Chance Gates' Blog

Mortgage rates were back to hitting record lows again, pushing housing affordability even higher to home buyers, Freddie Mac reports in its weekly mortgage market survey. For the sixth consecutive week, the 30-year fixed-rate mortgage, the most popular choice among buyers, has averaged below 4 percent — unheard of until a few weeks ago.

“Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market,” Frank Nothaft, chief economist at Freddie Mac, said in a statement. The economy added 1.6 million jobs in 2011 — the highest number since 2006 — but overall unemployment still remains high, Nothaft noted.

Here’s a closer look at rates and the new record lows they posted for the week ending Jan. 12:

• 30-year fixed-rate mortgages: averaged 3.89 percent, with an average 0.7 point, reaching a new all-time low. Previously, 30-year mortgages’ record low was last week’s 3.91 percent average. A year ago at this time, 30-year rates averaged 4.71 percent.
• 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.8 point, dropping from last week’s 3.23 percent average. Last year at this time, 15-year rates averaged 4.08 percent.
• 5-year adjustable-rate mortgages: averaged 2.82 percent, with an average 0.7 point, dropping from last week’s 2.86 percent average. Last year at this time, 5-year ARMs averaged 3.72 percent.
• 1-year ARMs: averaged 2.76 percent, with an average 0.6 point, this week, falling from last week’s 2.80 percent average. A year ago, 1-year ARMs averaged 3.23 percent.

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As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

The U.S. Congress recently passed a two-month payroll tax cut extension. The $33 billion package is funded by a 10-year increase in the Guaranty Fees that Fannie Mae (Fannie) and Freddie Mac (Freddie) charge lenders to guarantee home loans.

This change is effective for all loans delivered to Fannie and Freddie at the beginning of the second quarter of 2012. For example, the cost of a $200,000 mortgage will go up about $11 per month. Over the life of the loan, these costs are anticipated to be about $4,000.

These changes will also increase the cost of FHA and VA loans. However, the government has not released information as to the timing of these changes.

All lenders — by law — will be adding this increase to their pricing. Some lenders are adjusting their rates with a one-time increase.

Thanks to my friends at Prospect Mtg

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

 Summary:
– “Washoe County sales are the highest they have been for an August since August 2005,” said Sherrie Cartinella,
2011 president of the Reno/Sparks Association of REALTORS and a REALTOR with Coldwell Banker Select Real
Estate. “This paired with the fact that median sales prices are up and continue to settle indicates we just may be at
the bottom. Market conditions, of course, will continue to be influenced by high unemployment . Although there
are media reports of a ‘double dip’ recession, the current median sales price and historic low interest rates make
this a good time to buy, especially for those that have been on the fence!”
 Median Sales Price
– August 2011 median price was up 2.7% to $154,000 compared to $150,000 in August 2011.
– Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are
higher and one-half are lower.
 Price per Square Foot Solds
– Price per square foot is at $94.14.
– Price per square foot by area groups, as provided in the Detailed Report, is a good way to compare similar homes
for current value.
 Number of Units Sold
– August ended the month with 528 sold transactions, up 4.3% from the prior month.
– Sales are up 17.3% from the same period last year. August 2010 continued to be influenced by the First Time
Home Buyer tax credit.
 Average Days on Market
– The average days on market are 127 days, down 0.7% from July 2011.
 Day on Market (DOM) by Special Conditions
– Short sales continue to influence the average days on market at 198 DOM.
– Properties with no special conditions, REO, and Other show a range of between 89 and 100 DOM.
 New Listings
– 727 new listings were taken in August compared to 699 in August, a 4% increase.
 Distressed New Listings by Special Conditions
– 66% of new August listings were distressed – 263 Short Sales, 218 REO, No special conditions 236 and other 10.
– NNRMLS implemented a recent change in the reporting of Fannie Mae, Freddie Mac and HUD re-possessed
listings as Real Estate Owned (REO), August new listings by special conditions reflect a more accurate picture.
– REO listings represented 30% of the market; Short Sales 36%; No special conditions 32.5%, and Other 1%. The
market remains dominated by distressed new listings representing 66% of the market

