YTD - Mortgage rate trends

The rates have not high but at the same time are above their all time lows. Rate courtesy of Mortgage Wholesale rate (as on June 26th 2009)

Business Week article on housing market

The gist is that housing markets will go South for a couple of more quarters and then start looking up as the economy experiences growth.

For the entire article click on BusinessWeek

SNMC Guidelines

New underwriting guidelines: Nothing below 620 accepted on any loan program, all conforming loans must have AUS approval, FHA loans must have 620 or greater for AUS approval or manual, if manual ratios cannot exceed 2% above standard, so max DTI= 45%.

For more information on how to process loans fast contact PrivoCorp - http://www.privocorp.com/

Rates rocket up quickly - Bankrate.com

By rising abruptly, mortgage rates bared their claws this week, putting an end to three months of docility.

The benchmark 30-year fixed-rate mortgage rose 21 basis points, to 5.45 percent, according to the Bankrate.com national survey of large lenders. One year ago, the mortgage index was 6.02 percent; four weeks ago, it was 5.23 percent.

The benchmark 15-year fixed-rate mortgage rose 12 basis points, to 4.86 percent. The benchmark 5/1 adjustable-rate mortgage declined 2 basis points, to 4.94 percent. (Data courtesy - Bankrate.com)

We at PrivoCorp - one of the leading processors of residential mortgages in the state of IL - have found that while there are signs of an uptick in new home sales, refis continue to dominate the mortgage market. An uptick in Purchases (from new home starts as opposed to people making purchases of foreclosed homes, etc).