5/5/2010 

Keeping you updated:  Visit Us for a Mortgage Today:   www.UptownFinancial.com

Home ‘Flippers’ Get a Break From the FHA

On Monday February 1, 2010, 4:08 pm EST

Starting today home “Flippers” are now welcome at the FHA. That’s right, with a glut of foreclosures plaguing the nation’s neighborhoods, the FHA is temporarily removing restrictions on investors who buy and sell homes within 90 days.It’s just for one year, but Flippers are no longer persona non-grata with the government.”FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” FHA Commissioner David Stevens wrote in a statement last month. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

So the FHA wants to encourage flipping and turn first-time buyers, who are already getting a tax break, into new real estate speculators? Nope, they just want to get as many foreclosed properties as possible off the market.

This opens up a whole new bundle of buyers to current real estate investors who previously couldn’t flip the home to a low-income borrower.

The FHA is lifting the ban for just one year and there are some rules.You can’t flip the property for more than a 20 percent profit in most cases and the transaction must be at “arms-length” so friends don’t collude to drive up the home value and then snag some unknowing buyer in the end.

While banks and financial institutions were always excepted from the rule, private investors, like Oregon-based Gorilla Capital, were not, so this waiver, “will allow companies like Gorilla Capital, who research, assess, and purchase homes at foreclosure auctions, to sell more homes to buyers using FHA financing,” says the company’s CEO John Helmick. “With an average hold time of 52 days, the FHA 90-day seasoning rule created an artificial barrier to Gorilla selling homes to the general public, and prevented a large portion of the public from accessing the value home prices offered by Gorilla Capital.”And that’s not all the government is doing to help buyers soak up foreclosures.Fannie Mae (NYSE: fnm) announced it will offer 3.5 percent seller assistance for buyers of its HomePath properties, that is, foreclosures Fannie now owns. This can be used toward closing cost assistance or appliances, and it’s only for owner-occupant buyers who close on the property before May 1, 2010.

Today, the Obama budget clearly put the kibosh on seller-assisted down payments, which is essentially what this is, so I guess what’s good for the goose is not good for the gander, that is if one of those birds is government entity.Both the FHA and the Fannie programs, while temporary, are designed to spur home buying and particularly buying of foreclosed properties. They also both add risk to the system, because any time you give a buyer more money upfront, that buyer will likely bite off that much more than they can probably chew. I’m not saying they’re bad programs, especially in these desperate times, but I continue to be concerned that many of these so-called “assistance” programs are opening the housing market up again to questionable buyers…which of course is how we got in this mess in the first place.

Combine the Fannie assistance with the first time home buyer tax credit, and you’re giving homes away for little to no cash all over again.Look, I get it.The United States saw roughly 2.8 million foreclosure filings in 2009, and many of those properties are still sitting on the banks and on Fannie and Freddie’s collective books.As continued foreclosures push inventories higher, they push home prices lower.Getting them sold is arguably a good thing, but aren’t we supposed to be putting skin back in the housing game?

• Previous Post: Obama Forgot About Housing
• USHUD.com Predicts Resurgence of FHA Foreclosures

Ben Coulter

Uptown Financial Group

612.384.7818

612.677.3100 Fax

www.UptownFinancial.com

Ben@UptownFinancial.com

Happy Near Thanksgiving,

With the multitude of events over the past couple years in the mortgage industry and the economy as a whole, I thought it was important to reach out to our valued client base and make sure everyone knew we are STILL standing.  I guess there is some truth to the fact that those who are honest, good and hardworking can and will make it through challenging times.  The purpose of this note is to provide updates about Uptown Financial and new mortgage products.

Uptown Financial has added Insurance services to meet our clients’ needs.  We have partnered with a local insurance company with more than 20yrs in the marketplace to service both Residential and Commercial Insurance needs for the Uptown Financial Family.  Please don’t hesitate to contact us today about pricing out your Insurance scenarios. 

In the mortgage market, as you all know, the underwriting has gotten tighter, but NOT dead.  We are still doing many loans.  The abundance has been with first time home buyers and refinances.  Many refinances have been using the Obama Refi Plan.  To find out if you qualify please visit, www.makinghomeaffordable.gov.  We can help you with both Fannie and Freddie refinances.

