Mortgage Market Update/Purchase and Refinance Mortgage info

[Tamalewagon]

If you own a home in California and are swimming in consumer debt, we can help you turn that debt into wealth and have your mortgage paid off in 15 years or less in most cases. Call me today at 619-255-3182 or HERE to inquire.

See the rate lock details in Fridays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Monday's MBS market is doing well at the open. Rates are improving this morning across the board with all of our lenders.

See the details in Mondays Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The MBS market continues its positive trend despite home sales slowing. Be prepared for a significant rate drop in August or September. Employment reports and cooling inflation are suggesting a rate cut by the FED which will have an indirect impact on first mortgage rates.

See the details in Tuesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day campers!

Stocks are lower and mortgage bonds are higher to start the day. Yesterday, there was a very strong 2-year treasury auction signaling that investors believe the FED is going to cut rates soon. Rates should be improved from yesterday.

To check out our purchase, refinance and 2nd mortgage wholesale direct to consumer interest rates, click HERE

See the details in Wednesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
866-476-2494 toll free
[email protected]

 

[Tamalewagon]

The MBS is flat this morning probably due to the economic data this morning over consumer spending reports. The stock market is up but the MBS market is still showing slight gains.

To check out our purchase, refinance and 2nd mortgage wholesale direct to consumer interest rates, click HERE

See the details in Thursdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
866-476-2494 toll free
[email protected]

 

[Tamalewagon]

Happy Friday campers! Another strong MBS morning. This should reflect positively on the rates this morning. Expected inflation declined from 2.6% to 2.5% which was expected but is having a positive effect on rates.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The MBS market started in the red this morning but quickly turned the corner. We are showing fantastic gains in the MBS market which should be reflected in the lenders rates very shortly.

See the details in Tuesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[plaster dave]

The MBS market started in the red this morning but quickly turned the corner. We are showing fantastic gains in the MBS market which should be reflected in the lenders rates very shortly.

See the details in Tuesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

In your opinion what do you think rates will be in a year with 200 bases point drop?

 

[Tamalewagon]

In your opinion what do you think rates will be in a year with 200 bases point drop?

If we see a 200 bps point drop, we could conceivably be looking at rates in the 4% to low 5% range (200bps is a big IF). I believe the election will have a great influence on where we are sitting this time next year. All of my data points to immediate rate reductions and some lenders have already priced those beliefs into their current rate sheets. We are already seeing VA rates in the high 5% range with high credit scores. It's going to be an interesting ride for sure.

 

[Tamalewagon]

The MBS market is enjoying the favorable employment data as the job market softens. Rates continue to improve.

See the details in Wednesday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The MBS market continues to improve as do mortgage rates! Today has seen a 20bps improvement.

 

[Tamalewagon]

The MBS market has opened well into positive territory this morning continuing the improvements from yesterday. This mornings rates should show a solid improvement.

See the rate lock details in Thursday's Rate Lock Advisory...click HERE

If you own a home in California and are burdened by consumer debt, you can utilize your best resource...your equity. We can help you turn that debt into wealth and have your mortgage paid off in 15 years or less in most cases. Call me today at 619-255-3182 to learn more or HERE to inquire.

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

WOW!

With the stock market tanking, everyone is jumping to safety in the bond market which is having an epic impact on mortgage rates right now. As I have been reporting in the past, the FED is not only being driven by inflation but by job growth (or the lack thereof) as well. (For lower rates, we need higher unemployment and lower inflation) They have been reporting inflated Employment reports and are now issuing corrected reports for June showing job growth was no where near what was originally reported. July's employment report is abysmal which is also helping our pricing today. A few highly respected economist are thinking 4.2% unemployment rate is the magic number for the FED to jump into action regardless of inflation reports. We'll see...

In anticipation of the coming rate cuts, many lenders are already building those cuts into the rates sheets now which is good news if you are locking your rates soon.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

There are no Monday Blues to report this morning in the MBS market! We are showing excellent strength and improvement in the bond market this morning as rates continue to improve despite the major indexes being in the tank.

See the details in Monday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The bond market did an abrupt "about face". Lock now.

