About Jonathan Burdick

My name is Jonathan Burdick and I am one of the top mortgage lenders in Arizona. Whether you're buying, selling, refinancing, or building your dream home, you have a lot riding on your loan specialist. Since market conditions and mortgage programs change frequently, you need to make sure you're dealing with a top professional who is able to give you quick and accurate financial advice. As an experienced loan officer I have the knowledge and expertise you need to explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations. I hope you'll enjoy my website, and visit our company website (www.submort.com) to check out the different loan programs I have available. On the Suburban Mortgage website, please feel free to use my decision-making tools and calculators, or log into my personal website (www.ArizonaLending.net) and use my secure online application to get started. After you've applied, I'll call you to discuss the details of your loan, or you may choose to set up an appointment with me using my online form. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice. I look forward to working with you.

Trump Moves to Roll Back Obama-Era Financial Regulations

Photo

President Trump met with business leaders in the State Dining Room at the White House on Friday.CreditAl Drago/The New York Times

President Trump moved to roll back the Obama administration’s legacy on financial regulation on Friday, announcing an array of steps to undo rules enacted to prevent a repeat of the 2008 financial crisis and turning to the Wall Street titans he had demonized during his campaign for advice.

After a White House meeting with the business executives on Friday, Mr. Trump signed a directive calling for a rewriting of major provisions of the Dodd-Frank Act, crafted by the Obama administration and passed by Congress in response to the 2008 meltdown, the White House said. A second directive he signed is expected to halt and possibly require an overhaul of an Obama-era Labor Department rule that requires brokers to act in a client’s best interest, rather than seek the highest profits for themselves, when providing retirement advice.

Taken together, the actions constitute a broad effort to loosen regulations on banks and other major financial companies, put into motion by a president who campaigned as a champion of working Americans and a harsh critic of Wall Street and other global elites.

On Friday, Mr. Trump said his actions were intended to ease constraints on banks and enable them to lend more to companies, which could then hire more workers.

“We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money,” Mr. Trump said in the State Dining Room during his meeting with business leaders. “They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.”

As he announced his goals on financial deregulation, Mr. Trump sat beside Stephen A. Schwarzman, the chief executive of the private equity giant the Blackstone Group and the chairman of his business council, who said the panel would “advise the government on the areas where we could do things a lot better in our country, for all Americans.”

The president had praise for Jamie Dimon, whose bank, JPMorgan Chase, was often a target of regulatory actions by the Obama administration.

“There’s nobody better to tell me about Dodd-Frank than Jamie, so you’re going to tell me about it,” Mr. Trump said.

The meeting underscored the degree to which the architects of Mr. Trump’s economic strategy are now some of the people he denounced in his campaign, which ended with a commercial that described “a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations.”

The advertisement included an image of the chief executive of Goldman Sachs, which has become a virtual feeder for top Trump administration officials. Steven Mnuchin, his nominee for Treasury secretary, is a former Goldman Sachs trader and a hedge fund manager. Gary Cohn, the chairman of his Council of Economic Advisers, was Goldman’s No. 2 executive, and Stephen K. Bannon, Mr. Trump’s chief strategist, is a former Goldman banker.

The president’s actions came just hours after congressional Republicans voted to repeal an unrelated Dodd-Frank rule, a sign that Mr. Trump will have the support he needs on Capitol Hill to upend a law he has called “a disaster,” and promised to do “a big number” to reshape.

While the president cannot unwind Dodd-Frank with the stroke of a pen, his orders set the tone for the regulatory agencies enforcing the rules, including the Securities and Exchange Commission. And the orders, which Democrats and consumer groups immediately denounced as gifts to the Wall Street companies that ignited the 2008 crisis, could portend even more executive actions that direct the regulators to halt financial regulation.

The actions are the latest sign that Mr. Trump, despite striking a populist tone during the campaign, is working to accommodate Wall Street and other corporations.