A GREAT new program for both purchases and refinances has been the FHA 203k.  It is a rehab/remodel loan that allows for new appliances, kitchens, bathrooms, adding rooms to a home and even moving or adding a garage to a house.  The loan allows for up to $365,000 of total construction financing.  It is a 30 yr. fixed and a one-time close with the same closing costs as a typical loan.  This loan goes down to a 620 credit score to qualify, same as FHA loans.  Please click here for more info.

Finally, I wanted to let everyone know that we are now offering a $50 gift card for every referral sent from any of our friends or family.  If they say you sent them, we give you a $50 gift card after the closing! 

Take Care and Talk to you soon,

Ben Coulter  |  www.UptownFinancial.com  |  612.216.1388

Mortgages and Insurance Solutions for Minnesota, Wisconsin and ALL 50 states

http://blogs.wsj.com/developments/2009/05/13/fha-plans-to-offer-8000-upfront-to-first-time-buyers/tab/print/

May 13, 2009, 11:39 AM ET FHA Plans to Offer $8,000 Upfront to First-Time Buyers
One of the problems during the housing boom was that many people were able to buy a home with little or no money down, giving them little financial incentive to work hard to hold on when times got rough.

Now U.S. housing officials are working on a plan that would essentially allow some first-time buyers to purchase homes by paying little money upfront. Rather, they would be able to put an $8,000 income tax credit for first-time buyers towards their down payment on loans backed by the Federal Housing Administration. The idea is to allow home buyers to “monetize” the tax credit. Right now, home buyers must wait until they file their taxes to receive the credit.

The FHA is finalizing a program that would allow approved lenders, non-profits, and state and local governments to fund short-term loans that could be used as down payments to be repaid once the borrower received the tax credit. Once they received their tax credit, they would pay off the short-term loan and put equity into their home.

The FHA requires a minimum 3.5% down payment on loans backed by the agency, which means that buyers could put little or nothing down on homes up to $230,000. “It is close to having nothing down,” says Thomas Lawler, an independent housing economist.

The proposal, hailed by home builders and Realtors, is drawing some comparisons to the no money down programs that the FHA has worked to shut down. Congress ended a program last year that allowed home sellers to fund down payments to home buyers through nonprofit groups, and the FHA has blamed that program for an outsized share of loan defaults. Under that program, nonprofit groups would “gift” the 3% minimum down payment to a home buyer, often funded by the seller of the home. Buyers would move into the home without paying any of their own money for the down payment.

“Although it remains to be seen how the program is actually implemented, the plan resembles former seller-funded down payment assistance programs,” writes housing analyst Ivy Zelman in a research note Wednesday. “We remain concerned that the lenient underwriting standards, low down-payment requirements and now the ability of FHA borrowers to purchase a home without putting any of their own equity into the purchase is creating a tremendous risk for the program and taxpayers in the future.”

Several states, including Pennsylvania and New Mexico, had already instituted similar programs. Housing Secretary Shaun Donovan outlined the plan Tuesday during a speech to the National Association of Realtors. “We think the policy is a real win for everyone,” he said.

Congress approved the tax credit in February’s stimulus bill, which provides up to $8,000 for first-time home buyers on a new or existing home. The tax credit expires Dec. 1.

Readers, would you be more likely to buy a new home if you could spend this tax credit before you file your tax returns?

5.6.2009

Good day and welcome to another Minneapolis Mortgage Minute with Uptown Financial Corp. and Ben Coulter.

Todays focus is going to be on the Mortgage Rates and the implications of the recent news regarding the Jobless Report and the Bank Stress Test.

Interest Rate Report:  4.625% 30 yr. Fixed  |  Jumbo  Mortgage Rates 4.875% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.625%

Bond Report:  10 yr. Treasury Yield @ 3.17%  Up .01%   |    Rates Steady

Great Bond Market Link @ CNN MONEY.

The market today is essentially swirling in neutral with the Good News from the Jobless Report and the Bad News about the Bank Stress Test results and the leaking news.  The Jobless Report indicated the economy as a whole is starting to turn a corner towards recovery.  However, the flip side of the positive news was the news leaking about the Bank Stress Test results indicating banks are in major need of MORE capital to run at a healthy capacity.  The leading news is that about Bank of America and their need for 34B in additional capital!

