Mortgage Bonds mounted an impressive reversal higher yesterday, after foreign participation in the 7-Year Note auction helped ease market concerns.
Advanced Gross Domestic Product for the 2nd Quarter came in better than expected, while the 1st Quarter was revised lower. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998.Currently, prices are higher after some up-and-down movement earlier this morning. I recommend floating for now. But be prepared to act if the situation changes. I will keep you posted.
Leonard Winslow, branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
Friday, July 31, 2009
Bond Market Comment
Mortgage Bonds mounted an impressive reversal higher yesterday, after foreign participation in the 7-Year Note auction helped ease market concerns.
Advanced Gross Domestic Product for the 2nd Quarter came in better than expected, while the 1st Quarter was revised lower. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998.Currently, prices are higher after some up-and-down movement earlier this morning. I recommend floating for now. But be prepared to act if the situation changes. I will keep you posted.
Leonard Winslow, branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
Advanced Gross Domestic Product for the 2nd Quarter came in better than expected, while the 1st Quarter was revised lower. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998.Currently, prices are higher after some up-and-down movement earlier this morning. I recommend floating for now. But be prepared to act if the situation changes. I will keep you posted.
Leonard Winslow, branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
Thursday, July 30, 2009
HERA, Housing Recovery Act. Closing
HERA: Housing and Economic Recovery ActHERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance. Under HERA:
No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.leonard.winslow@dominiontrustmortgage.com/leonard.winslow
No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.leonard.winslow@dominiontrustmortgage.com/leonard.winslow
HERA, Housing Recovery Act. Closing
HERA: Housing and Economic Recovery ActHERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance. Under HERA:
No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.leonard.winslow@dominiontrustmortgage.com/leonard.winslow
No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.leonard.winslow@dominiontrustmortgage.com/leonard.winslow
Mortgage rates Charlottesville
Mortgage Bonds are trading lower and flirting with several Moving Averages, as the 50-, 100- and 200-day Moving Averages all lay within a few basis points of current levels.
Initial Jobless Claims rose slightly more than expected. However, the closely watched four-week moving average fell for a fifth straight week to the lowest level since January. Continuing Jobless Claims also fell for a third straight week to the lowest since April. With Bonds struggling this morning and a hefty Treasury auction on tap today that may pressure Bonds. The good news is, despite all the chaos of the markets, the 30-year mortgage rates are still near multi-year lows and still present a great opportunity.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Initial Jobless Claims rose slightly more than expected. However, the closely watched four-week moving average fell for a fifth straight week to the lowest level since January. Continuing Jobless Claims also fell for a third straight week to the lowest since April. With Bonds struggling this morning and a hefty Treasury auction on tap today that may pressure Bonds. The good news is, despite all the chaos of the markets, the 30-year mortgage rates are still near multi-year lows and still present a great opportunity.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Mortgage rates Charlottesville
Mortgage Bonds are trading lower and flirting with several Moving Averages, as the 50-, 100- and 200-day Moving Averages all lay within a few basis points of current levels.
Initial Jobless Claims rose slightly more than expected. However, the closely watched four-week moving average fell for a fifth straight week to the lowest level since January. Continuing Jobless Claims also fell for a third straight week to the lowest since April. With Bonds struggling this morning and a hefty Treasury auction on tap today that may pressure Bonds. The good news is, despite all the chaos of the markets, the 30-year mortgage rates are still near multi-year lows and still present a great opportunity.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Initial Jobless Claims rose slightly more than expected. However, the closely watched four-week moving average fell for a fifth straight week to the lowest level since January. Continuing Jobless Claims also fell for a third straight week to the lowest since April. With Bonds struggling this morning and a hefty Treasury auction on tap today that may pressure Bonds. The good news is, despite all the chaos of the markets, the 30-year mortgage rates are still near multi-year lows and still present a great opportunity.
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Wednesday, July 29, 2009
ALERT TO LOCK INTEREST RATE
Bond market is declining. Rates are getting worse. Recommend locking
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Leonard Winslow, Branch Manager, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
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