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Mortgage and Rates Notes & Comments

There are tens of thousands of mortgage related websites and blogs.  So, the challenge isn't locating news about the mortgage industry and current trends.  It's locating reliable and useful information without spending hours going through valueless websites and blog posts.  I want to help, with an occasional post here with links to useful information, as well as any commentary I can add to enlighten, inform, or expand on the linked content.So, let's get to the latest useful news:

  • reported that 2008 mortgage originations were down a dramatic 31% from 2007.  There were also fewer independent mortgage brokers than the year before.  We're still here, and we plan on staying around to serve our clients.
  •  Halloween could be more scary this year if this article about interest rates is correct.  There could be spikes the end of October, though rates are great right now.  Get your application going if you're considering a refinance.  At least be ready to act quickly if signs of rate increases begin to surface.
  • In the article "Reverse Mortgages Feel the Squeeze," The Washington Post tells of problems with liquidity at the FHA for the program due to a $798 million shortfall expected next year.  It's still a great program if you're qualified, so ask us about it.
  • Biweekly mortgage products to end at Fannie Mae.  There are other ways to reduce mortgage interest and/or shorten your time to payoff.  Give us a call to talk about them.

These are some of the most interesting news items released recently.  I'll be back with more in the future.

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