So, are you going to wait for rates to go up or prices to go up before you buy??? Everyone has to recognize this is the bottom. The unemployment figures came out today and the hopes of QE3 from the FED are long gone. The January jobs report showed an increase of 243,000 jobs in January with unemployment falling to 8.3%. Job numbers are the #1 indicator for the economy and I assure you Chairman Bernanke is watching and saying “why did I say I was going to keep rates down until 2014?” The 10 year treasury bill jump up to close at 1.95, up from 1.82 yesterday. Rates will rise when this happens so now is the time to buy!!!!!

Another item came to our attention this week that I wanted to share with you. Please remember when an appraiser calls you to set an appointment to ask where exactly is he coming from. Have them be specific. If an appraiser is coming from way out of area, let them know you will call them back to set a time and promptly call the lender to have the appraisal re-assigned to a “local” appraiser. Now, that doesn’t mean someone 30 minutes away isn’t qualified, but, maybe an hour away or another full county away can certainly make a difference. Try to find out what they know about the area before you set the appointment. The Appraisal Management Company (AMC) won’t always re-assign it, but, often they will if you make a justifiable case.

Rates are up a bit this week with the rise in the 10 year treasury, but, rates are still great. Remember that HARP II is just a few weeks away and FNMA and FHLMC loans may be eligible to refinance with an unlimited loan to value (meaning NO equity).

A great Chinese proverb is “Make happy those who are near, and those who are far will come”. Have a blessed weekend.

The Experts make their 2012 Housing and Mortgage Predictions

JUST SOLD – The Plaza, 8059 Scholarship, $850,000

JUST SOLD 8059 Scholarship, 2 bedroom, 2.5 bath, 1,790 sq ft, $850,000 Views of twinkling city lights, mountains, Fashion Island, golf course and nature habitat preserve that bring the outside in from this ‘big sky’ wrap-a-round terrace. This 2 bedroom plus foyer/gallery, 2.5 bath corner unit on the 5th floor offers gorgeous travertine floors that guide you through the luxury of light cherry wood kitchen cabinetry, granite counter tops, floor to ceiling windows with upgraded window shades, custom paint, custom light fixtures, crown molding, three Plasma TV’s and fireplace with custom built-in entertainment in living room. Experience extraordinary amenities and recreational oasis on nearly one acre of land…The Plaza-Irvine.

Financial Update by Maurice

Interest rates are looking great this week. How about a 30 year fixed at 3.5%. Does that do anything for you??

The jobs report came out today with an increase to jobs in December of approximately 325,000 new jobs created (per ADP), but, the bond market doesn’t seem to care. Bond traders are still more worried about Europe and the strength of the financial institutions there.

If you have a moment, pop open the attached rate sheet. The jumbo mortgages are extremely low as we have a purchase special going on 30 year fixed jumbo rates. We are offering a .25% better than refinances on this program. Great stuff!!

Being a great baseball fan I can relate to this: “Progress always involves risks. You can’t steal second base and keep your foot on first”.

Rates are looking great again this week after a tough start to the week. Rates had gone up a touch at the beginning of the week, but, have settled back into the groove with the 10 year T bill closing under 2% today.

What programs do we have that are unique that may help our clients buy homes? A few are:

Asset Depletion (income used through assets of a retired borrower)
Foreign National Programs for Non US Citizens
FHA with only 3.5% down (gift allowed)
Jumbo mortgages with only 10% down
No PMI 90% purchase loans
Interest Only Loans Up to $5 million

Virtual Tour: 5043 Scholarship

Virtual Tour: 36 Cienega

Interest rates pushed up a tiny bit today as the 10 year treasury yield received some upward pressure on good economic news. But, in the background lurks the nasty Greek debt. Greek’s financial fate hangs in the balance as investors have already agreed to a 50% write down on their bonds so at least they get some pay back. The country had deteriorated further since that agreement in October and is trying to avert a total default.

Here’s some trivia for you…at $400 Billion in value, Apple is worth more than the Country of Greece. Only Exxon Mobil has a higher valuation at $420 Billion. Of course Microsoft comes in behind Apple at $235 Billion. Isn’t it cool how a Billion slides right off the tongue these days?

How about these jumbo interest rates. You have to take a moment and look; 2.875% for a five year fixed rate! How about the 30 year true jumbo fixed rates at 4% fixed. These are phenomenal times and we have to make sure buyers recognize the intersection of these low rates and low prices. This has to be one of the greatest times in history to ever purchase a property.

