Mortgage Market Update/Purchase and Refinance Mortgage info

[Tamalewagon]

Current locking status

 

[Tamalewagon]

An excerpt from the MBS Highway (Mortgage News)

Mortgage Bonds ended the day just beneath overhead resistance at 103.516, which was the high set on March 9. Intraday, Bonds got as high as 103.813, which is a new all-time high. The 10-year ended the day at .86% and is a very wide range between support at .42% and overhead resistance formed by 10.87% and the 25-day moving average. Tomorrow's news on a stimulus deal will likely cause some volatility in the markets. Continue floating. Do not lock today.

Let's see what happens tomorrow then.

 

[Tamalewagon]

Rates are beginning to subside. We had a very short window of opportunity to lock conforming loan amounts in the high 2 to low 3% range this morning. The window only lasted 26 minutes and then pricing climbed again. This seems like it is becoming a daily habit for the lenders. Please note, we are watching the pricing very carefully for all applicants and will advise as soon as pricing is advantageous for your specific scenario.

HUMP DAY's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Thursday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Cabin Fever Friday. Bloody Mary's all around. Rates are much better but there is still room for improvement. HOLD for now. This might change if/when the House passes the relief bill but no guarantee.

Friday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[LB247XS]

Hey Scott thank you for getting back to us .we are highly excited to be working with you on our REFI. it's FINALLY great to hopefully have something positive come to me and the family.
[emoji106][emoji106][emoji106]

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[Raffit78]

We need rates to get to 8-9% ready to buy some houses CHEAP!!!!


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[Deangang]

We need rates to get to 8-9% ready to buy some houses CHEAP!!!!


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Good luck with that !!!!! Doubt you’ll see it in your lifetime.

 

[Tamalewagon]

Monday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Information on forbearance. Get the facts before you start skipping your mortgage payments. You could be doing serious damage to your credit and credit scores. INFO

 

[Tamalewagon]

Tuesday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Wedgy]

Hi Scott,

Curious as to your thoughts on this article. Is this accurate? Are you seeing this happening? When the Fed did this, I wondered why? Are we in danger of losing control of our Capital Markets to the Fed? I am dismayed at the Debt to GDP ratio threshold we have already crossed. I don't underestimate the level of stupidity that The Powers that Be are capable of, But. Still. I smell a Rat. Thanks.

Bill Roe

Did the Fed Just Accidentally Trigger a Housing Market Crash? | CCN.com

www.ccn.com

 

[pronstar]

Hi Scott,

Curious as to your thoughts on this article. Is this accurate? Are you seeing this happening? When the Fed did this, I wondered why? Are we in danger of losing control of our Capital Markets to the Fed? I am dismayed at the Debt to GDP ratio threshold we have already crossed. I don't underestimate the level of stupidity that The Powers that Be are capable of, But. Still. I smell a Rat. Thanks.

Bill Roe

Did the Fed Just Accidentally Trigger a Housing Market Crash? | CCN.com

www.ccn.com

Trump knows real estate and I don’t think he will sit idly by and let the industry get destroyed.

Let’s hope our president/realtor in chief, since he’s now effectively (and wrongly) our monetary chief, is listening to the industry, as the article says they’ve voiced their concerns.

Would love to hear Scott’s take as well.

I know my mortgage/title/realtors have been slammed thru last week, but I haven’t communicated with much them this week.


Sent from my iPhone using Tapatalk Pro

 

[pronstar]

Wedge here’s a good counterpoint article, from First American

Why the Housing Market May Weather Coronavirus Impact Better Than the Great Recession

First American Chief Economist Mark Fleming shares his proprietary Real House Price Index, compares the housing market before the Great Recession and the housing market before the coronavirus outbreak and explains why the housing market may be better positioned now than it was a decade ago.

blog.firstam.com

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[WhatExit?]

