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Tampa Mortgage Rates Update for – March 27, 2010
March 27th, 2010 Categories: Clearwater Florida, Tampa Mortgage News
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About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
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In Clearwater Florida Over 24 Hours saw Tampa Mortgage Rates Shoot Higher
May 21st, 2009 Categories: Clearwater Florida, Pinellas County Real Estate, Tampa Mortgage News
The Ying and Yang of Clearwater Tampa Mortgage Rates
Clearwater Florida – Tampa Mortgages: Rates go up, Mortgage rates go down – it seems we’re living with the constant Ying and Yang of the mortgage and Clearwater real estate market. If you’re one of the lucky ones, you’ll catch them while they’re down and while they last.
After Wednesday’s mortgage market rally drove rates down by a bunch, Thursday’s sell-off pushed them right back up.
This has been a common pattern in the skittish world of mortgage rates this year.
With the U.S. economy still teetering between recession and growth, markets are looking for signals anywhere it can find them – mortgage markets and real estate markets are no different. Thursday’s clue came from a government report showing that more Americans are collecting unemployment benefits than at any point in history.
Strangely, mortgage rates rose on the news.
We call it “strange” because weak economic data has tended to draw mortgage rates lower lately to the benefit of prospective home buyers and would-be refinancers. Lower rates make Clearwater homes more affordable.
Thursday, though, the pattern broke.
Why Did Mortgage Rates Rise Today in Clearwater and Tampa?
The main reason why Florida mortgage rates rose Thursday isn’t because of the employment report or any other piece of data. Rates rose Thursday for the same reason that they had dropped the day prior — the Federal Reserve.
On Wednesday, the released minutes from the Fed’s last meeting suggested that the group might make a larger mortgage market intervention. On Thursday, in the face of worsening jobs data, markets bet the Fed wouldn’t.
Clearwater – Tampa Mortgage rate shoppers and home buyers, unfortunately, got caught in the crosshairs.
Rates can — and do — change quickly, without warning. And, thus far this year, the changes have been extra sudden. This is one reason why it’s often prudent to lock your Clearwater Tampa mortgage rate as soon as you find one that’s agreeable. Wait too long, and it could be gone.
Expect more volatility today with traders leaving early for Memorial Day Weekend. Less volume means more chances for rates to change.
Clearwater Florida – Thinking of Buying or Selling a house – We can help
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
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How The Treasury's Economy Revival Outline Helped Clearwater Home Affordability
February 11th, 2009 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – His speech was much anticipated, but it was what Treasury Secretary Tim Geithner didn’t say Tuesday that helped Clearwater home affordability.
Mostly it was because of “safe-haven” buying on Wall Street.
Safe-haven buying is when investors move cash to the safest investments possible for fear of losing their money elsewhere.
This existence of the pattern is evident in looking at yesterday’s Dow Jones Index timeline. Stock markets were down some in the morning. Then, at 11:00 AM ET, in the moments immediately following the public release of Geither’s speech as text, stock market plunged by about 2 percent.
As the speech was delivered live, markets fell by 1 percent more.
It’s not that Geithner’s speech was a bad one, per se. It’s just that Wall Street was looking for a detailed plan that included remedies for banking, housing, and the economy overall. What it got instead was an outline for a plan and a frank discussion about the complexity of the economy.
Stock markets had been bid up last week in anticipation of a bailout. Tuesday’s action was the subsequent sell-off because economic uncertainty continues to linger.
It all ended up being good news for Tampa mortgage rate shoppers, though. When the dollars fled the stocks, they made their way towards safer, less-risky investments like mortgage bonds. And, because mortgage-backed bonds set the “going rate” for conforming mortgages nationwide, the added demand yesterday caused mortgage rates to fall, making mortgaged homes less expensive on a monthly basis, relative.
For now, rates remain near the bargain levels set in early-January. As the Treasury clarifies its plan in the coming weeks, however, rates are susceptible to big swings.