Some "highlights" of recent events:

• Fed Holds Rates Steady, Hints at September Cut
• Weak July Jobs Report More Indicative of Real Picture
• Private Payrolls Hit Lowest Level Since January
• JOLTS, Jobless Claims Show Labor Sector Weakness
• Home Prices Hit New Record High
• Pending Sales Jump Higher in June

 

[Tamalewagon]

A lot of volatility in the markets this morning. The stock market rebounded this morning but is already giving up some of those gains. The MBS market suffered as a result. The FED might step in and drop their rate prior to the scheduled meeting in September but this depends on the stability of the market.

See the details in Tuesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day campers! After bleeding back the gains we saw Monday, it seems (although anything can happen) as though the freefall has stopped. The incredible rate improvements we saw Monday were available for a very short window due to further fear of recession. With the stock market improving, the bond market is unlikely to see much gain today.

See the details in Wednesday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The MBS market is in the negative today erasing the overnight gains. It isn't much of an impact on the rates (about .125% worse on discount point). BS employment reports which were revised (no big surprise there) showing a drop in unemployment filings.

See the details in Thursdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
866-476-2494 toll free
[email protected]

 

[Tamalewagon]

Happy Friday campers!

The bond market opened in positive territory but has since started to wobble. We are still in better territory than yesterday which should bring about a slight rate improvement this morning. Lenders have a mixed feeling about next months probably FED rate cut. Several lenders are starting to suggest that mortgage rates may actually rise...we'll see. Next week's inflation readings will definitely be impacting mortgage rates and the FED's decision whether or not to hold an immediate session to cut the rate early or wait until Sept.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Here's some decent news for those of you waiting to purchase or refinance. FYI, our 15 year terms are in the very low 5% range for 720+ ficos, 70% LTV on a single family res with 45% or lower DTI. 30 fixes are in the high 5 to low 6% range with the same scenario as the 15 year fixed. The picture below depicts bank and credit union rates. Wholesale rates are lower.

 

[Tamalewagon]

This weeks MBS outlook looks to be as volatile as last weeks ride. Inflation reports are due out Wednesday which could prompt the FED to take immediate action depending on the inflation status. The reduction in rate should have happened a long time ago but then the FED has always been more out of touch with the economy than being proactive.

See the details in Mondays Rate Lock Advisory...click HERE

• For those of you that are looking to improve your financial outlook, PM me for information about long term planning and financial health with our suggested financial advisors and planners. Every penny counts these days.

For more information on debt consolidation, home improvement, investment or purchase mortgage options, click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The MBS market continues to improve ahead of tomorrows CPI results that measures inflation at the consumer level. This is great news for better mortgage rates. Don't lock until we see the improvements that we expect from tomorrows results.

See the details in Tuesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The CPI report gave us positive news as expected on inflation. This mornings rates reflect the good news as we are seeing the majority of our scenario's in the 5% range and even 4% range for many 15 year fixed scenario's.

Give us a call at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Wednesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Friday campers!

The bond market opened in positive territory this morning but no colossal changes. If rates improve this morning, it will only be a slight change. Rates have improved by 1% from this time last year. As previously mentioned, we are seeing the majority of our 30 year fixed scenario's in the 5% range and even 4% range for many 15 year fixed scenario's. Every scenario is unique.

Give us a call at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Friday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

We are still treading water in positive territory this morning which is great news for mortgage rates. We should see a slight rate improvement this morning but not as good as we should see due to the stock market gains.

Have a great Monday! Give us a call for quotes.

Call us today at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Monday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The MBS market is forging ahead keeping the rates steady and getting better.

See the details in Tuesdays Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day campers!

The MBS is in the black this morning so hopefully we will continue to see those rate improvements.

See the details in Wednesday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

By the way...

The BLS released their benchmark revisions for job data from March 2023 to March 2024, showing that the BLS overstated job growth by 818,000 jobs! That means about 1 in 3 jobs that they reported were created, never happened....

 

[Tamalewagon]

The markets are a bit of a mixed bag this morning. While the bond market opened in positive territory, the MBS market opened at negative 9bps. This shouldn't push the mortgage rates up or down much.

If you are waiting for the FED to cut their rate in September, you should be getting your applications in now to be ready to get to work. There are no more arguments about IF the FED will cut the rate but now by how MUCH they will cut the rate.

See the details in Thursday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Today's MBS market started out flat despite FED Chairman Powells comments. We should see a slight improvement on the rates this morning.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Monday's bond market started out in the negative but the rates should remain flat this morning with little or no movement. If you must lock, you should be in good shape this morning. We had excellent gains late in the week last week.

Have a great week!

