Tampa Mortgage Rates Report: Fed Cuts To Prompt Lower Mortgage Rates – Will Home Buyers benefit in November?
October 29th, 2008 Categories: Tampa Mortgage News
Will Feds Cut rate cut help Clearwater home buyers get lower Tampa Mortgages in November?
Tampa Florida – Brian Brady, America’s #1 Mortgage Broker, always keeps his pulse on the mortgage market for us. Today he shared how the latest Fed Cuts will effect those planning to buy Clearwater Tampa Homes. Today that “we analyze mortgage rates by examining
the mortgage-backed securities market and its reaction to economic data
and events. Today, the Federal Reserve cut the Fed Funds rate to an
historical low of 1%:
The Fed funds
rate target is now 1%, the lowest level in more than four years. In
announcing its decision, the Federal Open Market Committee cited a drop
in spending by consumers and businesses, and predicted that consumption may slow further due to tighter lending standards.
“The pace of economic activity appears to have slowed markedly,”
the FOMC said in a statement, “owing importantly to a decline in
consumer expenditures.”
Why’s
the economy in the tank? You just aren’t spending enough money, Joe
the Plumber. Of course, you can’t borrow any either so you’re hesitant
about spending. Hence, the Fed cut in rate. Normally, a Fed cut
should be followed by a RISE in mortgage rates but it looks like the
mortgage-backed securities market anticipated the cut a week ago.
Let’s take a look the crystal ball (market chart):
See what’s happening here? Two weeks ago, we had a six day BIG
drop, which caused rates to rise from 5.875% to 6.5%. That drop was
followed by a 5 day rally, which brought rates back down to 5.875%.
Then, we had a six day BIG drop, driving mortgage rates back up to 6.5%
(today)…
…and I think the market overreacted which means I think we’ll see lower mortgage rates into the beginning of November.
What’s this mean for those buying a Home on Tampa Home Mortgages?
This is the kind of volatility we’ve come to expect. Tampa Mortgage rates
should drop to 6.25%, pause, then drop again to the 6% level or below.
No guarantees but November closings should get a peek at 6% or better
rates soon”
Related posts:
Tampa Mortgage News: Tampa Mortgage Rates Report: October 27, 2008
Contact us for a FREE quote and to find out your Tampa Home Mortgage
options or you can search all Tampa homes for sale.
Originally posted on Millionaire Real Estate Lender by Brian Brady, America’s #1 Mortgage Broker
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 Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
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Tampa Mortgage News: Tampa Mortgage Rates Report: October 27, 2008
October 27th, 2008 Categories: Tampa Mortgage News
Tampa Mortgage – Home Loan Rates Jumped
Tampa Florida – Friday, Tampa mortgage rates jumped from 5.875% to 6.25% as mortgage-backed securities traders joined the world wide sell-off. Global stock markets plunged Friday and the Asian markets were weak for Monday. Investors world wide don’t want to be invested in ANYTHING.
When the world panics, we FLOAT mortgage rates. So, roll the projectors! The movie “Float Club” is playing all week.
Interestingly enough, gold isn’t skyrocketing in price. Long held as a “safe haven” during times of turmoil, investors are opting to hold their portfolios in cash instead:
Bullion is down 15 percent this month as the dollar climbed to a two-year high against the euro and the Standard & Poor’s 500 Index headed for its steepest monthly loss since 1938.
`We’re seeing some consolidation in the market today as investors pause for breath following the roller-coaster we had last week,” Zhu Lv, research manager at Shanghai Tonglian Futures Co., said from Shanghai today.
Gold for immediate delivery gained as much as 1.7 percent to $746.91 an ounce, and traded at $735.33 at 10:29 a.m. in Singapore. The metal fell below $700 on Oct. 24. Silver for immediate delivery was up 1 percent at $9.4575 an ounce.
Gold still benefits from its safe haven properties, although these days, more and more are choosing to hold just cash instead, so it won’t be surprising to see gold below $700 again,” said Zhu.
What’s this mean if you’re in the Market for a Tampa Mortgage?
What’s that mean to home buyers or property investors looking to get a home loan or mortgage in the Tampa Bay area? It means that while investors are cautious, they aren’t completely terrified and that bodes well for mortgage-backed securities. When investors buy mortgage-backed securities, mortgage rates drop; that’s what we think will happen in the next 7-10 days.
I cautioned borrowers to lock in all October closings last week when mortgage rates dipped below 6%. That opportunity had a short-lived window. Like all panics, reason eventually prevails. Central banks world wide are slashing interest rates to avoid an economic recession. This make US dollar denominated investments, especially mortgage-backed securities more attractive.
Hold out for a Tampa mortgage rate below 6% if you’re closing in November. Contact us for a FREE quote and to find out your Tampa Home Mortgage Options
Originally posted on Millionaire Real Estate Lender by Brian Brady, America’s #1 Mortgage Broker
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 Tampa Bay Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
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Tampa Mortgage News | Buying Clearwater Real Estate Easier with FHA Home Loan Limits Increased
March 11th, 2008 Categories: Tampa Mortgage News
Clearwater Florida – We recently received news that will help the Clearwater Real Estate Market. The President has signed the Economic Stimulus Bill which is important because it raises the existing FHA Loan limits by county so now more Tampa Bay home buyers can benefit from FHA Loans and Clearwater home sellers are happy to hear buying a home just got easier. (Determine your maximum loan limit by referring to the following link to HUD.)
