Mortgage Rates

Quick update on what’s going on in the market today…….

Mortgage rates are quiet today on a mixed bag of news.    A couple of manufacturing reports came in in what you’d call the “Goldilocks range”  (not too hot, not too cold).    The dollar is rallying a bit and oil prices are down.     The market is somewhat treading water before the Fed’s meeting later this week.

I’ll have more as the day and the week progress, for now it’s steady as she goes……

Bank Failure #29 & #30: Florida and Louisiana

From the FDIC: Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Old Southern Bank, Orlando, Florida

Old Southern Bank, Orlando, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …

As of December 31, 2009, Old Southern Bank had approximately $315.6 million in total assets and $319.7 million in total deposits. …

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $94.6 million. … Old Southern Bank is the 29th FDIC-insured institution to fail in the nation this year, and the fourth in Florida. The last FDIC-insured institution closed in the state was Marco Community Bank, Marco Island, February 19, 2010.

From the FDIC: Home Bank, Lafayette, Louisiana, Assumes All of the Deposits of Statewide Bank, Covington, Louisiana

Statewide Bank, Covington, Louisiana, was closed today by the Louisiana Office of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …

As of December 31, 2009, Statewide Bank had approximately $243.2 million in total assets and $208.8 million in total deposits. …

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.1 million. … Statewide Bank is the 30th FDIC-insured institution to fail in the nation this year, and the first in Louisiana. The last FDIC-insured institution closed in the state was The Farmers Bank & Trust of Cheneyville, Cheneyville, December 17, 2002.

Louisiana makes an appearance …

via Calculated Risk: Bank Failure #29 & #30: Florida and Louisiana.

You know, 20 years ago, we didn't need Straight Talk in the mortgage world.   Everyone did the right thing and everything moved along......

Now we do.   Would you like to work with a lender who will tell it to you straight?    Would you like to have someone looking out for what's best for you?

Would you like to work with a lender who has to blog under a pen name - because their bank doesn't like what they are saying?

If so, call us at 330-536-3623 or send an e-mail to info@straighttalkaboutmortgages.com and we'll have one of our team of lenders get back to you, typically within 4 hours during normal week days.

Kenny H.

Bank Failure #28: Park Avenue Bank, New York, New York

From the FDIC: Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of the Park Avenue Bank, New York, New YorkThe Park Avenue Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation FDIC as receiver. ..As of December 31, 2009, The Park Avenue Bank had approximately $520.1 million in total assets and $494.5 million in total deposits. …The FDIC estimates that the cost to the Deposit Insurance Fund DIF will be $50.7 million. …. The Park Avenue Bank is the 28th FDIC-insured institution to fail in the nation this year, and the second in New York. The last FDIC-insured institution closed in the state was LibertyPointe Bank, New, York, New York, on March 11, 2010.OK, now it is Friday.

via Calculated Risk: Bank Failure #28: Park Avenue Bank, New York, New York.

You know, 20 years ago, we didn't need Straight Talk in the mortgage world.   Everyone did the right thing and everything moved along......

Now we do.   Would you like to work with a lender who will tell it to you straight?    Would you like to have someone looking out for what's best for you?

Would you like to work with a lender who has to blog under a pen name - because their bank doesn't like what they are saying?

If so, call us at 330-536-3623 or send an e-mail to info@straighttalkaboutmortgages.com and we'll have one of our team of lenders get back to you, typically within 4 hours during normal week days.

Kenny H.

Mortgage Rates Today…..

Well, we told you earlier that the retail sales report would probably push rates up.    Now that I’ve got today’s rates, here’s an overview of the changes from yesterday:

• 30 year Fixed under $417,000 – no change from yesterday.
• 15 year fixed under $417,000 – a minor increase.
• 30 year fixed over $417,000 – a minor increase
• 15 year fixed over $417,000 – a minor increase
• 30 year fixed FHA – a .125% increase in rates

So, rates didn’t jump as much as it appeared they would.    Why’s that?   The University of Michigan Consumer Sentiment Survey came in worse than expected.   The market had expected that it would come in the same as the last report but it dipped down.    Apparently consumers aren’t real confident that government policies will help the situation.

U.S. Consumer Sentiment declined in March.

U.S. consumer sentiment declined slightly in early March, with Americans less positive about the job outlook, a survey released Friday showed.

Shaun Curry | AFP | Getty Images

The reading, however, stayed close to its six-month average, and was significantly above the year-ago level, according to Thomson Reuters/University of Michigan’s Surveys of Consumers.

The preliminary March reading for the surveys’ overall index on consumer sentiment was 72.5, down from 73.6 where it ended in February, and below the 73.6 forecast by analysts polled by Reuters.

In early March, consumers were expecting no change in the national rate of unemployment, which stands at 9.7 percent, for the rest of 2010, and were losing confidence in help from government economic policies.

"In recent months there has been a noticeable loss of confidence in current economic policies," Richard Curtin, director of the surveys, said in a statement.

So, the report was better than last year, which reinforces the “back from the brink of disaster” mentality.    But it’s hardly a glowing report.

That makes it more likely that the retail sales report for February was a “statistical anomaly” and not truly a sign of an improved market.    That took some pressure off rates for the morning.

Bank Failure #27: LibertyPointe Bank, New York – and it wasn’t even Friday!

From the FDIC: Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of LibertyPointe Bank, New York, New York

LibertyPointe Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….

As of December 31, 2009, LibertyPointe Bank had approximately $209.7 million in total assets and $209.5 million in total deposits. …

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.8 million. … LibertyPointe Bank is the 27th FDIC-insured institution to fail in the nation this year, and the first in New York. The last FDIC-insured institution closed in the state was Waterford Village Bank, Williamsville, July 24, 2009.

Is it Friday?

via Calculated Risk: Bank Failure #27: LibertyPointe Bank, New York, New York.

A couple of thoughts here…..

• I don’t know whether it’s because the FDIC was short staffed or because they have a LOT of banks that they are going to close today, but it’s highly unusual that they would close a bank on a Thursday.
• If you look at the estimated cost and the assets vs. deposits, it doesn’t sound to me like it’s a huge loss (relatively speaking) so I think there’s probably more going on than meets the eye.

Stay tuned…….

You know, 20 years ago, we didn't need Straight Talk in the mortgage world.   Everyone did the right thing and everything moved along......

Now we do.   Would you like to work with a lender who will tell it to you straight?    Would you like to have someone looking out for what's best for you?

Would you like to work with a lender who has to blog under a pen name - because their bank doesn't like what they are saying?

If so, call us at 330-536-3623 or send an e-mail to info@straighttalkaboutmortgages.com and we'll have one of our team of lenders get back to you, typically within 4 hours during normal week days.

Kenny H.

Next Page »