March 7

As my Ipod is blaring to Dynamite by Taio Cruz (http://www.youtube.com/watch?v=VUjdiDeJ0xg ), I’m running my 4th mile in the neighborhood. I’m back in the game!!!!!!! Ten baby pounds lost so far, and 30 to go. My trainer at the gym has specific instructions to have no mercy. In fact we did stadium stairs last Tuesday. BRING IT ON!!!!!!!!!

Also back in the game is Houston,TX! As of late, each Monday, we have at least 1 client that lost a contract over the weekend because they did not (a) move fast enough or (b) were outbid. It’s becoming a normal thing again. For homes in top condition and priced right, they go fast (or if you are in Frostwood, like the one that had 13 offers a few weeks ago…..it was outdated from the original owner). Gone in a few days. A well respected mortgage newsletter we subscribe to had a headline this morning: ‘there are also many potential homebuyers who have been waiting on the sidelines to step in and purchase a home at still affordable rates and home prices. Waiting much longer could prove to be costly for those homebuyers, who will likely see both home prices and home loan rates move higher in the year ahead’.

The economy is getting back in gear as well, as we saw with this morning’s Jobless Claims Report on target with expectations, and Wednesday we saw an improving payroll number reported by ADP (the payroll processing company). Also the unemployment rate has declined the last 3 months in a row. So great news for the economy! But I hate to report, that is bad for bonds. Remember: the worse the news, the better the rates! As the economy recovers, so does love for the stock market. Investors feel like taking risk, kind of like the new girlfriend syndrome! And they buy,buy, buy. They take the money from the bond market, which pushes yields up in hope to attract those investors back. Or at least you can think of it that way…its easier logic than the more complicated answer (so I won’t bore you).

Watch out in the coming week for turmoil abroad. Baghdad unrest, rising oil prices…this market is a real doozie. All I know is, Houston is getting back into its zone, and it’s once again a great time to be a homeowner!

Enjoy the weekend! A great time to check out the Azalea Trail! http://www.riveroaksgardenclub.org/AzaleaTrail.cfm


RATES as of March 4, 2011 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets

Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
10 year (fixed) 3.750% APR 4.072%
15 year ( fixed ) 4.250% APR 4.443%
15 year (fixed) 4.250% APR 4.476%
30 year ( fixed ) 5.750% APR 5.870%
30 year (fixed) 5.000% APR 5.134%
7/1 ARM 4.250% APR 3.732%
5/1 ARM 4.000% APR 3.644%
7/1 ARM 4.250% APR 3.848%
10/1 ARM 5.150% APR 4.468%
FHA/VA call for quote (max loan $270,000)




We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!