California Mortgage News

Staying on top on the latest California Mortgage news can be a daunting task.  At RefinanceQT.com we believe it is essential we provide each and every client all the information they need about interest rates, mortgage news, loan programs, industry news and more.  With access to hundreds of loan programs and some of the best terms in the industry, you will be able to secure a great loan at fantastic terms.  We value the importance of obtaining the best possible terms for our clients, and that is why we work hard to stay on top of interest rate trends and program updates. 

California Mortgage Loan News:

2.10.09

Today the reasury announced their plan to revive the U.S. baking system.  However investors were not happy that the plan lacked details and the DOW sold off more then 400 points.  The Treasury did mention they will have more details in the coming weeks.  The mortgage market (MBS) as little changed in the morning hours however in the afternoon  yields declined as prices went up.  Lenders have not passed along any improvements to their interest rate sheets.

2.5.09  Yesterday the Senate added to the economic stimulus bill an amendment increasing the home buyers tax credit from $7,000.00 to $15,000.00 and it is for anyone who buys a home in 2009.  Previously it was for only first time home buyers.  Many in the real estate and mortgage industry applaud this move as it's important step to get people to buy homes again.

1.26.09  Interest rates have increased recently for various reasons.  While the Federal Reserve is still actively buying Mortgage Backed Securities, some investors have left the market. Also, lenders are swamped with loans to process so they've increased rates to slow down the pace of submissions.  As lenders work through their volume, lower rates may resume.

1.13.09  Chase prime mortgage is leaving the wholesale business.  Last year Bank of America and Citi exited from directly lending to the wholesale market however they continue to lend to the wholesale market through Third Party Originators (TPOs).  While this may seem like a below to the mortgage industry, many believe it will make other lenders stronger and more viable with the increased volume.

01.05.09

The Federal Reserve has begun buying Mortgage Backed Securities.  Their program is aimed at lowering mortgage rates to spur demand for housing.  They will be spending $500 billion dollars over the next 6 months and have another $100 billion to spend which they will use to buy Mortgage Backed Securities directly from banks (rather than the open market).  Most people believe they will achieve their goal however some are concerned that the loan process may freeze because of too much demand from homeowners.

12.02.2008

California Mortgage Interest Rates are approaching all time lows (not seen since October of 2003).  A wide variety of factors are seen as the cause of this rapid decline in rates however most economist do not know how long these rates will last.

11.28.2008

The Federal Reserve just announced a plan to invest $600 billion dollars into the credit markets in an attempt to lower interest rates on mortgages and other types of loans.  This is in addition to the $700 billion TARP plan announced a few months back that has so far injected almost $350 billion into banks to try and free up the credit markets.