Call us today for any loan scenario at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Monday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Mortgage Interest Rates Today, August 27, 2024 | Rates Drop Below 6% as Powell Signals September Cut​

Written by Molly Grace; edited by Sarah Silbert
Aug 27, 2024, 3:00 AM PDT

Mortgage rates are back down to levels not seen since February 2023. Rates started dropping following Federal Reserve Chair Jerome Powell's speech on Friday, during which he suggested that the central bank is likely to start lowering the federal funds rate in September.

Now, 30-year mortgage rates are back below 6% for the second time this month, according to Zillow data. Rates are expected to continue to ease throughout the remainder of 2024, though we could see some temporary volatility as markets adjust to incoming economic data.

The homebuying season is starting to wind down as we approach fall and more kids head back to school, but it could still be a good time to buy a home now that mortgage rates are down. Last August, 30-year rates were around 7%. A $300,000 mortgage with a 7% rate comes with a monthly payment of almost $2,000. With a 6% rate, that same loan would cost around $200 less each month.

Today's mortgage rates​

Accurate as of 8/27/2024

Mortgage type	Average conventional rate today
30-year fixed	5.92%
20-year fixed	5.60%
15-year fixed	5.26%

The rates shown above are for retail banks and credit unions. We offer direct to consumer wholesale rates that are lower.

See the details in Tuesday's Rate Lock Advisory...click HERE

Give us a call if you are looking for the lowest rates for debt consolidation, home improvement, investment or purchase mortgage options in California. Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day Campers!

Rates continue to drop as the MBS and bond markets improve. Almost all loan scenario's are seeing rates in the 4-5% range now which is great news for those of you that need to refinance for cash out or refinance out of a purchase rate of 6%+.

Call us today for any loan scenario to see how much we can save you at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the market details in Wednesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Almost all lenders have built in the price drops in anticipation of the FED's meeting on September 18th. Surprisingly, there is speculation that if the FED only reduces their rate by .25%, rates actually may increase! If you are waiting for that meeting, you are leaving money on the table. Rates are already there. Give us a call. 619-255-3182.

 

[Tamalewagon]

Rates are steady to slightly worse across the board due to some unfavorable economic news. Get the applications in ASAP. I will state that if the FED lowers their rate by only .25%, there is a very good chance that it will have a negative impact on mortgage rates and rates may actually climb. Should we see a .5% or better reduction, we should see favorable results in the mortgage world. This is a trickle down effect because the FED does not directly impact first mortgage rates. There is a 65% chance according to several economic sources that the FED will only be dropping their rate by .25%. Again, get your applications for purchase or refinance in ASAP.

See the details in Thursday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Friday and pre-Labor Day campers!

No big changes to the market this morning. Results from the bond auction yesterday were flat so there is really nothing to drive pricing this morning. Rates should be similar to yesterday.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

The bond market is in great shape this morning with the stock markets tanking. Please note, most if not all lenders have already priced the rate improvements into their current rates in anticipation of the September FED meeting. If we only see a .25% improvement, we may see mortgage rates increase. We are hoping for a .5% decrease which would further help decrease rates in a trickle down effect.

Call us today for any loan scenario at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Tuesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day Campers!

The rally continues! That is excellent news for mortgage rates this morning. We should see slightly better rates this morning.

Tomorrow's (politically bogus) employment reports are due for August. Sadly these employment reports have become more for political gain and are typically over inflated to show a stronger employment market than actually exists. Every report for the past several years has been false and has been corrected after the initial reporting. These reports still carry weight and influence mortgage rates. Keep a steady eye on this report tomorrow.

Call us today for any purchase or refinance loan scenario to see how much we can save you at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the market details in Wednesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Friday campers!

As I previously mentioned on my Wednesday post, the employment reports are bogus and inflated. It is with no surprise the Bureau of Labor Stats has revised the May and August reports for the second time lower. The BLS reported that 20% of the jobs reported this year, never happened and we are on track for over 700,000 in negative revisions. What does this mean for you and mortgage rates? Mortgage rates respond favorably to a poor employment environment, strong bond markets and low inflation. Recession usually means very low rates but with higher inflation, we have a higher rate environment. Will rates get back to the 2 and 3% range? Probably not any time soon. Most likely we will see the 4-5% interest rates for a good time to come.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE or call me direct at 866-476-2494.

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Monday campers! Ready to beat the week (not weak) into submission!

