Weekly Rates + Market Update + Website

You'll notice a new feature on my website www.creativefinanceaz.com my "Urgent Care" program, where my team will care for your urgent files immediately. As many of you know, much of my business consists of closing loans when others have not been able to do so. With that in mind, I created a feature to my site that serves the needs of your clients with the utmost urgency and care. Please click on the medical button on my site to be directed to a web application that will be sent to us immediately for review. We have the ability to close Government loans in less than a week and are here for you and your clients 7 days a week!

This Week in the News

Mortgage bond prices rose last week pushing mortgage interest rates lower. Mortgage bonds were initially helped by reports the Treasury would try to get rates lower. Unfortunately, a lot of the gains seen mid-week were erased Friday following mixed employment figures. Unemployment was not as bad as anticipated and average hourly earnings showed a surprise increase. The payrolls component was bond friendly but it wasn't enough to overshadow the headline figure. For the week, interest rates on government and conventional loans fell by about 1/8 of a discount point.
The retail sales data Friday will be the most important release this week. Look for any additional moves by the Fed, the US Treasury, and legislative developments to also result in mortgage interest rate movements. This will be the last full week of data before the next Fed meeting.
And some really good news, which may create more business for us all!...

The Treasury Department is strongly considering a plan to intervene directly in the mortgage industry to dramatically force down rates and stimulate the moribund housing market, according to sources familiar with the proposal.
Under the initiative, the Treasury would offer to buy securities that finance newly issued loans for home purchases, according to the sources. But to participate in the government's program, mortgage lenders would have to set exceptionally low interest rates, for instance, no more than 4.5 percent for traditional, 30-year fixed-rate loans. See the below article:
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/03/AR2008120302889.html

Rates for December 5th, 2008
Rates Change Daily. Call for current pricing.

PROGRAM / LOCK PERIOD
30 Year Fixed Conventional 5.125%, 5.238%APR
30 Year Fixed Interest Only 6.375%, 6.488%APR
15 Year Fixed Conventional 4.75%, 4.863%APR
3/1 LIBOR ARM Conventional 5.50%, 5.613%APR
5/1 LIBOR ARM Conventional 5.625%, 5.738%APR
5/1 LIBOR ARM Interest Only 5.875%, 5.988%APR
30 Year FHA/VA 6.00%, 6.252%APR
*30 Day Locks

JUMBO $417,001+
30 Year Fixed (to $600K) 5.875%, 5.976%APR
15 Year Fixed (to $600K) 5.875%, 5.976%APR
5/1 Treasury ARM 5.50%, 5.601%APR
7/1 Treasury ARM 5.625%, 5.726%APR
*30 Day Locks

ONE-TIME CONSTRUCTION
Conforming & Jumbo (to $8,000,000)
30 Year Fixed Conventional 7.25%, 7.482%APR
5/1 LIBOR ARM (Jumbo) 7.375%, 7.882%APR
*60 Day Locks

6,9,12 & 24 month construction phases available. Construction phase interest only rate = PRIME (5%) + up to 1.25%. Perm. rates guaranteed through construction.Prior to modification, a free one-time float down is available. (30 Year Amortization)
For Realtor purposes only; not for distribution to potential borrowers. Rates are calculated based on no discount points and one origination fee. Conforming rates based on loan amounts greater than $200,000, minimum FICO score 720.