Here is a snapshot of the bond market this morning:

 And here is how lenders are responding: (Green box means rates are going lower and red box means rates are going higher)

 103 lenders are lowering rates and 7 lenders are currently raising rates.

The economic news is a mixed bag today.

• Approval of the European bailout for Greece means that spending in Europe will be decreasing as they need to tighten their belt.
• At the same time, China’s GDP is increasing, showing signs of inflation, meaning they will more than likely be raising interest rates. That is bad news for the U.S., since investors will want to buy bonds at a higher rate in China, rather than U.S. bonds.
• Inventories for U.S. businesses are rising, as well as sales, showing more signs of an improving economy.

The bond market is still a bit “top heavy” – meaning it has room to come down to it’s trend line. If it breaks through where it started out today, we could have another nice day for rates, otherwise, it is more than likely headed downward to it’s trend line, meaning rates will not improve today.

Late last year, Fannie Mae conducted a national housing survey to check in on attitudes toward housing, especially in light of the current housing downturn. The research project asked more than 3,000 homeowners and renters nationwide, how confident they are about homeownership as an investment, the mortgage process, the housing finance system, their personal finances and the overall economy.

Survey Results

The survey showed that, despite the downturn, Americans continue to value homeownership.

• Nearly two-thirds of respondents said they preferred owning a home to renting (safety and having a positive environment to raise children were the top reasons to own).
• More than 60 percent said they would buy a house if they were going to move.
• Seven out of ten said that buying a home continues to be one of the safest investments available (only 17 percent believe buying stocks is a safe investment).
• Three-quarters of renters believe that owning makes more sense than renting, because it protects them against rent increases and is a good investment over the long term.

At the same time, people are more cautious and recognize the challenges to homeownership.

• About 60 percent said it would be harder to get a mortgage than it was for their parents, (citing poor credit and income as the main obstacles).
• Nearly seven in ten (68 percent) think it will be harder for their children to buy a home.
• Nearly one-quarter of renters say they will wait longer than they had planned to buy a home.
• More than half said they are making personal sacrifices to own their home, with 24 percent saying they are “sacrificing a great deal.”

In addition, a majority of Americans believe in upholding the financial responsibilities of homeownership.

• Nearly nine in ten said they do not believe it is acceptable to stop making mortgage payments on an underwater mortgage.
• Only six percent of homeowners said they had considered stopping their mortgage payments.
• More than half (53 percent) believe homeowners bear the responsibility if they get a home loan they can’t afford.

What We’ve Learned

What we’ve learned from these and other survey results is that even in light of the housing crisis Americans still value homeownership. But they have made a shift to a “new reality” — one that is less willing to take on risk to own a home and more focused on making homeownership a success for the long-term. 

Click here to see the survey.

Here is this morning’s snapshot of the bond market as of 9:00am:

And here is what lenders are doing:

So far this morning 10 lenders are lowering interest rates and 80 are raising them.

There is not really any good news for interest rates today-

• News of a $750 Billion bail out plan to stabilize Greece and the Euro caused the DOW to surge (remember good news for the stock market is bad news for bonds and rates)
• Fannie Mae and Freddie Mac announced huge losses, which could have implications including possible continuing of tightening credit guidelines.
• There is a $78 million supply of bonds to be auctioned this week – with good news elsewhere, investors may not be as interested to scoop up all of that supply.
• The important economic news to pay attention to this week will be the retail sales numbers coming out later in the week, along with the jobless claims numbers that always come out on Thursdays.

Make it a great week.

The DOW took a nose dive yesterday, plunging 1000 points in a matter of minutes before rebounding back. So far today, we’re still on a rollercoaster ride. Here is a snapshot of the bond market this morning:

And here is how lenders are reacting:

As of 9:00am 43 lenders are lowering interest rates and 51 lenders are raising them.

Fear seems to be the controlling factor as investors don’t trust that Greece won’t still default in spite of the bailout package that was approved yesterday, and the U.S. unemployment numbers gave a mixed message. 290,000 new jobs were created, but the unemployment numbers were up also, to 9.9%, and wages remained flat, meaning employers aren’t paying more.

Until the fear subsides, the market will continue to swing, as investors try to determine where the safest place to put their money is. The bond market is still due to come back down to it’s trend line, which means at some point in the near future we can expect rates to go back up.

Have a great weekend.

Getting a mortgage these days can leave YOU feeling overwhelmed and helpless. If only there was a way to know that you’re getting honest, accurate information to make informed, educated decisions about YOUR mortgage.

 I don’t know about you, but I really dislike buying a car. I dislike the whole process. There is a whole lot that goes on behind the scenes that I don’t understand. I never know if I can believe what the salesman is telling me. I never know if I’m getting a good deal or being taken advantage of.

Perhaps that is why I approach helping people get mortgages a little differently. I think that it’s important for you to have all of the information you need to make a wise decision. It’s your mortgage – you’re the one who is going to live with it for possibly the next 30 years.  You need to be certain that you’ve gotten the best mortgage to fit your needs, structured in the correct way to help you achieve all of your financial goals.

I believe that getting a mortgage doesn’t have to be a painful experience. You don’t have to simply turn over all of your personal and financial information and then just hope for the best…hope that your loan originator knows what they are doing – hope they are telling you the truth – hope they have given you the best advice on which loan option to choose – hope they know the best time to lock in your rate … Instead, once given the information you need, you can choose how to structure your mortgage and what rate to choose. I have the tools to help you do just that. Let me show you what I mean…

Things aren’t always as they seem.

If you’re not familiar with the terminology and the loan process,

how will you know if you are getting a good deal, or being taken advantage of?

(by the way… the man squatting in the picture above isn’t holding anything in his hands. All of the water, the drain, and the hose and reel– just a chalk drawing.)

When you work with me, I won’t just tell you what loan options you have and which one will be best for you – I’ll SHOW YOU.

Do you know the answer? Which is better – a lower rate with higher fees, or a higher rate with lower fees?

I won’t just quote you a rate and fees, I’ll SHOW YOU how much you will save each month and over the life of the loan.

Then YOU make the decision as to which loan option is best for you.

Should you ask the seller to help you with your closing costs? Or would it be better to ask them to help you buy down the rate instead? What is the best way to structure your offer so that you’ll save the most amount of money? I’ll SHOW YOU what the different options will mean to you in dollars and cents, and then YOU decide what is best.

Is now a good time for you to buy? Or would it be better to wait in case home prices decrease? I won’t just give you my opinion, I’ll SHOW YOU the numbers in black and white. Then YOU make the decision.

  How will you know who has the best rate? Is spending your time and energy rate shopping with several different lenders the only way to know? How will you know the best time to lock in the rate? I won’t just tell you what the markets are doing – I’ll SHOW YOU.

…and I’ll SHOW YOU which lenders are raising their rates, and which ones are lowering their rates – in real time. Then YOU decide when it’s the best time to lock in your rate.

Getting a mortgage doesn’t need to be a frustrating experience that leaves you feeling helpless.

I won’t ask you to trust me, I’ll earn your trust, by giving you the information you need to make informed, educated decisions about your mortgage.