Last weeks revisions on the phony employment reports gave strength to the mortgage rates late in the week. As most lenders have already anticipated a .25% FED adjustment, the lenders have adjusted their rate sheets accordingly and the pricing already reflects that. The election is the unknown. If we get favorable results, we could continue to see inflation reduce over the next several years. If we get status quo, these dips in the mortgage rates we have seen over the past month may be short lived. If you have a refinance scenario where you can reduce your rate and/or payoff bills for overall savings, I strongly suggest you take advantage BEFORE the election. If the election is favorable, you can always streamline your loan later. If it doesn't go our way, you could be leaving 10's of thousands on the table. Remember you must begin the process by Oct 1 at that latest.

Call us today for any loan scenario at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Monday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Another good start to the bond market for Tuesday morning. Tomorrow is the big day for the "barometer" on inflation and will give us a very good idea of how much the FED intends to drop their rate (.25% or .5%). If we get to .5%, that should give us a very good chance of a trickle down effect and lower the mortgage rates even more. If we only get the .25% drop which is highly anticipated, we could see little to no movement on mortgage rates.

Whatever the case may be, you should be getting your refinances done BEFORE the election.

Call us today for any loan scenario at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Tuesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day Campers!

A lot of mortgage rate influential reports were issues this morning providing a veritable tug of war to the rates for improvement and deterioration. In plain English we shouldn't see much movement to the rates this morning. However, this afternoon's bond auction may move the rates late in the day. Hopefully we see some strong demand for the 10 year treasury notes today.

Call us today for any purchase or refinance loan scenario to see how much we can save you at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the market details in Wednesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

By the way, the majority of 30 year refinances and purchases are in the low to mid 5% range. We can tailor your term so that you do not lose any time off your current loan. I.E. if you are two years into a loan, we can refinance your new loan to a 28 year term etc.

 

[Tamalewagon]

Yesterday's bond sale went well but negative economic data this morning squashed potential gains and rate improvements this morning. Looking forward to September 18th, the FED is set to reduce their rate. It is still unknown if they will reduce the rate by .25% or .5%. Lenders have already built the impact of a .25% improvement into their current rates. Barry Habib of MBS Highway (mortgage rate guru) believes the FED will stick with the .25% improvement at this time.

See the details in Thursday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Next week will be interesting for sure. Tuesday's measure of consumer spending report help to determine the level of FED cuts the following day. In my opinion, this should be a government spending report not a consumer spending report. We don't have inflation because of the amount we spend, we have inflation because of the amount the government spends.

See the details in Friday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

We finally made it to the first week of cuts. Please remember, as previously mentioned if the FED only cuts their rate .25%, there is a very good chance mortgage rates may actually INCREASE! If the FED acts prudently and cuts the rate .5%, rates may decrease over time. If you are going to refinance, now is the time to lock your rate before this meeting. There is a 70% chance according to Barry Habib that we only get .25% decrease. We can always relock with another lender if the results are favorable (perks of being a mortgage broker).

Have a great week!

Call us today for any loan scenario at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Monday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

I stand corrected...Barry Habib is now issuing a new report showing the odds favor a .5% cut! That may end up being good news.

 

[Tamalewagon]

Our new conforming loan limits for 2025 will be active 9/18/2024. The new conforming loan limit in CA will be $803,500.00.

Give us a call with your scenario.

 

[Tamalewagon]

Tuesday's opening is on the sluggish and negative side. Fortunately we have not observed any huge losses. Manufacturing showed recent strength which is not good news for mortgage rates. Sadly we need a big downturn or recession in the economy for rates to improve on a grander scale.

Call us today for any loan scenario at 866-476-2494 or click HERE to get wholesale pricing for your specific loan scenario.

See the details in Tuesday's Rate Lock Advisory...click HERE

Scott Wenhe
619-255-3182
[email protected]

 

[Tamalewagon]

Well Happy Hump Day campers!

Should be a very interesting day today. Currently all markets are in the negative right now ahead of the FED meeting this afternoon. It will be interesting to see which way the cookie crumbles and how the markets react to Powell's cut. Hopefully he acts prudently and cuts the rate by .5%. Stay tuned!

See the details in Wednesday's Rate Lock Advisory...click HERE

Looking for debt consolidation, home improvement, investment or purchase mortgage options in California? Check out our wholesale direct to consumer interest rates HERE

Scott Wenhe
619-255-3182
[email protected]