With the positive and negative news washing each other out, neither the Stock market nor the Bond market are making major waves today.  The Bond market is trading slightly higher today—with all eyes on the tomorrow’s Bank Stress Test results release.

Article about the Jobless Report:

Article about the Bank of America need for more $$$:

The market here in Minneapolis, Minnesota is coming around in good shape and the number of First Time Home Buyers are coming out of the woodwork again.  The FHA financing is a great option right now for home buyers and has GREAT rates!!  Recently, we have been seeing 30 yr. Fixed Rates at 4.5% for 3.5% down payment.

Also, don’t forget about the Obama Administration and  the Homeowner Affordabilty and Stablity Plan  for refinances.  Although not every borrower qualifies, the lucky ones who do are reaping the rewards.  As we have started helping people who qualify for the Obama Refi Plus program—we are seeing the amazing results!!  We are getting approvals with NO APPRAISAL needed to qualifty!!  That’s right, if you are upside down on your home, you may be able to refinance without the need of an appraisal!!  Amazing.

The conditions right now are fantastic for those looking to save money on their monthly payments via a refinance and the Homeowner Affordability and Stability Plan.  Right now we are suggesting visiting our website and filling out an application, calling us Direct @ 612.216.1388 or emailing Ben@UptownFinancial.com to get you rolling on your Obama Refi Plus.

The key to qualifying  is you must be serviced by either Fannie Mae or Freddie Mac.  We may see more servicing banks jumping into the program, but for now these are the only loans who qualify.

Contact us today to help you determine if you qualify.  Then let’s start saving you MONEY—rates today are at GREAT.  We have seen mortgaeg rates floating between 4.5% and 4.875% recently.  Realistically, the interest rates today are can’t miss opportunities.  Also, don’t forget the Fed. Treasury and Mortgage Backed Securities buy back program—this is keeping rates low right now.  We will see rates jumping in the next 6-9 months—so NOW is the time to lock in long term savings.

————–

Based on the information at hand, and the current Interest Rates and Mortgage Rates Available—my lock recommendations are as follows:

7 Day; LOCK   |    20 Day;  Float  |     30 Day;  Float   |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.

Mortgages Edina, Mortgages St. Louis Park, Mortgages Minneapolis, Mortgages St. Paul, Mortgage St. Cloud, Interest Rate Maple Grove, Minnetonka, Uptown Minneapolis, Wayzata, Waconia, Ham Lake, Whitebear Lake, Brainerd Lakes Area, Mankato, New Ulm, Rochester, Crystal, Richfield, Prior Lake, Plymouth, Minnesota, Mortgage Company, Mortgage Broker, Wisonsin Lake Home, Shoreview, Eagen, Woodbury, Golden Valley, Mortgage Milwaukee, Refinance, First Time Home Buyer, FHA Mortgage, New Home Purchase, Obama Refinance, Homeowner Affordability and Stability Plan,

5.5.2009  (Happy Cinco De Mayo!!)

Good day and welcome to another Minneapolis Mortgage Minute with Uptown Financial Corp. and Ben Coulter.

Todays focus is going to be on the Mortgage Rates and the implications of the recent news coming out from the Fed and Ben Bernanke.

Interest Rate Report:  4.625% 30 yr. Fixed  |  Jumbo  Mortgage Rates 4.875% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.625%

Bond Report:  10 yr. Treasury Yield @ 3.16%  Up .01%   |    Rates Steady

Great Bond Market Link @ CNN MONEY.

As Federal Reserve chairman Ben Bernanke continues to speak about the outlook of the Economy—there are no real surprises coming out.  The anticipation is for an Economic Recovery at the end of 2009, with many bumps along the way.  From a Real Estate perspective, my gut tells me Spring of 2010 will be a HOT season for Minneapolis, Minnesota Real Estate and Residential Real Estate in General.

Recent Federal Reserve Article:

We are starting to see more and more purchase money loans, but we are still nowhere near the levels of the past.  As more Investors are scooping up the depressed foreclosures, multiple bids are becoming common place.  The next step is to get the ‘normal’ homes to begin to gander multiple bids as well. 

With all the changes that have gone on with the Mortgage Industry and the elimination of 100% financing options, borrowers/buyers are now needing to build up their funds to make their dreams of home ownership reality.  It simply takes a bit of time for this to happen.  The good news is—-it’s starting.  The menatility has changed and IS changing.