 Status of Pending
– Active Pending – Short Sales represent 57.7% of the total active pendings; Active Pending Loan equals 19.3%; Pending Noshow
represents 18.2%; Active Pending call 4.5%; and Active Pending House less than 1%.
 Current Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)
– As of August 31, there was 6.4 months of unsold inventory based on the August sales rate.
 Historical Months Supply of Inventory
– Historical Months Supply of Inventory show that August MSI is down to 6.4 months compared to August 2011 at 6.6 and down
24% from August 2010.
– Six of the past twelve months, the market has been what is defined as balanced. In the past 24 months, the market has
remained as primarily a buyer’s market.
– The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
– Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard
of including all pending sales remaining in active status in the active inventory.
 Conclusion
– August unit sales are the second highest unit sales for an August in the history of tracking the information though the MLS.
This number outpaces August 2010 sales which continued to be influenced by the tax credit. August 2011 sales numbers are
only outperformed by August 2005 (595).
– August 2005 showed the early sign of the collapse of the boom when median sales price began its decline. Unit sales began
to improve in 2007. It wasn’t until May 2008 the rapid decline in pricing began to show into what we are currently seeing in the
market.
– Year-to-date 2011 unit sales (3774) numbers are up 5% over 2010 unit sales (3592). We are cautiously optimistic that the
sales number will continue to perform on its own (without government incentives) and outpace 2010.
– August’s median price of $154,000 was up 2.7% over July. There was some artificial stabilizing in the median price during the
tax credit influenced period. After the final deadline of September 2010, we have seen a continued decline in the median
price. Savvy buyers with stable jobs and investors are seeing this as an excellent time to buy. It’s time to get off the fence.
– For the past 40 years, interest rates have never been at the current record lows and are predicted to remain low into 2013.
– The average 15-year fixed rate loan dropped to 3.3%. This is the lowest level since 1991, when mortgage giant Freddie Mac
began tracking it. Freddie Mac also reported that the 30-year fixed rate loan dropped to 4.09%, a new low for 2011.
– Mortgage specialists say to get the best rates consumers must have a minimum FICO credit score of 720 or 740 out of a
possible 850. A tough challenge for even the most qualified buyers.
– The Detailed Report is made available to members as a member benefit. Examine the Detailed Report for a more in-depth
look into market segments and price points. Both this report and the Detailed Report are provided as a value added service to
members.

Members of the Reno/Sparks Association of REALTORS® are authorized to reproduce
and redistribute this copyrighted report. No other reprint or distribution of this report is
granted unless specifically approved in writing by the Reno/Sparks Association of
Realtors, 5650 Riggins Court, Reno, NV 89502 or email to info@rsar.net.
Data Sourced from NNRMLS. Created by NLS under license for RSAR.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

http://realtormag.realtor.org/daily-news/2011/09/09/mortgage-rates-dip-reaching-another-record-low?cid=WR09142011:29108&ed_rid=1698691

For the second time in a month, fixed and adjustable-rate mortgage rates set new record lows this week, Freddie Mac reports in its weekly mortgage market survey. The previous record lows were set Aug. 18.

Economic uncertainty and employment concerns are continuing to keep rates low, says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at rates for the week ending Sept. 8.

• 30-year fixed-rate mortgages: averaged 4.12 this week, down from last week’s 4.22 percent. The 30-year rates’ previous low was 4.15 percent, set on Aug. 18.
• 15-year fixed-rate mortgages: averaged 3.33 percent this week, down from last week’s 3.39 percent average. Its previous record low was 3.36 percent.
• 5-year adjustable-rate mortgages: averaged 2.96 percent, holding steady at the same record low it set last week.
• 1-year ARMs: averaged 2.84 percent this week, down from last week’s 2.89 percent average. Its previous record low was 2.86 percent.

Despite the low rates, mortgage application volume remains low, dropping for the third straight week, the Mortgage Bankers Association reported this week. The volume of mortgage applications for purchase remained relatively flat this week at “extremely low levels, close to lows last seen in 1996,” says Mike Fratantoni, MBA’s vice president of Research and Economics. Refinance application volume was also down, dropping more than 35 percent below levels last year at this time.

By REALTOR® Magazine Daily News

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

http://www.myprospectmortgage.com/yfoster reports

Mortgage Rates are VERY Low and Conforming Loan Limits Have Been Extended!

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First important news item:  Mortgage rates are unbelievably low and can save you a significant amount of money by reducing your monthly mortgage payment.

That means extra cash to help pay for something that you really need, such as a new car, home improvement project, a child’s college education or your retirement nest egg. PLEASE DON’T WAIT and miss the opportunity to save. The market can change overnight.

