I don’t recommend trying to time the bottom on mortgage rates.
Rates are historically very low. many today were not around in 1992, when mortgage rates first fell from their highs of 17% to below 10%. Yes that’s true, look it up. Also rates tend to move up faster than they go down, as banks are not eager to pass the saving on to their customers.
My advice; Connect with a experienced Mortgage Professional, typically found not in the banks, but in the mortgage Broker/Lender community.
These professionals specialize only in lending and have access to many different loan programs. I’m going to toot my own horn here.
I have been in the Lending profession since 1991 and seen it all. Many of clients have done multiple loans with me over the years. Take a moment to see what my clients have to say.
Contact me for a Complimentary Consultation and see how much you can save. I’m an analyst, not a salesman. If I can’t save you money on your refinance or home loan purchase no harm, no foul.
or
John Sauro
Sources: Written by John Sauro North Atlantic Mortgage, Chart MBS Pro.
,