I am scheduled to sign refi papers this Friday - my guy here in AZ got us done in 2 weeks! (not typical) Very fast closing - didn't require an appraisal - 3.5% 30 year (we'll pre-pay to reduce it to 18-20 years but have flexibility with a lower monthly payment)

 

[Wedgy]

I am scheduled to sign refi papers this Friday - my guy here in AZ got us done in 2 weeks! (not typical) Very fast closing - didn't require an appraisal - 3.5% 30 year (we'll pre-pay to reduce it to 18-20 years but have flexibility with a lower monthly payment)

Well Done! WE! Score. Thanks Guys. Appreciate that Pronstar. I am hopeful that cooler heads will prevail. I reached out earlier to Scott, he replied back promptly, I appreciate his Input, and value all the informed honest opinion and information here on RDP.

 

[Tamalewagon]

Forbearance. Good idea? Not if you can still afford your payments. Be cautious, forbearance shown on a credit report has never been favorable for qualifications in the eyes of an underwriter. While it may seem like deferring your loan payments could be a mark against you in the eyes of the credit bureaus, in reality, forbearance does not affect your credit score. It does however, affect your ability to qualify for future loans and other forms of credit, and can lead to getting charged much higher interest rates. In short, in the eyes of an underwriter, this means you cannot make your payments in good faith. It may be harsh especially for those that need the forbearance, but it's reality.

 

[Tamalewagon]

It is hard for me to speculate where the market is headed in these tumultuous times. My crystal ball is somewhat foggy these days. I can give you this current market update and let you know that loans that are rate and term reductions (no cash out) with loan amounts under $510400 with good credit and 80% LTV or less are seeing rates in the low 3% range and yes, we are locking them. People in need of cash out loans for the same scenario are seeing higher rates and are advised to wait until we see more favorable rates. Conforming high balance loans with balances between $510401 and your county limit are advised to wait until the rates subside. We anticipate rates in these areas to subside in mid April. Don't be in a hurry to get these done. The early bird doesn't necessarily get the worm on these (unless there is a brief window of opportunity), they usually get the shaft. Patience.

 

[Tamalewagon]

HUMP DAY's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Howdy Campers...

Here is your Thursday's Rate Lock Advisory. Click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Perpetual Happy Hour Friday's Rate Lock Advisory. Click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[ilmormark]

Trump will pass the negative credit reporting bill i believe!

Lenders blocked plan to protect Americans’ credit scores amid coronavirus

Cash-strapped Americans — even those who lost their jobs — can’t expect to catch a break on their credit report if they miss a loan, rent or mortgage payment because of the coronavirus pandemic, a …

nypost.com

 

[Tamalewagon]

Trump will pass the negative credit reporting bill i believe!

Lenders blocked plan to protect Americans’ credit scores amid coronavirus

Cash-strapped Americans — even those who lost their jobs — can’t expect to catch a break on their credit report if they miss a loan, rent or mortgage payment because of the coronavirus pandemic, a …

nypost.com

Forbearance does NOT appear negatively on your credit report. There will be a note under your mortgage reporting and it will state "forbearance". Most lenders do not like to see this. All forbearance payments must be brought current prior to closing a new loan.

 

[Tamalewagon]

I hope this update finds you all well. Stay healthy my friends!

Monday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Update for un-locked loans:

Here is an excerpt from today's MBS Highway daily wrap:

"Mortgage Bonds ended the day slightly higher. We are only 13bp higher from where we were at the close of the market on Monday. This means the FED has been buying an appropriate amount of MBS, which we give them kudos for. Bonds are still in a very wide range and are susceptible to price swings. The 10-year is a bit higher, trading at .67% and is also in a very wide range. Continue floating the locks."


In short, it's not time to lock yet. As the virus begins to subside, we will see confidence and better pricing.

 

[Tamalewagon]

Nothing much to report. Pricing is not back from high balance loans (of any kind) yet.

Tuesday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Wedgy]

Not to make light, but Forebearance has escalated quickly... Inquiring minds want Scotty's take? Sir?