(Image courtesy: The Wall Street Journal)
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
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Clearwater Florida Move-Up Homebuyers Face New Lending Challenges This Spring
February 1st, 2009 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – When a homeowner sells his Clearwater house and decides to buy a new one, there are 3 basic options for the residence — sell it, keep it, or rent it. While we’ve seen lots of changes in our Pinellas County school zoning this past year we also have had less well known changes in financing your next Pinellas County home.
Unfortunately, no matter which path they choose, Clearwater Florida move-up homebuyers in need of a new conforming mortgage will find qualifying for a Tampa Bay home loan to be more difficult this season than in the past.
Tampa Mortgage guidelines are dramatically tighter for people “carrying two mortgages”.
Among the changes this spring’s buyers face:
Selling your Clearwater home when it’s your primary residence
If you plan to close on your new home prior to the closing of your existing home — even if it’s only by a day — both payments must be listed as monthly debts on your mortgage application. This will disqualify the majority of homebuyers.Converting your Clearwater house to a second homeIf your current home has less than 30 percent equity in it, your mortgage application for the new home will not be approved unless you can show 6 months worth of mortgage payments + taxes + insurance in reserves for the current home and new home combined.
Converting your house to an investment propertyIf your current home has less than 30 percent equity in it, any rental income derived from a tenant is disallowed on your mortgage application for the new home. You must still count the mortgage payment + taxes + insurance as a monthly debt.
Related article:
In other words, being a move-up buyer in Clearwater Florida isn’t as simple as it used to be. New lending rules make buying a new home an exercise in timing and financial planning. And the rules are expected to get tougher, too.
Therefore, if you expect to be buy a larger home in Clearwater in the next 12 months, consider moving up your timeframe or — at least — planning ahead for it.
Understanding the new Tampa mortgage landscape and how they can influence your upcoming purchase may be the difference between getting approved for a home loan, and getting turned down.
Thinking of Buying or Selling a house in Clearwater Florida – We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
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Clearwater Home Buyers – When They Say You Can Save 15% – Don't do it!
December 22nd, 2008 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – Today we have the pleasure of welcoming guest blogger and Florida Mortgage Expert, Kevin Sandridge to share his timely Clearwater home buyer tips.
“Would you like to use your “Fancy-Schmantz Pantz Store Credit Card” with us today, ma’am? Oh, you don’t have one? Well… Do I have a Deal for You!”
STOP! Wait a beat… and read this first…
Don’t Open That Store Credit Card Account!
At least not if you’re in the market to buy or refinance a Clearwater Florida home. We’re in the holiday rush, and department stores and other retailers are raining down magical little store-brand “at the register” credit card offers on shoppers along with the “gift” of you saving 15% on your purchase. I know, I know… these offers tend to make our eyes light up bigger than Ralphie’s did in A Christmas Story when he finally got is Red Ranger BB Gun! However, for Florida home shoppers or those looking to refinance their Florida mortgage, taking advantage of these in-store savings could be a long-term bad idea.
The Christmas Story movie cover
You see, for folks looking to buy a Clearwater Home for retirement or a second home, a few points on their credit report can make a world of difference! Conforming mortgage lenders make rate adjustments for low credit scoring applicants. As an example, a home buyer with a 20 percent downpayment and a 715 credit score would face an interest rate adjustment of approximately 0.125%.
Once your credit score drops below 700, the adjustments on your Florida mortgage get even worse!
If you’re not in the market for a new Florida home or Florida mortgage refinance, then chances are that taking advantage of these “at the register” savings won’t pose any sort of difficulty for you. However, if you are considering a purchase or refinance, then please be aware of how these offers may impact your credit score. Consider this when the next store clerk with a sparkling smile and gleam in his eye offers you an easy way to save on your holiday gift spending…
“Is saving 15 percent on this $200 purchase worth the long-term cost of paying an extra 0.125 percent on my new mortgage?” Hopefully, you’ll answer yourself and that eager sales clerk with a HO, HO, HO, NO THANK YOU!
Happy holidays, folks. May you and your families receive all the joys and blessing this special season may afford!
Sincerely, your Florida Home Loan Specialist
Kevin Sandridge,
Thinking of Buying or Selling Clearwater Real Estate
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2008 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
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