“The administration apparently plans to turn over financial regulation to Wall Street titan Goldman Sachs, and make it easier for them and other big banks like Wells Fargo to steal from their customers and destabilize the economy,” said Lisa Donner, executive director of Americans for Financial Reform, an advocacy group that supports Dodd-Frank. “That betrays the promises Trump made to stand up to Wall Street, and it will have dire consequences if he’s successful.”

The president’s deference to the visiting executives — he also heaped praise on Laurence D. Fink, the head of the investment firm BlackRock, for managing money for the Trumps and earning “great returns” — sharply contrasts with his predecessor. President Barack Obama once remarked that “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.”

Photo

President Obama signed the Dodd-Frank financial reform law on July 21, 2010. CreditDoug Mills/The New York Times

Following the new president’s lead, congressional Republicans on Friday started chipping away at Dodd-Frank, one of Mr. Obama’s signature achievements. The Republicans used an unusual parliamentary procedure to repeal a rule that stems from the law with only a majority of votes rather than the 60 votes needed to overcome a filibuster.

The Senate voted 52 to 47 to void the rule, which requires oil companies to publicly disclose payments they make to governments when developing resources around the world. The rule, which Dodd-Frank assigned to the Securities and Exchange Commission to enforce, was tangential to Dodd-Frank’s mission of reforming Wall Street, but lawmakers included it anyway with the hope of exposing bribes and corruption.

Some of the largest American oil companies objected to the S.E.C. rule, including Exxon Mobil, arguing that it put them at a competitive disadvantage with foreign companies. Rex W. Tillerson, Mr. Trump’s secretary of state, personally lobbied against it when he was the top executive of Exxon Mobil, according to public accounts.

“Big Oil might have won the battle today, but I’m not done fighting the war against entrenched corruption that harms the American people’s interests and leaves the world’s poor trapped in a vicious cycle of poverty while their leaders prosper,” said Senator Benjamin L. Cardin of Maryland, the top Democrat on the Senate Foreign Relations Committee, who along with former Senator Richard Lugar, a Republican, sponsored the amendment in Dodd-Frank requiring the S.E.C. to write the oil disclosure rule.

Friday’s Senate vote, which came after the House voted to repeal the rule, was the congressional Republicans’ opening salvo on Dodd-Frank. As long as President Obama was in power, Republicans had limited ability to attack Dodd-Frank, which was enacted in 2010. In 2014, they managed to gut a financial derivatives rule as part of broader spending bill, but other tweaks have been relatively modest.

Now emboldened, House Republicans are also moving legislation to “repeal and replace” Dodd-Frank, though they would need 60 votes to accomplish that. And they are considering potential ways to use the budget process to defund some aspects of the law, all of which comes on top of the president’s executive actions.

Wall Street is expected to lobby Mr. Trump’s financial regulators, at the S.E.C. and elsewhere, to modify rules and enforce them lightly. This effort could drag on for years.

President Trump, however, wasted no time declaring war on Dodd-Frank. After calling the law “a disaster” on Monday, the president on Friday signed the directive instructing the Treasury Department and financial regulators to construct plans to revise Dodd-Frank. An order like that could empower the regulators to tweak the rules.

But there is a limit to what the regulators can do. Dodd-Frank is still the law, and it requires the regulators to enforce hundreds of Dodd-Frank rules. Under administrative law, the regulators must also formally propose any new rules and seek public comment.

The Trump administration may have an easier time voiding the Obama-era Labor Department rule requiring brokers to act in a client’s best interest when providing retirement advice. That rule is not explicitly part of Dodd-Frank.

“President Trump’s action will make it harder for American savers to keep more of what they earn,” Senator Sherrod Brown, the ranking Democrat on the Senate Banking Committee, said in a statement. “Families who are struggling to save and invest for a secure retirement now have to worry that financial institutions aren’t putting their customers’ interest first.”

With the oil company disclosure rule, Republicans started smaller, using an obscure law to undo it.

Under the Congressional Review Act of 1996, Congress has at least 60 days to introduce legislation disapproving major new regulations — and can ultimately repeal these regulations with only 51 Senate votes, rather than the normal 60 needed to overcome a filibuster.

