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Floatin dirty
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Anyone do or have a connect for mortgage loans in AZ? Rates are climbing and my construction is done. Need to see what my best route of direction will be now. Thanks for the help...
 

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We've used Mateo Mortg. quite a few times. They're in Phx. You can look them up on the web. The last I looked they were still offering 5% no pts. We tried to refi a couple of weeks ago with them but had a problem with the appraisel.
 

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Az mortgage help

Anyone do or have a connect for mortgage loans in AZ? Rates are climbing and my construction is done. Need to see what my best route of direction will be now. Thanks for the help...
I have the best connection she is in Calli :)Lara Jo 310 521 5238 :)devil
Let her know I referred you she has handled several home for us.
 

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Good article (actually bad news) about mortgages and bonds...

NEW YORK (AP) -- Even the U.S. government is having a hard time getting a cheap loan nowadays.

That's not a good sign for the average American borrower.

The government was forced to lift the yield on 10-year Treasury notes to 3.99 percent to lure in buyers at an auction Wednesday. That was the highest yield it's offered since last August, before it started bailing out the nation's financial industry.

In the end, the government still got plenty of buyers for its $19 billion in 10-year notes. The ratio of bids to notes sold was decent at 2.66, and indirect bidding -- a measure of foreign buying -- was fairly robust at 34 percent.

But the auction signaled to investors that financing the U.S. financial bailout and economic stimulus packages is not going to come cheaply. Already, some foreign governments including Russia are talking about reducing their U.S. debt holdings because of the weak dollar.

If demand for U.S. debt keeps tumbling, that will mean even higher yields, or annual rates, on the debt. Those yields are closely tied to rates on mortgages and other consumer loans.

The Mortgage Bankers Association said Wednesday that the average rate on a 30-year fixed-rate loan rose to 5.57 percent last week, the highest level since November, from 5.25 percent the previous week.

Kevin Giddis, managing director of fixed income at Morgan Keegan, said that Thursday's jump in market rates would translate to another rise in that 30-year fixed rate to about 5.75 percent.

"That should concern everyone," Giddis said. The Fed "is having a hard time keeping mortgage rates where they need to be so people can buy inventory or refinance existing homes."

The downturn in the housing market is the main reason the economy is currently in a recession.

For a while this year, bond prices were falling and yields were rising because the economy was looking to be improving. When investors have a rosier economic outlook, they tend to sell off Treasurys and buy stocks.

But now, bonds are falling because of inflationary worries. The dollar is falling, and oil prices have jumped to seven-month highs.

A Russian central bank official gave investors a scare Wednesday when he said his bank would reduce U.S. Treasury holdings to invest instead in International Monetary Fund notes. Russia now holds about $120 billion, or 30 percent, of its hard currency reserves in U.S. Treasurys and said it would redirect up to $10 billion to the IMF.

Chinese and Brazilian officials said they are interested, too, in buying IMF bonds. The announcements come just a week before China, Russia, Brazil and India gather for talks in Russia, where they are expected to discuss alternatives to the U.S. dollar as the global reserve currency.

By late trading on Wednesday, the 10-year Treasury note fell 22/32 to 93 7/32. Its yield was at 3.96 percent, up from 3.89 percent late Monday but down from its high of the day of 4.01 percent.

Tom di Galoma, head of U.S. rates trading at Guggenheim Capital Markets LLC, said it was a good sign that investors came back into the market to buy 10-year notes after the yield surpassed 4 percent. That might mean that rates are starting to top out, he said.

The yield on the 30-year bond rose to 4.77 percent from 4.67 percent, as its price fell 1 22/32 to 91 22/32. The 30-year yield reached 4.83 percent during trading, the highest yield since October 2007.

On Thursday, the government will auction $11 billion in 30-year bonds.

The yield on the two-year note rose to 1.36 percent from 1.32 percent, as its price fell 3/32 to 99 1/32. On Monday, the two-year yield hit a six-month high of 1.45 percent.

The yield on the three-month Treasury bill was flat at 0.17 percent. Its discount rate was 0.18 percent.

Borrowing costs between banks remain near record lows on continuing evidence that the financial industry is healing. On Tuesday, the Treasury gave permission to 10 banks to repay their government loans. The British Bankers' Association said the London Interbank Offered Rate, or Libor, on three-month loans in dollars edged lower by 0.01 percentage point to 0.64 percent.
 

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Floatin dirty
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4,831 Posts
Discussion Starter #12
Thanks everyone, I called everyone on here I think and no love with a good rate. Finally tried Priority Lender in cali and got 5% fixed with no points so I am locked in with that. Loan will cost me a few bucks to refi the construction loan and pre-payment penalty but its tax deductible and I will recoupe it in a few years with the lower payment. Broker said my loan will close in a week.
 
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