Friday Mortgage Update
|Mortgage News for the week ending 03-15-13:|
|The economic growth data released this week was mostly stronger than expected, which normally would push mortgage rates higher. After a large increase last week following strong Employment data, however, rates instead recovered some ground and ended the week a little lower.
This week’s economic data continued to demonstrate improvement in the economy. February Retail Sales jumped 1.1%, which was far above expectations. Retail Sales are closely watched because they account for roughly 70% of economic activity. There has been concern that higher payroll taxes and rising gas prices will slow consumer spending, but there have been few signs of this so far.
|Upcoming News for next week:|
|The big story next week will be Wednesday’s Fed meeting. Investors will be interested in the Fed’s reaction to the recent strong economic data and whether it will affect monetary policy. The most significant economic data will be the housing reports. Housing Starts will be released on Tuesday, and Existing Home Sales will come out on Thursday. Budget talks also may be an influence on mortgage rates next week, as legislation is needed to fund the federal government past March 27.|
|Total Monthly Payment Factors
The following factors are a quick and easy way to estimate (+ / – $50) total monthly mortgage payments based on sales price. Multiply the sales price times the factor for an estimate of total monthly payment including property taxes, insurance, and mortgage insurance. If your customer has a target payment amount, simply divide the desired payment by the factor to determine the sales price. (Factors based on 720 mid-credit score)
95% LTV = .0078
90% LTV = .0075
80%LTV = .0069
96.5% LTV = .0078
100% LTV = .0075
|Sente Mortgage is an Equal Housing Lender. Information is subject to change without notice. This is not an offer for extension of credit or commitment to lend.
|Pam Jamison||Rachel Mikulec|
|Mortgage Banker||Mortgage Banker|
|NMLS# 277012||NMLS# 456061|
|mobile/text 512.775.1001||mobile/text 512.284.0580|
|fax 512.532.6688||Fax 512.637.9901|
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