No Bull Agent

Mortgage Rate Update for the Week of June 28, 2010

Information in this post is provided by Greg Wickstrand, Home Loan Consultant for HomeServices Lending.  He is a guest blogger who provides us information from a lender’s perspective.  For additional posts by Greg, please visit his BLOG.

What’s Ahead for Mortgage Rates this Week:  June 28, 2010
By:  Greg Wickstrand

Mortgage markets improved last week in response to mostly negative data about the U.S. economy, and the Federal Reserve’s acknowledgement that Eurozone financial ills could cross the Atlantic.

Conforming and FHA mortgage rates fell last week, extending a rate rally that dates to early-April.  Mortgage rates have fallen to several, new, all-time lows during this period and last week was no different.

The best rates of last week hit Thursday morning.

This week, mortgage rates should be volatile, and may rise, too.  There’s a bevy of data due for release, and market volume will be light with the long weekend looming.

Monday, the Personal Consumptions Expenditures Price Index is published. More commonly known as “PCE”, the index is the Federal Reserve’s preferred inflation gauge. When inflation is running higher than expected, mortgage rates tend to rise.

Conversely, when inflation is running lower than expected, mortgage rates tend to fall.

Tuesday, the Case-Shiller Index will be released for April’s home prices, along with two consumer confidence reports.  As with PCE, strength tends to lead mortgage rates higher and weakness draws them lower. Read the rest of this entry »

Tags: california, home buyer, june 28, kaplan, market, mortgage, nobullagent, rate, san diego, update

“Quiet Zone” in Downtown San Diego Approved by City Council

Downtown San Diego’s goal of providing a little less noise for its visitors, residents and businesses is now a reality.  In our December 22, 2009 post we discussed the proposed “Quiet Zone.”  However, the desire to create this zone began much earlier…try a decade earlier.  On Tuesday, June 22 the San Diego City Council voted 6 to 2 in favor of the $20.9 million plan to make improvements to 13 rail crossings that run north to south through the districts of Little Italy, Columbia, Marina, Gaslamp and the west edge of East Village.   Specifically, these intersections start at Laurel Street and end at Park Boulevard.  According to an article posted by Craig Gustafson on SignOnSanDiego.com, this “Quiet Zone” is slated to be the largest of its kind in the United States.

In our opinion, this approval will be a wonderful improvement for those who spend time in downtown whether it be to live, work or play.  Those who enjoy being downtown know that there is a constant “buzz” that goes along with the downtown experience. Read the rest of this entry »

Tags: california, city council, Downtown, kaplan, nobullagent, quiet zone, san diego, train

Mortgage Rate Update for the Week of June 21, 2010

Information in this post is provided by Greg Wickstrand, Home Loan Consultant for HomeServices Lending.  He is a guest blogger who provides us information from a lender’s perspective.  For additional posts by Greg, please visit his BLOG.

What’s Ahead for Mortgage Rates this Week:  June 21, 2010
By:  Greg Wickstrand

Mortgage markets improved last week on weaker-than-expected jobless figures, ongoing troubles in Europe, and a tame reading on domestic inflation.

As a result, conforming mortgage rates fell last week, drawing loads of new refinance applications.

For a brief moment Thursday afternoon, mortgage bond prices pierced a key support level, dropping rates to their best levels of the year.

It didn’t last long, however. By Friday morning, pricing was worsening on profit-taking and in preparation for this week — a week that promises to be heavy on both data and rhetoric.

To mortgage markets, this can be a dangerous combination.

The biggest news of the week is the Federal Reserve’s 2-day meeting, scheduled for Tuesday and Wednesday in Washington D.C.

The Fed is expected to hold the Fed Funds Rate in its target range near 0.000-0.250 percent. It won’t be what the Fed does at its meeting that will matter to rates, though. It will be what the Fed says — about jobs, about growth, about inflation — in its post-meeting press release.

Remarks that reflect well upon the economy should lead mortgage rates higher. Remarks viewed as negative should lead mortgage rates down.

There’s key data due for release next week, too: Read the rest of this entry »

Tags: home buyer, kaplan, mortgage rate, nobullagent, san diego, update