CNBC is running a segment on the high volume of Forebearance applications flooding into Mortgage Servicers, who are then left holding the bag, with no financial backstop to cover their obligations.

to

Forbearance. Good idea? Not if you can still afford your payments. Be cautious, forbearance shown on a credit report has never been favorable for qualifications in the eyes of an underwriter. While it may seem like deferring your loan payments could be a mark against you in the eyes of the credit bureaus, in reality, forbearance does not affect your credit score. It does however, affect your ability to qualify for future loans and other forms of credit, and can lead to getting charged much higher interest rates. In short, in the eyes of an underwriter, this means you cannot make your payments in good faith. It may be harsh especially for those that need the forbearance, but it's reality.

View attachment 861565

 

[Tamalewagon]

HUMP DAY's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Not to make light, but Forebearance has escalated quickly... Inquiring minds want Scotty's take? Sir?

CNBC is running a segment on the high volume of Forebearance applications flooding into Mortgage Servicers, who are then left holding the bag, with no financial backstop to cover their obligations.

to

My best guess is that there will be future backlash from unnecessary forbearances. I am strongly suggesting to those of you that CAN make the payments to do so. If you are taking advantage of the forbearance with the ability to make the payments, you are going to be partly responsible for damaging the mortgage industry. Mortgage lenders do not have much liquidity right now and the forbearance agreements will further damage this position. The more unnecessary claims that are made, the longer we will have to wait for rates to come back (if they come back). In my opinion, taking free handouts that are not needed is one of the major issues in this country. The non-banking lenders or wholesale lenders are not slated to receive ANY bailout like the banks did and may receive again. The head of FHFA Mark Calabria has stated that there are no non-banking companies "too big to fail". He is a fan of banks, not wholesale lenders. If he gets his way, he will put all mortgage brokers out of business. That means all of you will be paying higher bank rates instead of getting deals from guys like me. This guy Mark Calabria is very dangerous to our market. Because of his actions, lenders are tightening underwriting guidelines a great deal and this will not ease up until this pandemic is over. At this point, we are not sure how long these restrictions will continue. I do not see any light at the end of the tunnel yet. Stay tuned.

 

[Lucky Larry]

Are you having any problems or delays with the 4506 now?

Thanks,

“Lucky’s Wife”

 

[Tamalewagon]

Are you having any problems or delays with the 4506 now?

Thanks,

“Lucky’s Wife”

So far, no. Most lenders have "work-arounds" in place for this.

 

[Tamalewagon]

Thursday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Monday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Tuesday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Dalton]

do VA mortgage rates change with regular mortgage rates?

 

[Tamalewagon]

HUMP DAY's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Thursday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Howdy campers...rates are still fantastic for conforming loan amounts ($510400 and below). We hope to see the high balance conforming loan amounts come back to the playing field May/June. I will post the notice here as soon as the rates return.

Friday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Since there isn't much to post about the mortgage market, I thought I'd share a little info about the current effects of Hydroxychloroquine and Azirthromycin.

 

[Tamalewagon]

Monday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Tuesday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Hump Day Campers!

HUMP DAY's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Howdy Campers...

Here is your Thursday's Rate Lock Advisory. Click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Good Morning campers...Thursday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Monday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Full Fledged Cabin Fever Tuesday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Check out the new website. https://wmrloans.com/

 

[Tamalewagon]

Hump Day's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Happy Thirsty Thursday Campers...Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]

 

[Tamalewagon]

Friday's Rate Lock Advisory click HERE

We offer the most aggressive VA, FHA, Conventional and JUMBO pricing for California properties and we close our loans between 14-30 days.

To get your no obligation rate quote for your purchase or refinance, call me today at 866-476-2494 or visit www.WMRLoans.com and click on "Purchase Assistant" or "Refinance Advisor". I will have loan options available to you within 30 minutes.

Scott Wenhe
NMLS 336862
CALBRE 1768632
619-255-3182
[email protected]