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If the fed only controls the adjustable, fed fund rate, then what controls the long term fixed rate mortgages? The fixed rates move with the Mortgage Bond Market, which is Mortgage Backed Securities (MBS). You might ask “but aren’t fixed rates, fixed? How can they go up and down?” Fixed rates go ...
We hear mortgage professionals (mortgage brokers and mortgage lenders) misspeak all too often when attempting to educate the public on interest rates. These professionals hear “the Fed is raising rates”, and so they turn around a regurgitate what they hear, but they are telling the public that th...
Zillow has just made the buyer/seller real estate market a breeze, offering their new software (Zillow Instant Offers), which lets sellers automatize the selling and offering of their own house, giving  competitive offers (if the home qualifies), and erasing the middle man from the equation. Now,...
Ocwen Financial Corp, the West Palm Beach financial giant, had announced the big acquisition of PHH Corp (for more than $360 million), this last year. Now the company’s future has been put on hold, or at least for more than 2,000 of its employees. The company’s senior vice-president of corporate ...
 Mortgage delinquency* and foreclosure rates have reached their lowest point in 20 years (in the USA alone). 4.1 percent of mortgages were in some kind of delinquent breach (in November 2018). [Source]This has been a consequence of the solid rise in home equity, and the fall of high risk loans in...
Mortgage interest rates are going down!The 30-year fixed-rate average fell to 4.31 percent with an average 0.4 point. It was 4.41 percent a week ago and 4.44 percent a year ago. These interest rates haven’t been this low in more than 12 months. “At 4.31%, the average 30-year fixed mortgage rate i...
There’s an evident lack on financial education nowadays. Be it mortgage misinformation (or credit status know-how), borrowers are suffering the huge consequences. “Believe it or not ladies and gentlemen, banks want to have clients with great credit, they need to have the great clients on their po...
The Consumer Financial Protection Financial Bureau (CFPB) plans to create new rules for the Property Assessed Clean Energy program (PACE), which will allow selected homeowners to obtain financing to better their home’s energy efficiency.Programs like PACE will enable energy financing to gain a hi...
Rumors regarding Ben Carson’s occupancy of the Housing and Urban Development Secretary (HUD) were debunked by the neurologist turned US secretary this past week.The rumors surfaced when Carson, talking to the conservative press, mentioned venturing into the private sector after leaving public off...
New Financial Assessment Date Gives Industry Time to BreatheWhen the first effective date for the financial assessment was first announced to be March 2015, there was a collective groan in the industry. It was finally here, that which would determine the eligibility of a borrower based on income ...

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
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