The Congressional Review Act offers Republicans a narrow window to act on a dozen or so Dodd-Frank rules that were recently completed. Republicans may target a financial derivatives rule adopted last year by the Commodity Futures Trading Commission, a Consumer Financial Protection Bureau rule for prepaid debit cards and a rule approved by banking regulators that imposed capital requirements for banks that trade derivatives.

Until now, this tactic has led to a repeal measure being signed into law only once, in 2001, when Republicans and President George W. Bush wiped out workplace safety regulations adopted near the end of President Bill Clinton’s administration.

The Congressional Research Service has determined that rules sent to Congress on or after June 13 of last year are vulnerable to repeal under the Congressional Review Act. The S.E.C. rule just missed that cutoff; it became final on June 27, making it fair game for Republicans to repeal, over the objections of antipoverty groups like Oxfam and the One Campaign, co-founded by Bono, the lead singer of U2.

 

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona and Illinois
Xperity Lending Group/Arizona Lending Resource
Scottsdale Arizona 85260
602-212-1234
NMLS # 1045837
http://www.ArizonaLending.Net
Fairway Independent Mortgage Company
NMLS Entity ID 2289
Equal Housing Lender
Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

One View on Election’s Housing and Mortgage Market Impact

 

One View on Election’s Housing and Mortgage Market Impact

 

A post on CoreLogic’s blog just came to our attention.  It was written (by Stuart Pratt, the company’s newly appointed senior vice president of Government and Industry Relations.) a little over a week ago so some of what Pratt, with a tip of the hat to Donald Rumsfeld, calls “known knowns and known unknowns” are already “known.”  But it is still an interesting perspective on what housing might look like under the new Trump Administration and with a Republican controlled Congress.

First, Pratt says that we do not yet know who the president-elect may appoint and who Congress might approve for key positions impacting housing policy.  Some appointments that will be made, some almost immediately and some over the next 18 months include FHA, GNMA, CFPB, FDIC, FTC, SEC, NEC, Federal Reserve, and the OCC.  Two other posts he cites, HUD and Treasury, have now been filled, although the nominees must still be confirmed.

It is known, he said, that the majority party will attempt to use the Congressional Review Act to reverse some rules that were issued in final form after May 30 2016. But it is also known that most significant rules were in place before that date, so any impact will be limited.

In Pratt’s opinion, that pretty much ends the known knowns. There is a much longer list of known unknowns. Perhaps at the top of the list is the future of Fannie Mae and Freddie Mac, the GSEs. Federal Housing Finance Agency (FHFA) Director Mell Watt’s five-year term doesn’t expire until January 2019, so if Watt stays (and there are reports from other sources that there are issues with him and with other regulators) a new appointee won’t impact the agency until half-way through the President’s term.  Pratt says that unless Congress can find a way of passing GSE reform via budget reconciliation (that is how the Affordable Care Act was passed) Senate Republicans will need to find 60 bipartisan votes. “These may be hard to come by,” he says, and “this is a known.”

The future of the Consumer Financial Protection Bureau (CFPB) is also up in the air. Whether its structure can be changed into a commission form and whether its budget can be tied to the appropriations process is another 60-bipartisan vote issue. Both those changes and whether the financial services marketplace will get the relief it wants from Dodd-Frank’s intended and unintended effects will be hard fought battles with the opposition headed by “significant national voices including Senators Brown (D-OH), Warren (D-MA) and Sanders (D-VT).”

Pratt said one unknown that may be becoming a known is the issue of expanding the so-called “mortgage credit box.” The GSEs are trying to address rep and warrant issues tied to buyback risks which many believe is at the top of a list of reasons why the credit box isn’t already more widely opened.

Finally, with tax reform on the table, what will happen to the mortgage interest deduction?  It has significant support from community banks, credit unions, realtors and home builders. Even if it is eliminated, any impact could still be muted if the personal deduction is raised or the personal tax rate is cut.

Pratt says he will come back with further analysis next year “as the known unknowns become known.”