The market here in Minneapolis, Minnesota is coming around in good shape and the number of First Time Home Buyers are coming out of the woodwork again.  The FHA financing is a great option right now for home buyers and has GREAT rates!!  Recently, we have been seeing 30 yr. Fixed Rates at 4.5% for 3.5% down payment.

Also, don’t forget about the Obama Administration and  the Homeowner Affordabilty and Stablity Plan  for refinances.  Although not every borrower qualifies, the lucky ones who do are reaping the rewards.  As we have started helping people who qualify for the Obama Refi Plus program—we are seeing the amazing results!!  We are getting approvals with NO APPRAISAL needed to qualifty!!  That’s right, if you are upside down on your home, you may be able to refinance without the need of an appraisal!!  Amazing.

The conditions right now are fantastic for those looking to save money on their monthly payments via a refinance and the Homeowner Affordability and Stability Plan.  Right now we are suggesting visiting our website and filling out an application, calling us Direct @ 612.216.1388 or emailing Ben@UptownFinancial.com to get you rolling on your Obama Refi Plus.

The key to qualifying  is you must be serviced by either Fannie Mae or Freddie Mac.  We may see more servicing banks jumping into the program, but for now these are the only loans who qualify.

Contact us today to help you determine if you qualify.  Then let’s start saving you MONEY—rates today are at 4.625%.  We have seen mortgaeg rates floating between 4.5% and 4.875% recently.  Realistically, all the interest rates are can’t miss opportunities.  Also, don’t forget the Fed. Treasury and Mortgage Backed Securities buy back program—this is keeping rates low right now.  We will see rates jumping in the next 6-9 months—so NOW is the time to lock in long term savings.

————–

Based on the information at hand, and the current Interest Rates and Mortgage Rates Available—my lock recommendations are as follows:

7 Day; LOCK   |    20 Day;  LOCK   |     30 Day;  Float   |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.

Mortgages Edina, Mortgages St. Louis Park, Mortgages Minneapolis, Mortgages St. Paul, Mortgage St. Cloud, Interest Rate Maple Grove, Minnetonka, Uptown Minneapolis, Wayzata, Waconia, Ham Lake, Whitebear Lake, Brainerd Lakes Area, Mankato, New Ulm, Rochester, Crystal, Richfield, Prior Lake, Plymouth, Minnesota, Mortgage Company, Mortgage Broker, Wisonsin Lake Home, Shoreview, Eagen, Woodbury, Golden Valley, Mortgage Milwaukee, Refinance, First Time Home Buyer, FHA Mortgage, New Home Purchase, Obama Refinance, Homeowner Affordability and Stability Plan,

4.14.2009

Good day and welcome to another Minneapolis Mortgage Minute with Uptown Financial Corp. and Ben Coulter.

Todays focus is going to be on the new HomeOwner Affordablity and Stability Plan, or better known in the Mortgage Industry as the DU/DO Refi Plus program.

Interest Rate Report:  4.625% 30 yr. Fixed  |  Jumbo  Mortgage Rates 4.875% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.750%

Bond Report:  10 yr. Treasury Yield @ 2.79%  Down .05%   |    Rates Steady Down

Great Bond Market Link @ CNN MONEY.

The Obama Administration may have gotten the Homeowner Affordabilty and Stablity Plan right for refinances.  Although not every borrower qualifies, the lucky ones who do are reaping the rewards.  As we have just started helping people who qualify for the DU Refi Plus program—we are seeing the amazing results!!  We are getting approvals with NO APPRAISAL needed to qualifty!!  That’s right, if you are upside down on your home, you may be able to refinance without the need of an appraisal!!  Amazing.

The conditions right now are fantastic for those looking to save money on their monthly payments via a refinance and the Affordability and Stability Plan.  Right now we are suggesting visiting our website and filling out an application, calling us Direct @ 612.216.1388 or emailing Ben@UptownFinancial.com to get you rolling on your DU Refi Plus.

The first step is to visit www.FannieMae.com and/or www.FreddieMac.com to see if your home is serviced by Fannie Mae or Freddie Mac.  This is the key to qualifying right now—you must be serviced by either one of these two companies.  We may see more banks jumping into the program, but for now these are the only loans who qualify.

