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Do you expect the home buyer tax credit extension to contribute to a noticeable pick up in loan production?

Created By: Adam Quinones

Yes, I anticipate an increase in activity (26.9%)
Only a modest upturn in production (43.8%)
Nope. 2009 demand stole from 2010 demand (29.2%)

Total Votes: 130
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Federal Reserve MBS Purchase Program

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» MBS Commentary Home

MBS ALERT: JUST A SCARE

by Adam Quinones

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MBS bids have stabilized...and even improved a bit.

3:20 Marks....

FN30__________________________________

FN 4.5 -------->>>> +0-08 to 101-05 from 100-29

FN 5.0 -------->>>> +0-06 to 102-01 from 101-27

FN 5.5 -------->>>> +0-07 to 102-17 from 102-10

FN 6.0 -------->>>> +0-07 to 103-08 from 103-01

GN30__________________________________

GN 4.5 -------->>>> +0-09 to 101-21 from 101-12

GN 5.0 -------->>>> +0-07 to 102-19 from 102-12

GN 5.5 -------->>>> +0-05 to 102-29 from 102-24

GN 6.0 -------->>>> +0-04 to 103-13 from 103-09

The Dow continues to climb....Bonds leveling out after brief panic...spreads still wider on 4.5s and 5.0s. Tighter 5.5s and up...

1 day intraday Chart of Dow, 5yr UST, 10 yr UST, 30 UST

Data provided by Thomson Reuters
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Comments

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Edgar | Contact or Connect with this Member

Let the improvements come in....ST is about to improve.

Kevin Connington | Contact or Connect with this Member

What would ST be?

Ryan Cunnane | Contact or Connect with this Member

I just locked my VA streamline refi at 5.0% with .5 discount, no origination points. Hope we didn't jump the gun and lock to soon but with how unstable it's been lately I didn't want to get passed by...

JOHN COWLEY | Contact or Connect with this Member

Don't fight the FED and always pay attention to Bill Gross. They are seldom wrong.

Rhonda Smith | Contact or Connect with this Member

Ryan, could you please tell me where you got your VA rate? I've been watching rates for a long time waiting to streamline refi. I could live with that rate!...Thanks

Ryan Cunnane | Contact or Connect with this Member

This rate is through Wells Fargo. I'm in Virginia by the way so your rates could vary. It was almost as much paperwork as my first mortgage was in 07/2008 so it is a stretch to call it a streamline!

Nate Miller | Contact or Connect with this Member

I hear we got hit hard before the bell: FNMA30 4.5% - 25bps

Adam Quinones | Contact or Connect with this Member

sound advice from mr.cowley

Rhonda Smith | Contact or Connect with this Member

I'm in Georgia, so maybe rates are higher here. Thanks, Ryan.

Adam Dahill | Contact or Connect with this Member

Just went to lock my client at 4.875% no points and she told me not to. It wasn't good enough she said. I pleaded with her to lock. She wants to wait and see. This is for nyc coop which is also a tad higher higher than you typical SFR. I told her if she paid me 1pt I could lock her at 4.375%. Didn't want to do it. !@#!^$#@^!&!%*(@%&! Some of the smaller lenders repriced for the worse such as Icon and Equifirst. They may have been too agressive this morning and gotten spooked on an afternoon sell off. DAMN clients won't let me off the float boat. I'm getting sea sick I tell you.

Garth Cook | Contact or Connect with this Member

Edgar, did you get your price improvement from Sun Trust? Was it better?

suikam | Contact or Connect with this Member

Adam, Who is the lender you use. I just locked my re-finance loan at 5% with 1% origination and $280 discount fee. I have over 790 score and my loan is 80% of the house value, no cash out. I still have to pay the regular closing fee. How could lender to lender have so much differences?

Adam Dahill | Contact or Connect with this Member

We are direct bankers. We also have correspondant relationships but I can't disclose the names of those relationships on a public forum as the bank's president would be all over me like flies on sh*t This was for a rate and term less than 60% with a 780 fico 417k loan amount. Different states have different rates. We are in NY NJ CT PA FL MD CA I do 99% of my business in NYC and the suburbs of NY and NJ. I can be found on the web

Liz G | Contact or Connect with this Member

I am a consumer, and have been following this blog since December. I have learned a lot, and missed the boat in January, and have been patiently waiting since. Today, I locked my FHA streamline at 4.875 w/ 1% origination. The rates could still get better, but I didn't want to miss out again. Thank you for all of your advice and thoughts that made this decision a no-brainer for me today!

zach rambach | Contact or Connect with this Member

I know this is a broken record question but i am just not sure what to do here. I know we dont really know what exactly will happen but i thought maybe i could get some advice from some experts. I am buying a house and have been waiting and waiting, i close on March 12 but could lock in at 5.0% with no points. Do you think i go ahead and lock or sail the float boat since i have time to wait.......

Liz G | Contact or Connect with this Member

Zach, not a professional, but a consumer. Weigh the pros and cons, I decided that my 4.875 was good enough, and if the rates went down to 4.5, I would shrug it off and still think I am getting a good rate with payments I like. The other side of the shrug it off, is being set with 5.5+, at that point it wouldnt be a shrug it off, it would be an all out anger that I didnt act when the time was right. What will you beat yourself up over more, taking the 5.0 and seeing 4.5's later, or not taking the 5.0 and seeing 5.75?

Bobby Downey | Contact or Connect with this Member

Zach..if your seller is paying closing costs get a rate with 1% origination......let the seller cover the costs and be in the high 4's...every builder and seller should be paying closing costs right now......

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