 

Reference Mortgage News Daily-Jann Swanson

Jonathan Burdick-Specializes in all loan products and licensed in Arizona and Illinois

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837-Licensed in Arizona and Illinois

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Fairway #1 FHA Lender-Call me for lending options

Though FHA loans are not a great fit for some borrowers, it is important that when you do choose an FHA loan, you are with the “best”.  Offering a grand array of loan programs for your purchase or refinance, reach out for your confidential loan analysis!  Hope your holidays are filled with joy amongst your family and friends!

fha-loan-sm-image

Jonathan Burdick-Specializes in all loan products and licensed in Arizona and Illinois
Xperity Lending Group/Arizona Lending Resource
Scottsdale Arizona 85260
602-212-1234
NMLS # 1045837
http://www.ArizonaLending.Net
Fairway Independent Mortgage Company
NMLS Entity ID 2289
Equal Housing Lender
Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Fannie Mae Conventional 2017 Loan Limits

  • Fannie Mae just came out with the 2017 loan limits that mirror Freddie Mac
  • Give me a call so I can assist you with your refinance and or new home purchase
Units First Mortgage Loan Amounts

General Loan Limits -2017

Contiguous States,

District of Columbia, and

Puerto Rico

Alaska, Guam, Hawaii,

and U.S. Virgin Islands

One $424,100 $636,150
Two $543,000 $814,500
Three $656,350 $984,525
Four $815,650 $1,223,475

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona and Illinois

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Conventional Loan Limit increase- 2017

Freddie Mac’s Announcement today, Fannie limits to follow…

Number of Units CONFORMING LOAN LIMITS   SUPER CONFORMING LOAN LIMITS
Conforming mortgages secured by properties not located in designated high-cost areas will be permitted with original loan amounts up to the following limits:   Super conforming mortgages secured by properties located in designated high-cost areas, mortgages will be permitted with original loan amounts up to the following limits:
ALL states EXCEPT  Alaska & Hawaii Alaska & Hawaii ALL states

EXCEPT  Alaska & Hawaii

Alaska & Hawaii
1 2017:  $424,100

2016:  $417,000

2017:  $636,150

2016:  $625,500

2017:  $636,150

2016:  $625,500

2017:  $954,225

2016:  $938,250

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona and Illinois

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Mortgage Rates Prefer Politics Over Fed Announcement

Mortgage Rates Prefer Politics Over Fed Announcement

 

Mortgage Rates eased just a bit more today, marking the 4th day of relative stability after a sharp rise last Thursday.  Although there was a Fed announcement today, and although Fed announcements are typically capable of causing massive market movement, it was a relative non-event this time around.  Instead, the modestly positive interest rate environment came courtesy of ongoing uncertainty surrounding the presidential election.

Of course the Fed announcement very easily could have caused a big move in rates, had it contained any significant surprises.  For instance, if the Fed opted to raise rates today, or to firmly comment on a potential December rate hike, things could have been different.  Instead, they made only small changes–the kind that could be used by either side to argue the odds of a rate hike next month.

With the possible exception of Friday’s jobs report, bond markets (which dictate rate movement) will continue focusing on the election.

Loan Originator Perspective

As expected, today’s Fed statement contained no “November surprises”, as the Fed Funds Rate held steady.  Bonds posted decent gains in response, and (at least for a day or so) our rising rate trend is on pause.  My pricing improved about 40 bps the past two days, which is certainly a step in the right direction.  If you’re floating, I’d probably look at tomorrow’s pricing, then make the call on locking before NFP report Friday AM. –Ted Rood, Senior Originator

I am not convinced that the trend has broken, but we might have some cracks.  Seems the market is much more worried about a Trump victory over data or the Fed.  With the plethora of stories of a tightening Presidential race, I think floating overnight is worth the risk. –Victor Burek, Churchill Mortgage
Today’s Best-Execution Rates

  • 30YR FIXED – 3.625%
  • FHA/VA – 3.25-3.5%
  • 15 YEAR FIXED – 2.875%
  • 5 YEAR ARMS –  2.75 – 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • Rates have generally been trending higher since hitting all-time lows in early July
  • Clearly-defined uptrends provide higher-than-average motivation to lock
  • Risk-takers can try to time the dips in rates that may occur during that broader uptrend, but the reward for good timing generally isn’t worth the risk in these situations.
  • We’d need to see a sustained push back toward lower rates (something that lasts more than 1-3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers.