After you determine you qualify—let’s start saving you MONEY—rates today are at 4.625%.  We have seen rates floating between 4.5% and 4.875% recently.  Realistically, all the rates are can’t miss opportunities.  Also, don’t forget the Fed. Treasury buy back program—this is keeping rates low right now.  We will see rates jumping in the next 6-9 months—so NOW is the time to lock in long term savings.

————–

Based on the information at hand, and the current Interest Rates Available—my lock recommendations are as follows:

7 Day; LOCK   |    20 Day;  LOCK   |     30 Day;  Float   |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.

4.3.2009

Good day and welcome to another edition of the Minneapolis Minnesota Mortgage Update with Ben Coulter and Uptown Financial Corp.

Interest Rate Report:  4.750% 30 yr. Fixed  |  Jumbo  Mortgage Rates 5.00% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.750%

Bond Report:  10 yr. Treasury Yield @ 2.79%  Up .02%   |    Rates Steady Up

Great Bond Market Link @ CNN MONEY.

Rates are up for the past two days due to the new accounting rules put in place for banks.  The accounting rule changes the way banks value the assets they are servicing/portfolioing.  Banks no longer need to put a ‘real market’ value on the assets but can instead value the assets at a ‘normal’ marketplace value.

Personally, I think this is a huge mistake and way too lenient for the banks books.  At this point in history there is NO WAY to know what the real value in a ‘normal’ market is.  The world has changed and the values of Real Estate have changed along wtih it.  This accounting change WILL allow for banks to put an ease on the amount of capital they need to raise——–but it does NOT mean their balance sheets are suddenly healthy.

I am frustrated by the constant attempts to allow the banks to ‘ease’ through the mess the rest of us are suffering from.  If the banks are now able to ‘make up’ the value for the home—-shouldn’t we be able to borrow off the ‘new value’???  The fact is the banks are not passing on all the leniancies our government has given them to the public.  Look at the the number of banks still not working with people on their mortgages—-still not allowing for short sales—still being the Greedy entities that got us into the whole lending/credit crisis to begin with.

For more on the market and the accounting changes:  http://money.cnn.com/  |  StarTribune

————–

Based on the information at hand, and the current Interest Rates Available—my lock recommendations are as follows:

7 Day; LOCK   |    20 Day;  Float   |     30 Day;  Float   |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.

3.31.2009

Good day and welcome to another edition of the Minneapolis Minnesota Mortgage Update with Ben Coulter and Uptown Financial Corp.

Interest Rate Report:  4.500% 30 yr. Fixed  |  Jumbo  Mortgage Rates 4.75% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.5%

Bond Report:  10 yr. Treasury Yield @ 2.70% Down .06%   |    Rates Down Slightly

Great Bond Market Link @ CNN MONEY.

The Federal Reserve began its purchasing of Treasury’s but at a slower pace than the market had hoped.  This is causing a ‘choppy’ session for Bond Pricing.  The Federal Reserve is on tap to purchase roughly 300 Billion in Treasurys over the next six months.  Monday they purchased roughly 1.5 Billion, which was much less than the market had thought was coming down the pipes.  The word is the Federal Reserve will be purchasing Bonds a few times per week.  This will keep Mortgage Rates at Historicly Low levels for the foreseeable future.

CNN LINK to FED STORY.

The Fed, which bought $15 billion in bonds last week, expects to hold two to three purchase operations per week over the next six months. It has bought $17.5 billion so far in bonds, and it also plans to buy $750 billion in mortgage-backed securities.

———

The stock market is up today about 100 pts. and the Bond Yield is down.  These are two GREAT signs for interest rates.  Rarely do you see the markets working in the same direction.  After the recent news of GM and Chrysler, the market is buying back some of the sell off.  Now if we could just stabilize the news about the economy in a positive light .

————–

Based on the information at hand, and the current Interest Rates Available—my lock recommendations are as follows:

7 Day; LOCK   |    20 Day;  Float   |     30 Day;  Float   |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.

3.30.2009

Good day and welcome to another edition of the Minneapolis Minnesota Mortgage Update with Ben Coulter and Uptown Financial Corp.

Interest Rate Report:  4.500% 30 yr. Fixed  |  Jumbo  Mortgage Rates 4.75% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.5%

Bond Report:  10 yr. Treasury Yield @ 2.74% Down .02%   |    Rates Dipping  :)

Great Bond Market Link @ CNN MONEY.

