FNMA 4.5% GAINED 38 BASIS POINTS!!!! The mortgage backed security closed out the day trading at $99.00 so we have recovered a few hundred of the lost bps from those tumultuous few sessions in the last few weeks. 30 year loans are still in the 5.25% range. Rates may hold steady in the morning or improve depending on the morning's news.
RD: REMEMBER Rural Development loans? They are fully documented FNMA loans offering 100% financing with ZERO mortgage insurance. Borrowers in this area can make up to $73,000-ish annually and still qualify for the program. Properties need to be outside of the city limits of Bozeman. SOMETHING TO THINK ABOUT THOUGH: condos outside the city limits that are FNMA APPROVED are properties eligible for RD loans. Yes we offer them...and yes we lend outside of Montana if you know of someone with needs...
EXISTING HOME SALES REPORT will be released tomorrow showing how well "existing" homes are selling. This is an important one as we get to see things like the amount of "inventory" out there and how homes are selling vs.. their asking price. It is a good indicator of recovery in the real estate market. It could be a market mover as good news there indicates economic recovery.
"WORLD BANK" said that the current "global recession" will last longer and is deeper than expected. This gave investors the feeling that they needed to invest in mortgage bonds and like investments. (Relatively safe.)
OIL fell to $67-ish/barrel today as the "dollar" looked strong and the world bank news above made it appear as though demand will remain low.
DOW lost 200 points...
Have a great eve!
