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 [...]