Archive for edferrara

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Edward James Ferrara III spent 8 years (2001-2008) brokering and banking home loans in Orange County, CA to the tune of some 500 million dollars in mortgages funded by May of 2008, when he founded the rate research website, now a unique authority on mortgage rates. Ed recently married and became a first time father (Edward James Ferrara IV). Ed also contributes to (syndicated on Yahoo Real Estate). To contact Ed, email him or call (714) 694-5914.

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Mortgage Rates Rise an 1/8 Across the Board

Conventional 30-yr fixed mortgages are available at 4.875% today to well-qualified consumers paying a standard .07 to 1 point origination, up 1/8 from yesterday, says rate research website

25Mar2010 | | 2 comments | Continued
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States Cracking Down on Mortgage “Net Branches”

A director of compliance at a big time Dallas, TX mortgage bank told me recently a trend is developing that signals the end of the term “net branch” is near. States don’t want anything resembling a net branch or associated with “net branching” operating within their borders. Branch applications in many states, coming from HUD compliant mortgage bankers, that were previously approved 99.9% of the time, are being denied because the mortgage bank itself is associated slightly with term “net branching”.

22Mar2010 | | 2 comments | Continued
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30 Year Fixed Mortgage Rates Flat Since Improving Late Last Week

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, haven’t moved much at all this week. Late last week MBS prices rose leading to a slight improvement (-0.125) in 30 year fixed mortgage rates across the board. Since the improvement late last week, conforming  30 year fixed mortgage rates have been steady at 4.75, down […]

4Mar2010 | | 0 comments | Continued
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Effect of Fed’s MBS Exit On Mortgage Rates Unknown

In a doomsday scenario, and it is possible, demand for MBS will be so low and prices will plummet so far, 30 year fixed mortgage rates will be driven up into the mid 6’s in a matter of days. If that happens, the Fed will likely begin buying mortgage-backed securities again and over a period of time drive rates back down.

25Feb2010 | | 1 comment | Continued
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Today’s Mortgage Rates Steady Below 5 Following Fed “Text”

Prices of mortgage-backed securities declined for the second day in a row today. Mortgage rates, which move opposite mortgage-backed securities prices, were unchanged. Pricing though, which effects closing costs, worsened this afternoon. In other words whatever it may have cost you to secure a 4.75% 30 year fixed mortgage yesterday, it’ll cost just a little more to get that same rate today.

10Feb2010 | | 0 comments | Continued