Second important news item: Congress has extended higher conforming loan limits backed by Fannie Mae, Freddie Mac and FHA until September 30, 2011. These higher loan limits were instituted in 2008 through the Housing and Recovery Act. Previously, the conforming loan limit was $417,000 in high-cost areas. Since the signing of the Housing and Recovery Act, the conforming loan limit has been $729,750 in most high-cost areas.

This high conforming loan limit is especially helpful in high-cost areas, such as California and New York, where normal housing costs tend to be much higher than the rest of the country. With housing prices down, many borrowers in high-cost areas have found that they are eligible for refinancing with a high balance conforming loan. Don’t wait to take advantage of the higher conforming loan limits, because time is running out! Your conforming loan must close by September 30, 2011.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

The 9.0 earthquake and subsequent tsunami that devastated Japan last week sent a ripple through the U.S. mortgage markets causing interest rates to lower this week.

“With the crisis in Japan, investors rushed to buy the security of U.S. Treasury bonds, which lowered its yields and other interest rates as well,” says Frank Nothaft, Freddie Mac’s chief economist. “This allowed fixed mortgage rates to drift lower this week.”

The 15-year fixed-rate mortgage dropped below 4 percent this week, reaching its lowest level since December 2010. The 15-year mortgage rate averaged 3.97 percent this week, compared to last week’s 4.15 percent, according to Freddie Mac’s weekly mortgage rate survey.

The 30-year fixed-rate mortgage also dropped this week, averaging 4.76 percent compared to last week’s 4.88 percent. Last year at this time, 30-year mortgages averaged 4.96 percent.

The 5-year adjustable-rate mortgage also inched downward, averaging 3.57 percent compared to last week’s 3.73 percent.

Source: “30-Year Fixed-Rate Mortgage Drops Amid Japan Crisis,” Freddie Mac (March 17, 2011)

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As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Daily Real Estate News  | March 4, 2011  |
For the third straight week, long-term mortgage rates inched down, according to Freddie Mac’s weekly mortgage survey.

The 30-year fixed rate mortgage averaged 4.87 percent for the week, down from last week’s 4.95 percent. The rate was 4.97 percent at this time last year.

The 15-year mortgage rate also dipped for the week, averaging 4.15 percent, down from last week’s 4.22 percent.

The 5-year adjustable-rate mortgage averaged 3.72 percent, which is a drop from last week’s 3.8 percent average.

“Mortgage rates saw an overall improvement this week,” says Frank Nothaft, Freddie Mac’s chief economist. “Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year’s high set just three weeks ago.” This means that home buyers can now expect to pay $263 less per year on a $200,000 loan, Nothaft adds.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Source: “30-Year Fixed-Rate Mortgage Drops for Third Consecutive Week,” Freddie Mac (March 3, 2011)

 

The Obama administration announced on Friday plans to reform the housing finance market, including winding down government-controlled mortgage giants Fannie Mae and Freddie Mac and turning most of the market over to the private sector, as well as requiring larger down payments. The White House proposed three approaches to replacing Fannie Mae and Freddie Mac rather than offering up one final plan.

The administration’s proposal is expected to reshape the way Americans buy and own homes.
Among the plans outlined in the administration’s “white paper”:

▪ Shrinking the size of the portfolio of mortgages held by Fannie Mae and Freddie Mac by at least 10 percent a year.
▪ Creating an insurance fund for mortgages, supported by premiums paid by lenders.
▪ Winding down government subsidies of mortgages by raising the fees charged to cover the risk of default.
▪ Raising fees for borrowers and requiring larger down payments for home loans.

The administration also recommended measures to make government-backed mortgages more expensive in order to allow the private-sector to better compete in the mortgage market. For example, it called for reducing by this fall the size of mortgages Fannie and Freddie may purchase from $729,750 to $625,500.

Raising Rates?

Some critics of the proposal are concerned that the administration’s overall plan would raise mortgage rates.

Treasury Secretary Timothy Geithner said that mortgage costs likely will rise in the coming years, as government support is withdrawn and the private sector takes on a bigger role. Credit Suisse has estimated that rates on a 30-year fixed mortgage may rise as much as 2 percentage points if the government withdraws its backing of Fannie Mae and Freddie Mac.

Higher borrowing costs could be a thorn for a recovering housing market, since interest rates greatly affect how much buyers can afford, experts say.

“Reducing the government’s involvement in the mortgage finance market is necessary for a healthy market, but should not be done at the expense of the economy or home buyers,” NAR President Ron Phipps said in a public statement in response to the Obama administration’s plan. “Any proposal for increasing fees and borrowing costs beyond actuarially sound levels will only make it harder for working, middle-class individuals to achieve home ownership, and only the wealthy will be able to achieve the American dream.”

