Mortgage News that Matters

Current Conforming 30 Year Fixed Rate: 6.375%  (Oregon Mortgage Rates)

Current Rate Trend: Modestly improving

Market News:  Today's Durable Goods Orders came in worse then expected today giving Bonds a modest boost. The reading of 2.8% was the worst since January and indicates that businesses are making fewer capital purchases. Fewer purchases tend to point towards less of a risk of inflation. This is good for Bonds and Mortgage Rates.

Today will see the release of $13 Billion in 5 year T-Bills. This could have an impact on mortgage backed Securities and long term mortgage rates.

PIMCO chief Bill Gross, in his July 07 Investment Outlook, anticipates that we will see the Fed cut rates to spur the economy over the next 6 months. He blames the subprime mess spilling over into the general economy.

My recommendation: Currently we are seeing mortgage backed securities up 16 basis points on the day. This combined with yesterday's increases leads me to be cautiously optimistic. I would float if I were looking at locking a loan in the near future.

The above information was compiled from several sources that I subscribe to, including Barry Habib's Mortgage Market Guide and the Mortgage Commentary, but is mostly my opinion.

Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill COunty. He is a Board Member of the Sherwood Chamber of Commerce.He can be reached at larry.morris@equipoint.com . His website is www.PDX-Mortgage.com . This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved. His opinions do not necessarily represent the views of Equipoint Financial Network.

Licensed in: OR, WA, AL, AK, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, IA, MD, MA, MI, MS, MO, MT, NE, NV, NH, NM, OK, SC, SD, TN, TX, UT, VT, VA,

I found this article in a newsletterthat I receive from my county Sherrif's office. It's about a scam being used to obtain your personal information. Beware!! 

Here is how the scam works. You get a call from a person claiming to be from the courthouse. You are told that a warrant is being issued for your arrest for failure to report for jury duty. Of course you have not received a notice to report and you certainly do not want to be arrested.

You explain to the caller that there has been a mistake, and the caller is only too happy to help straighten this out for you. They just need you to verify personal information to match it to their juror information. They ask you for your date of birth, social security number, and maybe even credit card information - everything they need for identity theft. Don't fall for it!

Court staff will not call you for missing jury duty, and they certainly will never ask for personal information. NEVER give out personal information on the telephone to a person you do not personally know.

As a point of interest, Washington County courts work hard to make your jury duty term as painless as possible. The court web site provides a lot of information for potential jurors, and citizens can even respond to jury summonses online. Check it out!

Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill COunty. He is a Board Member of the Sherwood Chamber of Commerce.He can be reached at larry.morris@equipoint.com . His website is www.PDX-Mortgage.com. This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved.His opinions do not necessarily represent the views of Equipoint Financial Network.

Licensed in: OR, WA, AL, AK, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, IA, MD, MA, MI, MS, MO, MT, NE, NV, NH, NM, OK, SC, SD, TN, TX, UT, VT, VA,

We ended up today seeing a 34 bps improvement in price on mortgage backed securities today and the Core CPI came in slightly lower then expected. If this holds we'll see an improvement in rates on Monday that combined with yesterday's improvement could be .125% to .25% in rate.

Reported today in MarketWatch -- "Higher energy prices drove the U.S. consumer price index up by 0.7% in May, its largest increase since Hurricane Katrina and the second largest in 16 years, the Labor Department reported Friday.

But while consumer inflation was scorching hot, the core rate of inflation -- which excludes food and energy costs -- rose just 0.1%. Read the full report.

Core inflation has thus risen at a 2.2% rate in the past 12 months, the smallest gain in more than a year and close to the Federal Reserve's target range"

The market's are loving it right now, but we are heading to a ceiling of resistance and it will be interesting to see if we can break through. We also saw China poised to increase their Prime rate. The markets had an initial knee-jerk reaction and then pressed forward with an even better price improvement.

It's also too early to tell if this is a trend, but at least we've had a couple days of good news!!

My recommendation would be to float any rate locks over the weekend.

Have a great weekend!! 

The above information was compiled from several sources that I subscribe to, including Barry Habib's Mortgage Market Guide and the Mortgage Commentary, but is mostly my opinion.

Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill COunty. He is a Board Member of the Sherwood Chamber of Commerce.He can be reached at larry.morris@equipoint.com . His website is www.PDX-Mortgage.com . This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved. My opinions do not necessarily represent the views of Equipoint Financial Network.