PrimeLending_Jamie Spencer

Work is just never over...

So honored to have been able to help Luke a second time. We were able to lower his rate and get rid of his mortgage insurance. Does your mortgage need a second look? Connect with me today! #FiveStarsMatter #PrimeLending

Look at all of this activity on Mortgage Backed Securities only to be up 4 points for the day. Wow, how volatile is the market?? Call me to get the latest updates and projections on the market for this is the perfect strom to be able to purchase or refinance your home.

No, this is not my EKG, but it does create some stress. markets are very volatile as we have stated the last month. This morning again we opened up and then fell to levels of support at 103.67. As we bounced off that floor we were able to get some traction, but we are a long ways from that 104.16 that we need to break to get markets returned to those lower rates.

---Wells Fargo Suspends Non-Conforming Program--- Wells Fargo is suspending Non-Conforming program after April 3, 2020. This is what is happening in the industry due to market volatility as Investors tighten guidelines and look to cover.

What a crazy last few days in the Mortgage World. Mortgage backed Securities ahve been all over the place reaching some rather high milestones. Rallies in the morning create spikes as high as 105.95 on the 3.0% UMB and then it sells off only leaving lenders to re-price for the worse following trends downward. Yesterday by Noon EST Bonds were selling close to 106 and then sold off 100+ BPS to close the day. That is a lot of activity in a few hours and it is happening almost daily. If you like the rate, lock it! Consumers dont haggle over .125% in rate when you are already saving hundreds of dollars a month. Remember PrimeLending offers a Float Down Policy on majority of our products. If the market moves substantially while we process your file we can offer the lower rate. Just another benefit of PrimeLending. Be safe out there...

What an incredible, crazy day for Mortgage Backed Securities. Started up 5 BPS and then fell off. Next thing we are up 156+ Bps. Rates recovered to levels of almost early March then hit resistance.. Market closed up .94 for the days while stocks took another Mid 500 loss. If this was a ride at an amusement park I would have whiplash! If you are considering any changes to your current mortgage or looking to buy, please make sure you are working with a professional that understands these turbulant markets and when to lock your rate. Be safe out there... These are different times.

Always thrilled to hear great feedback like this. . . .... #FiveStarsMatter #CommunityMatters #PrimeLending #PrimeLendingSoCal_HI

Here we go again; The Rollercoaster ride of COVID-19 continues as MBS are again losing big ground. Down 1.13 (113 bps) on the big board causing mortgage lenders to reprice for the worst for the 2nd time since the markets opened this morning. Treasuries have come back up to 1.22. The DJIA is down almost 1,800 losing all of it's gain and more from yesterday afternoon's rally. Lets hope we see some stabilization here fast as the Fed pumps billions into Treasuries and the Bond Markets. Take Care out there.

Wishin' you a pot o' gold, and all the joy your heart can hold. Have a happy St. Patrick's Day with these fun home ideas. http://tinyurl.com/wu46g24/

In an attempt to support an economy bent on its ear over the conronavirus, The Federal Reserve announced Sunday iit will be cutting the benchmark Fed Funds Rate to zero and launching a new round of quantitative easing (stimulus). The QE will be in purchases of $500B of treasuries and $200B of mortgage-backed securities in an effort to stabilize the markets. What does this mean for Mortgage Rates? The Fed Funds rate does not correlate to 15 & 30 Year fixed mortgage rates, ...but will impact short term rates like credit cards, home equity lines and potentially adjustable mortgage rates (ARMs). So when a borrower reads Feds cut rates to zero, they may think mortgage rates are going to zero. This is not the case; mortgage rates are different indics than Fed funds rates. The QE purchase of mortgage back securities however will impact 15 and 30 year rates. Did you ever think the supply demand curve would drive lower rates? More demand for mortgage paper = higher prices, higher bond prices = lower ratesBottom line, mortgage rates will be lower today but they will not move any where close to the fed funds rate of zero. Hope this helps.

Another sell off day for Mortgage Bonds. Notice we have changed by more than 39 Bps since yesterday's opening. Hopefully we find a floor of resistance or this will take us back to rates of early January. "Lock'em if youve gotem"