NAR’s economists estimate that a retreat of capital from the housing market will negatively impact the economy too. For every 1,000 home sales, 500 jobs are created for the country, NAR notes.

Geithner estimates that reducing the government’s role in the mortgage market may take five to seven years for the transition.

“Most people in Congress understand that this is a very political, contentious issue,” says David Berson, a former Fannie Mae chief economist. “It’s going to be a very volatile ride as we move toward what ultimately will be the future of Fannie and Freddie. It’s hard to know what that’s going to be.”

Source: “NAR: Secondary Mortgage Market Needs Improvement,” National Association of REALTORS® (Feb. 11, 2011); “Winners and Losers in the Obama Housing Plan,” Reuters News (Feb. 11, 2011); “White House Wants Fannie, Freddie to Go,” MSNBC (Feb. 11, 2011); and “Obama Report on Fannie, Freddie Plan May Boost Mortgage Rates,” Washington Post (Feb. 11, 2011)

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

http://www.realtor.org/government_affairs/gapublic/making_home_affordable_servicer

What Should You Do If You Think a Servicer Isn’t Following the Making Home Affordable Program Guidelines

Members have called NAR asking what to do if they think that servicers are not following the guidelines for the Obama Administration’s Making Home Affordable Program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages. Here are the recommended steps to take:

1) First, go to www.makinghomeaffordable.gov, the official Treasury website for the Making Home Affordable Program. At the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking “Loan Look Up” on the ribbon on the top of the home page. Only the holder of the loan is allowed to perform this , so do in the presence of your client or after obtaining their written permission.

If the loan is a Fannie Mae or Freddie Mac loan, call (1) 1-800-7Fannie or (1) 1-800-Freddie, as appropriate, describing the specific inconsistency. Do this whether the issue relates to the refinancing or the loan modification program.
2) Next, if the loan is not owned or guaranteed by Fannie Mae or Freddie Mac you can determine if the servicer is participating in the Home Affordable Modification Program (HAMP) by going to the website and clicking “Contact Your Mortgage Servicer” on the top ribbon. To date, 16 servicers are participating, covering more than 80% of all mortgages.

If the servicer is participating, the first step is to contact the servicer using the phone number or email address listed on the site so you can appeal the issue to a supervisor. Be sure to identify the specific provision of the guidance that you believe is not being followed. If the supervisor cannot or will not correct the problem, call 1-800-7Fannie to report the disagreement. Fannie is administering the program for the Treasury Department and will work to resolve the issue.

Making Home Affordable Program Website (consumer friendly)
www.MakingHomeAffordable.gov

Site for Detailed Information on Making Home Affordable and Other Government Programs
www.FinancialStability.gov

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Image by Getty Images via @daylife

RISMEDIA, January 27, 2011—Mortgage rates have remained steady, according to the latest figures from FreeRateUpdate.com. Current 30-year conforming fixed mortgage rates are at 4.625 percent, 15-year conforming fixed mortgage rates are at 3.875 percent and conforming 5/1 adjustable mortgage rates are at 3.125 percent. Well-qualified borrowers are able to take advantage of these low conforming mortgage rates with only 0.7 to 1.0 percent origination fees.

Current 30-year fixed FHA mortgage rates are 4.500 percent, 15-year fixed FHA mortgage rates are 4.000 percent, and FHA 5/1 adjustable rate mortgage rates are 3.125 percent. FHA mortgages have more favorable loan terms than conforming mortgage rates. The tradeoff, however, is the higher closing costs associated with an FHA loan. Additional fees that the Federal Housing Administration charges to borrowers include upfront mortgage insurance premiums, annual mortgage insurance premiums, additional residential appraisals, etc.

Jumbo mortgage rates are likewise currently stable. Current 30-year fixed jumbo mortgage rates are 5.125 percent, 15-year fixed jumbo mortgage rates are 4.750 percent, and jumbo 5/1 adjustable mortgage rates are 3.875 percent. Borrowers interested in obtaining a jumbo mortgage loan are able to do so in excess of the conforming loan limit for their desired area.

Mortgage back securities (MBS) prices are currently higher today than yesterday. MBS prices have in increased by +9/32 (FNMA 30-year 4.5 at 102.11). Mortgage rates and MBS prices have an inverse relationship, which means they move in opposite directions. Therefore, as MBS prices increase, mortgage rates are expected to decrease

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.