Mortgage Rates and News for This Week -

January 20th, 2012 2:24 PM

This week we saw a slight rise in mortgage rates from the week prior but we expect mortgage rates to stay near historic lows for the foreseeable future unless some major event causes hyper-inflation.
On a side note the bigger banks continue to have problems with thier mortgage products. This week Bank of America announced that it was backing out of the Cash-out refinance market.
Once again, if you are looking refinance or if you need to get a pre-qualification in order to shop for a new home please do not forget about me. Or, if you are a merchant and you want to be able to offer financing for your clients to purchase your product, I now have a product for you.
What is going on this week with mortgage rates? (See below)
Average Rate Given to Consumers This Week and Last

Product	Rate	Last Week
30 Year Fixed Mortgage	3.92% Up from	3.91%
15 Year Fixed Mortgage	3.26% Up from	3.22%
5/1 Fixed ARM	2.88% Up from	2.87%

Rates shown are sourced from Bankrate.com and may include points.

Samuel Morales
Residential and Commercial Loan Officer
Office: (210) 257-0642
Mobile: (210) 286-7267
Fax: (210) 257-0510
www.yourloanofficer4life.com
www.streamlinefha.org
www.streamlinefha.net
www.texasjumbomortgage.org
NMLS: 295626
Recommended credit Repair Company: Sky Blue Credit Repair

Market and Product Update

I have now expanded my product offering to merchant financing, I can now offer lines of credit to merchants and set them up so that their clients can receive financing to purchase their product.  Minimum loan amount $1,000.

Other news:  More and more legislators are coming to the conclusion that mortgage brokers have unjustly become the whipping boys for the current mortgage crisis.  My comment on this,

“Where were your thoughts when the Frank-Dodd Act was being enacted?  Too little, too late; the damage has been done.  It’s obvious that the financial power players were at fault and people that could have done something were either bought off or did not care.  The result is that brokers have been placed in a position where they are participating in an un-level playing field and the entities that were at fault have been rewarded”.  

The result of this injustice is still in play.

Rates are still pretty close to rock bottom.  Overnight averages on mortgage rates per Bankrate.com listed below.

OVERNIGHT AVERAGES PER BANKRATE.COM

Product	Rate	Last Week
30 Year Fixed Mtg	3.92%	3.94%
15 Year Fixed Mtg	3.25%	3.27%
5/1 ARM	2.86%	2.88%

1/9/2012

I Can Now Set Up Merchants to Supply Their Clients Financing to Purchse Thier Own Products

My New Blog Expanding My Product Offering. January 6th, 2012 4:06 PM I now have a new investor and a new product offering. For my contractors, I can now set you up to fund your rehab and improvements projects between $1,000 and $30,000. I'm very excited about this as I am now, to the best of my knowledge, one of the only Texas Loan Officers with this offering. Please feel free to contact me for more information. http://MyApprovalWarehouse.com/?id=SamuelM