I just received an email from one of our parent company’s execs stating that Aegis Mortgage will be ceasing operations.  Another email I received shortly after from another lender stated that they have filed for BK. I cannot find any news right now on their website or on Google News, but I am confident that […]

Well, the hits just keep on coming. If you are planning on getting a pay option ARM loan anytime soon, you better hurry or make sure you have 750+ credit, 6+ months of reserves (of the fully amortized payment), a good salary, and no debt. Otherwise, you can pretty much forget about it.  Wall Street […]

Let’s just start naming these Sub-Prime mortgage related posts with the same naming convention, ok? I am pretty confident there will be more than two on this here blog.  So, let’s get down to the nitty gritty shall we?  A few weeks ago, we saw home mortgage interest rates jump anywhere from a half to […]

The yield on the 10 year note has steadily moved down this week as is trading under 5.1% this morning. This does not have any direct effect on mortgage interest rates, but it typically has acted as a good indicator. Hopefully, we will see lenders adjust their mortgage lending rates down on similar term […]

Bonds are trading flat this morning, even as two pieces of economic data were reported weaker than expected. First, the Conference Board’s index of consumer confidence fell to 103.9 from 108.5 in May, and the Commerce Department reported new home sales fell 1.6% in May. We have seen stronger than expected […]

The National Association of Realtors reported sales of previously owned homes fell 0.3% in May to the lowest in almost four years. In addition to slowing sales the supply of unsold homes jumped 5%, representing supply that will last 8.9 months at the current sales rate, the highest in almost 15 […]

For most borrowers with good to excellent credit (above a 620 FICO), there has not been too much shake-up with regards to what loan programs are available to them. However, there has been a big change in what people with sub-620 FICO scores now qualify for and have available to them. 6 months to a […]

I get a great market update from SCME bank every morning that gives me about a 5 sentence update on major market events and reports and how they affect interest rates on mortgage loans. At this point, there is a lot of uncertainty in the markets due to a number of factors. First, we […]

For the record, I have never really bought into supply-side economics or been anything but a relatively big advocate for conservatism when it comes to leverage and home ownership. But, after quite a bit of reading and more thought, I am coming to the conclusion that the fully amortized loan is nothing more than a […]

Let’s face it, nobody has all of the answers. While we can make educated guesses about where interest rates and real estate markets are going to go in the next year or two years, we really have no idea what is going to really happen. One thing that is very likely is that many […]