Here is a quick example:

$400,000 30 year fixed rate
4% $1,909
5% $2,147
6% $2,398

As you can see, 2% more in interest rate is $489 a month higher in payment. Incredible opportunity to buy now.

Our quote of the week hits home: “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not” Dr. Seuss

Have a blessed weekend.

img src=”http://www.thesoussegroup.com/wp-content/uploads/2012/01/image008.png” alt=”Rates, 022012, The Sousse Group” title=”Rates, 022012, The Sousse Group” width=”500″ class=”alignnone size-full wp-image-6138″ />

The market on the 10 year Treasury Bill closed at 1.85% today keeping rates very low at the near same levels as last week. Europe continues to gain momentum as they had a great week in selling European Bonds keeping their rates low as well.

Interest rates are looking great this week. How about a 30 year fixed at 3.5%. Does that do anything for you??

The jobs report came out today with an increase to jobs in December of approximately 325,000 new jobs created (per ADP), but, the bond market doesn’t seem to care. Bond traders are still more worried about Europe and the strength of the financial institutions there.

If you have a moment, pop open the attached rate sheet. The jumbo mortgages are extremely low as we have a purchase special going on 30 year fixed jumbo rates. We are offering a .25% better than refinances on this program. Great stuff!!

Being a great baseball fan I can relate to this: “Progress always involves risks. You can’t steal second base and keep your foot on first”

Have a blessed weekend and let us know if we can help in any way.

Bank Repossessions Drop to a 44 Month Low…

JUST LISTED – The Plaza, 8059 Scholarship, $868,888

8059 Scholarship, 2 bedroom, 2.5 bath, 1,790 sq ft, $868,888 Views of twinkling city lights, mountains, Fashion Island, golf course and nature habitat preserve that bring the outside in from this ‘big sky’ wrap-a-round terrace. This 2 bedroom plus foyer/gallery, 2.5 bath corner unit on the 5th floor offers gorgeous travertine floors that guide you through the luxury of light cherry wood kitchen cabinetry, granite counter tops, floor to ceiling windows with upgraded window shades, custom paint, custom light fixtures, crown molding, three Plasma TV’s and fireplace with custom built-in entertainment in living room. Experience extraordinary amenities and recreational oasis on nearly one acre of land…The Plaza-Irvine.

Financial Update by Maurice

Interest rates are looking great this week. How about a 30 year fixed at 3.5%. Does that do anything for you??

The jobs report came out today with an increase to jobs in December of approximately 325,000 new jobs created (per ADP), but, the bond market doesn’t seem to care. Bond traders are still more worried about Europe and the strength of the financial institutions there.

If you have a moment, pop open the attached rate sheet. The jumbo mortgages are extremely low as we have a purchase special going on 30 year fixed jumbo rates. We are offering a .25% better than refinances on this program. Great stuff!!

Being a great baseball fan I can relate to this: “Progress always involves risks. You can’t steal second base and keep your foot on first”.

Do you want to save $120 million over five years? Stop printing treasury bonds…The Treasury Department switched to an all-electronic initiative last year and starting January 1st you will no longer be able to purchase paper treasury bonds. All bonds moving forward will be bought online which saves money on tracking, printing, mailing and storage.

How about rates? Well, if you like low interest returns on your investments, 10 year treasuries are the way. The 10 year T is at 1.85% as I type this email. But, like many other industries, banks take huge profits during these down turns. You will see that the banks are buying money at a very cheap rate…but, they don’t in turn reduce rates to consumers on mortgages in an equal fashion. When treasuries drop by a .25% or so, you certainly don’t see mortgage rates drop that much. For each .25% lower in T bill rates, the banks on average only lower their interest rates by an .125%. Think of the profits to the banks on the billions of dollars lent each day. Remember, the banks always win.

Have you had to work with a large bank lately on one of your transactions? How long did it take to close? We are still at 30 days or less on purchase transactions and can close even faster in many scenarios. Word on the street says the big box banks are still at 45 days plus. Let us get your deals close quickly and without any headaches to you.

Take a look at the 7 year jumbo rate. 3.25% up to %1.5 million and $3.375% from $1.5 to $3 million. This is incredible stuff!!

For the quote this week I really like David Weatherford’s comment: “When faced with a challenge, look for a way, not a way out”

Have a blessed weekend.