Tucson AZ Home Loan Info

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1/26/2010: Quick Mortgage Market Overview for Tucson and Arizona

Tuesday, January 26, 2010

Up, down, or flat?  At the moment, rates are flat, as the market waits for the Fed's pronouncement on rates tomorrow at 2:15 EST.

The Federal Reserve is meeting today and tomorrow.  Its December 16th press release included the following:

The anticipated expiration dates for the Term Asset-Backed Securities Loan Facility remain set at June 30, 2010, for loans backed by new-issue commercial mortgage-backed securities and March 31, 2010, for loans backed by all other types of collateral.

What that means, absent an infusion of new money by Congress to continue buying Mortgage Backed Securities (MBS), is that the Federal Reserve is almost at the end of its purchase cycle. 

It will stop buying MBS, and if that happens, you can look for higher interest rates by as much as one full percentage point.  If today's 30 year mortgage can be bought at 5%, you can expect 6% minimum for the second half of the year.

Signature Mike in Tucson

 

 

 

 

 

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I'm Mike in Tucson, your preferred Tucson Mortgage lender.

NMLS #223495
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
SUNSTREET MORTGAGE llc
Offices in Scottsdale, Tucson, and Nogales, AZ, and Albuquerque, NM.

Call me on my Blackberry  (520) 349-9090

content copyright Mike in Tucson

Comment balloon 4 commentsMike Jones • January 26 2010 10:05AM

Comments

Thanks for posting. I always learn a lot of good information from Active Rain blogs. Best Regards,

Posted by Celia Maddox (Solutions Real Estate-The Celtic Connection) almost 11 years ago

Mike, Thanks for stopping by today and blessing me twice! The coveted 100,000 button... a nice feeling. Now, I'm shooting for the star(s). :)

I will definitely be keeping up on your posts. All the Best, Letitia

Posted by Letitia Stevenson, Listing Agent DE/PA/MD, Digital Marketer & Coach (BHHS Fox & Roach | www.DelawareValleyRE.com) almost 11 years ago

I have been telling the same story and too bad some buyers are going to have to pay a higher rate because they did not act quickly enough.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) almost 11 years ago

Terry & Bonnie,

Beat that drum!

Letitia,

You rock, girl!

Celia,

Much success!  Thanks for being the first to comment.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 11 years ago

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