Reference Mortgage News Daily
Jonathan Burdick-Specializes in all loan products and licensed in Arizona
Xperity Lending Group/Arizona Lending Resource
Scottsdale Arizona 85260
602-212-1234
NMLS # 1045837
http://www.ArizonaLending.Net
Fairway Independent Mortgage Company
NMLS Entity ID 2289
Equal Housing Lender
Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

What makes Myself and Fairway Mortgage Different!

 

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What makes Fairway different from other mortgage companies? I can honestly say that it is the passion, attitude and commitment that sets us apart. Fairway employees strive to make each homebuyer feel respected and important and I will do the same for your customers.

I am a proud ambassador of the core values that make Fairway the company it is today.

1. Humility first
2. Foster growth and knowledge
3. Have fun
4. Create an amazing experience for you
5. Speed to respond
6. Seek wise counsel
7. Respect, listen and stay balanced
8. Committed to serve
9. Consistent, honest communication
10. Family focused

Jonathan Burdick-Specializes in all loan products and licensed in Arizona
Xperity Lending Group
602-212-1234
NMLS # 1045837
http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender
Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

Festive Wreaths for Autumn

 

Festive Wreaths for Autumn

Autumn is here! Give your front door some flair with a festive fall wreath. With a little work and a trip to your local craft store, you can use these ideas to create something unique.

Image via Trendy Tree

dzinerdoorz-welcome-fall-2

Using a wire wreath frame, poly deco mesh, and some fall foliage, you can create a beautiful mesh fall wreath! View instructions here or watch this video.

Image via Artsy Chicks Rule

DIY-Fall-Wreath-Fall-Themed-Tour-Side-View-fall-falldecor-diy-artsychicksrule.com_-600x900

Pick up some autumn foliage items from your local craft store and hot glue them to a grape vine wreath. The dried oranges can be made at home and will add a nice fragrance! Click here for a tutorial.

Image via Larissa Another Day

DSC_0069

Hot glue pinecones to a store-bought wreath form to create this perfect fall accent! You can also hang the wreath from your door with a piece of fabric for a pop of color. View more here.

Image via Pioneer Settler

Best-Fall-Wreaths-Fall-Monogram-Wreath

Purchase a wooden letter from your local craft store to create a monogram wreath! Paint the letter in the color of your choice and attach it, along with some fall flowers and accents using hot glue to a grapevine wreath! View instructions here.

For more festive autumn wreath ideas, click here.

This is the perfect time of year to add some festive décor to your home! If you are interested in buying a new home before the New Year, call me and we can talk through some of your mortgage options.

 

 https://cdn.mytotus.com/data/fairwaymc/Images/Upload/3d84f4768baf43df291169a9ab0bf6363decf6b211b897bddfd73cbe7c08b577.jpg Jonathan Burdick

13835 N Northsight Blvd Ste 101,
Scottsdale, AZ 85260
NMLS ID 1045837
Direct 602-903-5448
Mobile 480-326-1982
Fax 1-866-380-3270
jon.burdick@fairwaymc.com
www.ArizonaLending.Net

 

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Mortgage Rates Steady to Slightly Higher

Mortgage Rates Steady to Slightly Higher

Mortgage Rateswere unchanged for a third straight day, although several lenders did raise rates at the end of the day.  That can happen when underlying bond markets (which dictate mortgage rates) move by a certain amount.  There’s no set formula for the amount of movement that will result in any given lender changing rates in the middle of the day, but it’s not uncommon to see the less aggressive lenders simply wait for tomorrow before adjusting rates to match market conditions.

All of the above is a fancy way of saying that rates would be slightly higher tomorrow if bond markets don’t change between now and then.  Lenders continue quoting conventional 30yr fixed rates of 3.5% on top tier scenarios, with the runners-up being 3.625% and 3.375% in that order.