The Stock market is in serious turmoil today with the news of the GM and Chrysler failures, despite the Bailout Money we, the people of the United States, gave to the companies.  The Obama Administration is giving GM 60 days to prove its viability and Chrysler 30 days.  Among the concerns, is the high amount of liability each company has—and it may be forced into Bankruptcy.  The White House has stated each company needs to restructure itself to survive.   At GM, part of that restructuring began early Monday when CEO Rick Wagoner announced his resignation, which he said came at the request of the Obama administration.

CNN LINK

As the stock market is getting killed, down 270 pts.,  on the news of the Automakers’ failures, the Bond Market is seeing more money pouring in as it is once again viewed as a ’safe haven’ for funds.  The Bond Yield was down .02% @ 2.74%—all downward movement is Good for Interest Rates.  The Mortgage Rates (Interest Rates) out from the lenders today have priced in the movement accordingly.   The 30 yr. Fixed rate is at 4.625%, the FHA 30 yr. Fixed rates is at 4.5% and the Jumbo/Super Jumbo Mortgage Rates are at 4.75% for a 7 yr. ARM & 5.2% for a 10 yr. ARM.

————–

Based on the information at hand, and the current Interest Rates Available—my lock recommendations are as follows:

7 Day; LOCK   |    20 Day;  LOCK    |     30 Day;  LOCK   |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.

3.27.2009

Good day and welcome to another edition of the Minneapolis Minnesota Mortgage Update with Ben Coulter and Uptown Financial Corp.

Interest Rate Report:  4.75% 30 yr. Fixed  |  Jumbo  Mortgage Rates 4.875% 7 yr. ARM  |  FHA 30 yr. Fixed @ 4.5%

Bond Report:  10 yr. Treasury Yield @ 2.72% Down .01%   |    Rates Dipping  :)

Great Bond Market Link @ CNN MONEY.

The focus of today’s report is on the Interest Rates economic news.

Friday’s bond market opened relatively flat despite strong stock selling. The Dow closed down 148 points while the Nasdaq has lost 16 points. The bond market was on a wild ride today.  There were improvements in the morning’s mortgage rates by approximately .125 of a discount point compared to yesterday’s morning interest rates with a balancing out in the afternoon session.

February’s Personal Income & Outlays report was posted early this morning, showing a 0.2% decline in income and a 0.2% rise in spending. Both readings were slightly weaker than forecasts, which is favorable to bonds and mortgage rates. The readings indicate that consumers had less income available to spend than thought last month and it showed in their spending. Since consumer spending makes up two-thirds of the U.S economy, any related data is watched closely and carries a heavy punch.

The intra-month revision to the University of Michigan’s Index of Consumer Sentiment showed a reading of 57.3. This was an upward revision to the preliminary reading of 56.6 and a higher reading than what forecasts had called for. That indicates that consumers were a little more confident in their own financial situations than many had predicted. However, since this data is only moderately important, its results have not heavily influenced this morning’s trading or mortgage rates.  There are many in the Financial Planning field that feel the Consumer Confidence reading is extremely important to the stock market.

Next week is pretty busy in terms of economic releases. There are none scheduled to be posted Monday, but beginning Tuesday there will be important data every day.  Among the important reports include the ISM manufacturing index and the impactful monthly employment report.

————–

Based on the information at hand, and the current Interest Rates Available—my lock recommendations are as follows:

7 Day; Float   |     20 Day;  Float   |     30 Day;  Float  |   Over 30 Days;  FLOAT

This is strictly an opinion and only what I would do in the face of locking my own loan in today’s climate.  This opinion and information should not be taken as a fact or in any way a recommendation for any specific transaction.

Hopefully, the information above has helped you guage the Minnesota Mortgage and Wisconsin Mortgage Rates.  Please feel free to contact us with any and all questions regarding a Refinance, Cash Out Refinance, Home Purchase or to Simply chat about the Minneapolis, Minnesota scene of events.

Take Care & Go TWOLVES!

Ben Coulter  |  Uptown Financial Corp. (sunny Minneapolis, Minnesota)

Ben@UptownFinancial.com  |  612.216.1388  |  www.UptownFinancial.com

Residential, Commercial and Private Banking Mortgage Network.