What does this mean to homes buyers today? Well when it comes to Tampa Mortgage news we asked to our Tampa Bay home loan experts to give us there insights on these recent changes.
Buying Clearwater Tampa Bay Property Just Got Easier
Heres what these Tampa Mortgage lenders had to say, ‘Many homebuyers who could not realistically use FHA loans in the past to purchase or refinance Clearwater homes for sale because of the low loan limit can now use the FHA loans for higher loan amounts¦in Pinellas County, this means we can use an FHA loan for Tampa mortgage up to $292,500 on a single family home – which covers many of the homes currently for sale.
What is the benefit of using an FHA loan to buy Clearwater homes or condos?
- Lower down payment on homes – Typical FHA standards say that the borrower must have a 3% down payment on their home. However, with the help of down payment assistance programs, like AmeriDream, borrowers can have that down payment gifted and in turn have a zero down loan.
- Reduced Credit Standards for home buyers – FHA is more lenient on borrowers with limited or bruised credit history, with no true minimum credit requirement.
- Higher LTV allowed on cash-out refinances – Standard conventional guidelines say that a borrower can ‘cash-out’ up to 90% of the value of their home. However, in our declining market environment, that number is reduced by 5%. This is a problem for many homeowners trying to get our of their adjustable rate mortgages. With an FHA loan, a borrower can cash-out up to 95% of their Clearwater florida real estate property value.
Why Tampa Mortage Lenders and REALTORS are Embracing FHA Loans
- FHA has made some significant changes in their underwriting criteria. In the past, FHA inspections were required to make minor repairs for cosmetic defects, or normal wear & tear. Now, FHA has revitalized to a underwriting process much similar to conventional loans, making it easier for those buying proeprty to use and Tampa REALTORS to promote FHA products.
- Now those with homes for sale can offer concessions to the home buyers to help sell their homes – FHA allows the seller to ‘gift’ the 3% down payment through AmeriDream. In addition, the seller can give up to 6% of the sales price to the buyer for closing costs, prepaid expenses and points.
- If you have a home or condo for sale that isnt selling because the home needs some improvements such as new flooring, windows or updated appliances – the new mini FHA rehab program allows buyers to finance as much as $35,000 into the mortgage for minor repairs that would be completed after the sale.’ (Weve used this with pre-foreclosure and bank-owned REO foreclosure homes for sale )
Its easy to see that FHA mortgages are going to be a more popular way to buy a home or condo in the Tampa bay area and is a great option for home purchases or refinances.
Now that you see why purchasing Clearwater Real Estate just got easier, feel free to see all the homes and condos for sale in the Tampa MLS with photos.
If you are a home buyer who has recently been turned down for a conventional Tampa mortgage or home loan or were told that you have to bring more money than you have to closing, call us for the number of several Tampa mortgage lenders who will give you a complimentary consultation to see if this new FHA program is right for you!
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 Tampa Bay 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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Tampa Florida Beaches offer Fun, Sun and amazing Sunday Sunsets
January 28th, 2008 Categories: Pinellas County Real Estate
Tampa Florida Beaches are a Warm and Wonderful Place to Live
Pinellas County Florida Ok, I have shared the many times how we have camped and enjoyed hanging out at Fort DeSoto Park and beach at the southermost point of Tampa bay’s beaches. Every time I’m there I am so thankful that our county forefathers preserved so much green space and public beaches for the people of Pinellas County. (approx 1 million people live here).
This sunset photo was taken off the southernmost point along the beach where the channel connects Tampa Bay and the Gulf of Mexico. It’s not uncommon to see huge ships and tankers going in and out of the Port of Tampa here.
Why did this sunset capture my eye? I felt like it had a magical quality to me when I saw the vivid cloud formations and the colors. It’s almost like fluffy cotton candy – I feel like I can touch it even now when I look at the photo. I also liked the softness of the colors – less firey reds and orange – softer blues and yellow oranges. It has a warm comfortable feeling to me.
Did you know that the cabbage palmetto in the photo is the palm we have the most of around here – and it is also the Florida State Tree? Anyone know what our state flower is?
Heres my favorite Pinellas County Florida sunset this week. If you have a fabulous Tampa Bay sunset you want to share just email it to me at cyndeehaydon@gmail.com
Tampa Bay Beaches are Home to Amazing Sunsets
May all your Tampa Bay beach sunsets be beautiful ones this week.
Do you have a local Tampa Bay Florida sunset to share?
Pinellas County Real Estate Information
Want more info on Pinellas County Real Estate – from St Petersburg to Tarpon Springs? Search the multiple listings of all properties including all waterfront homes for sale and beachfront condos in Pinellas County and Tampa Bay.
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Want more info Call us today at (727) 710-8035.
The above information and images are Copyright © 2007 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Condos Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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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Tampa Bay FLorida – MacDill Air Force Base Military Relocations Guide
January 12th, 2008 Categories: Homes for Sale
Military Relocation to Mac Dill Air Force Base
Tampa Florida So you just found out youre relocating to MacDill Air Force Base or Central Command (Centcom).
Want to learn more about the Tampa Bay area?
Wed love to be your local military relocation resource, since we have the Clearwater Coast Guard Air Station, the largest and busiest air station, Tampas MacDill Air Force Air Base, and Central Command right in our backyard and are experienced in helping other military families and individuals whove moved here and we can help with:
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learning about local Tampa Bay neighborhoods,
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info on Tampa Bay schools
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moving and short term rentals,
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help in buying a Tampa Bay home,
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getting a VA mortgage | Home loan,
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and more.
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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