Memorial Day

No mortgage news today, just wanted to wish EVERYONE a happy and safe Memorial day. Especially to all of our veterans and active duty around the world. We owe you a debt that can never be repayed.

If you are a civilian though please remember what Memorial Day is all about. Beach, burgers and beer are great and I will do all three this weekend. Just don't forget about our soldiers. Thank them, go to a parade and take pride in what you see around the country.

There is some great info on our local heroes who made the ultimate sacrifice.Consider some of these noble charities also. And if you don't know what Fisher House is please take a look.

HAPPY MEMORIAL DAY!!

Compare the rates

Take a look at the rates offered by Prosperity Mortgage, a division of Long and Foster versus Monarch for today. The examples are 200k for conforming and FHA loans and 440k for a conforming "jumbo" The rate quote was for 60 days. Monarch closes loans in 30 days or under but I wanted to compare apples to apples.

Prosperity-FHA 30 year fixed.
5.0% with one point-
Monarch- 4.875% with zero points

Prosperity- 30 year fixed conforming
5.0% with one point
Monarch-5.0% with .625 in points. This was the closest by far. Again this is for a 60 day quote which is unnecessary.

Prosperity-30 year fixed jumbo
5.5% with one point. Insanely high. The estimated fee on this is over $13,000 for Prosperity!!
Monarch-5.25% with NO points.

Folks please, please please, shop around and don't let anyone push you into a loan with a "preferred lender" because it's easy and quick. We are just as quick here if not quicker. You'll never know unless you call 240-403-1970 or email bmendelson@monarchmtg.com

The difference on the jumbo is $4,400 in fees and $828 difference per year. Over 30 years it's $24,840 plus the $4,400 in up front fees. It's worth a phone call to compare don't you think?

Thanks,
Brent

Where are rates headed?

Well since my crystal ball is broken I will just do the best I can to read the tea leaves and see if we can figure out what rates will do on a weekly basis. Below are highlighted what I consider to the most important factors that determine interest rates. The critical ones are in red, yellow is still important in my opinion. I would love to hear your feedback on interest rates or anything else housing related. You may also refer to a web/blog that a former co-worker wrote that has many useful links on it as well. Monarch is licensed is SC,NC,VA,MD,DC,WV,DE,PA


U.S. Economic Reports, May 3–7, 2010 (All times ET)

Monday, May 3
8:30 Personal Income and Outlays
10:00 Construction Spending

Tuesday, May 4
7:45 ICSC-Goldman Store Sales
8:55 Redbook
10:00 Factory Orders
10:00 Pending Home Sales Index

Wednesday, May 5
7:00 MBA Purchase Applications
7:30 Challenger Job-Cut Report
8:15 ADP Employment Report

Thursday, May 6
6:00 Monster Employment Index
8:30 Jobless Claims
8:30 Productivity and Costs
9:30 Ben Bernanke Speaks ***
11:00 Freddie Mac Interest Rates **

Friday, May 7
8:30 Employment Situation
3:00 Consumer Credit

We'll try and get out information out quicker so you can make a decison as fast as you need. Waiting can cost alot of money over the life of the loan.