Keep in mind that Wednesday afternoon brings the FOMC Announcement (where the Fed releases its updated policy statement).  This can be a significant source of volatility for rates markets.  That said, volatility could already be picking up as the Bank of Japan releases its own policy update earlier in the morning.  Although markets (and rates) can go either way in response to these events, big, negative reactions tend to happen faster and more abruptly than big, positive reactions.


Loan Originator Perspective

My rate sheets were largely unchanged from Friday today, but bond markets sold off slightly this afternoon, meaning tomorrow’s may worsen slightly.  The week’s big events unfold Wednesday, with both a Bank of Japan (their version of the Fed) and actual Fed statement.  If BOJ and/or Fed rhetoric stress economic growth or less accommodative monetary policy, it’s virtually guaranteed rates will rise.  Floating into Wednesday is a high risk proposition, with (in my mind) insufficient rewards for the risk.  My pipeline of loans closing in the next 45 days are locked.  Floaters beware.

Today’s Best-Execution Rates

  • 30YR FIXED – 3.5%
  • FHA/VA – 3.25%
  • 15 YEAR FIXED – 2.75%
  • 5 YEAR ARMS –  2.75 – 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • In the biggest of pictures, “global growth concerns” remain the driving force behind the long-term trend toward lower rates
  • Amid that trend, periodic corrections toward higher rates can and will happen.  These can happen for no apparent reason, or they can be brought on by changes in expectations surrounding central bank policy at home and abroad, as well as geopolitical and systemic risks
  • Time horizon and risk tolerance are 2 variables to consider when it comes to locking.  If you have plenty of time and don’t mind losing some ground, set a limit as to how much higher rates could go before you’d lock to avoid further losses, and then float in the hopes of never seeing that limit.
  • In the shorter-term, it’s always good to look for lock opportunities after rates have been moving lower or sideways repeatedly, especially if they’ve since begun to move back up in any sort of consistent way.
  • As always, please keep in mind that the rates discussed generally refer to what we’ve termedbest-execution(that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also ‘bang-for-the-buck.’  Generally speaking, our best-execution rate tends to connote no origination or discount points–though this can vary–and tends to predict Freddie Mac’s weekly survey with high accuracy.  It’s safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie’s once-a-week polling method).

Reference Mortgage News Daily

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234          

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Trust Me to Pilot You Through Your Loan

Trust Me to Pilot You Through Your Loan

August 22, 2016

We have all seen the commercials for mortgage companies who claim that you can push a button and receive a magically fast mortgage that would be akin to being in a rocket. While exhilarating and potentially fun, traveling in a rocket may be a lot more than you bargained for. When you try to go very fast, things can be missed. Even with an experienced person at the controls, fast does not mean accurate or safe, and it might not get you there in one piece.

At Fairway Independent Mortgage Corporation, we know that the process of purchasing or refinancing a home is much more like a being a passenger on an airplane. When the journey begins, there is a lot of excitement. You feel a flutter in your heart and the anticipation is high. You count on the pilot to guide you to your destination safely and for the crew to assist and help you should anything happen.

For the pilot, even on the clearest day, there is the unknown. Even armed with the best intentions and all the technology available, weather, turbulence and delays can sometimes make the simplest flight harder to navigate.

During your mortgage experience, you can count on my crew and me to keep you safe. I will keep you informed throughout the process and warn you if there are times when you will be better off on one path or another. Much like how pilots use their expertise to navigate around storms and provide you with a smooth flight, I will use my expertise to guide you through the mortgage process quickly with as little turbulence possible.

While I cannot promise you a perfect flight, I can promise you that my team and I will utilize our experience and expertise to take you on the smoothest course possible. If we do hit some turbulence, we will do everything we can to make our way back to a smooth transaction while keeping you calm.

Rest assured that your best interest is my top priority throughout this transaction. My goal is that you will be delighted with the service I provide, and I will do everything in my power to deliver beyond your expectations throughout your journey toward homeownership.

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

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