If you are scoring at home, here are the latest casualties in the mortgage war: << MORE >>

"The housing sector does not appear to be as healthy as being reported in the news media."<< MORE >>

"Should You refinance? It is literally the $64,000 question (or much more in the case of a jumbo loan borrower). In the current mortgage climate (See The Mortgage Crisis Explained), this is the most frequently asked question by my clients." << MORE >>

"So where do we start? 

"Although, I do believe that these 2 originators will weather the storm, the originators that have recently gone under (AHM, etc.) also sent these reassurance letters to their brokers. What are your thoughts on the crisis? See our next entry for more analysis on the credit crunch."<< MORE >>

... << MORE >>

"There has been significant shift in lending in commercial real estate debt markets during the past week - the most drastic changes we have seen since 1998."<< MORE >>

"August 3, 2007 --According to HSH, the nation's leading mortgage pricing survey, 30-year fixed rate mortgages rose by a lone basis point (.01%) to an average 6.88%, at their 52-week high."<< MORE >>

"There is a new catalyst arriving to carry the subprime crisis up the ladder to better credit holders. It is called the piggyback borrower." << MORE >>

The average 30-year fixed-rate mortgage (FRM) slipped 1 point to 6.87% down from last week's 52-week high of 6.88%.<< MORE >>

"79% of real estate buyers and sellers begin their search ONLINE. (NAR. Source: Real Estate Blog)."<< MORE >>

"the average 30-year fixed-rate mortgage (FRM) posted a 52-week high of 6.88% this week." << MORE >>

"The average 30-year fixed-rate mortgage (FRM) ticked four basis points higher this week, landing at 6.85%, just shy of the 2007 highs."<< MORE >>

"The following are 5 common misconceptions (myths) regarding the use of Mortgage Insurance (PMI):"<< MORE >>

"The average 30-year fixed-rate mortgage (FRM) rose by a single basis point to 6.81%, and five-one Hybrid ARMs followed suit, ending the week at an average 6.48%." << MORE >>

the continued mixed economic messages demonstrate the ongoing meandering direction of interest rates. Currently, mortgage rates remain at elevated levels with the average 30-year fixed-rate mortgage (FRM) edging down one basis point last week to 6.80%<< MORE >>

"Now, we have learned that Bill Gross, manager of the world's largest bond fund, said that the subprime mortgage crisis gripping U.S. financial markets was not an isolated event and will eventually take a toll on the economy."<< MORE >>

"Home mortgage rates finally stopped rising, as the average 30-year fixed-rate mortgage (FRM) eased back by five basis points (.05%) to 6.81%, a week after hitting its yearly high."<< MORE >>

"The Mortgage Bankers Association notes that applications for refinancing have fallen by 18% over the past four weeks."<< MORE >>

"Mortgage rates leapt higher again in the biggest one-week move up or down in two years"<< MORE >>

"the Fed believes that the economy is stable and growing. But, the rest of the country clearly feels the pain of a slumping housing market and rising gasoline prices, which ultimately dampens consumer spending and cuts into economic growth. Consumers are very anxious about their future."<< MORE >>

June 8, 2007 -- Home mortgage rates continued their rise this week; the average 30-year fixed-rate mortgage (FRM) surged by 14 basis points (0.14%) to close the nation's leading poll of mortgage prices at 6.65%, the highest average rate in about ten months (only .10 below last year at this time).<< MORE >>

Latest housing prices for single family home markets from the National Association of Realtors (NAR) 1st quarter 2007.<< MORE >>

"Did you ever wonder what determines commercial interest rates?"<< MORE >>

"The Fed Chairman is out to lunch. When is he going to return? The economy needs his help."<< MORE >>

"According to HSH, the average 30-year fixed-rate mortgage (FRM) moved five basis points higher to land at 6.51%, the highest average rate in about eight months (but still a quarter-percentage point below last year at this time)."<< MORE >>

"According to the National Association of Realtors (NAR), sales of existing homes fell by 2.6 percent in April to a seasonally adjusted annual rate of 5.99 million units. That was the slowest sales pace since June 2003."<< MORE >>

"May 25, 2007 -- The average 30-year fixed rate mortgage (FRM) climbed by eight basis points (.08%) to close the nation's leading survey of mortgage prices at 6.46%, just above the previous 2007 high of 6.45% which held since February 2."<< MORE >>

I found this as a helpful English to Spanish Mortgage Glossary.<< MORE >>

Glossary of Financial Terms<< MORE >>

Mortgage rates have been treading water the past few weeks as the markets seek clarity about the direction of economic growth and inflation. The average 30-year fixed rate mortgage (FRM) failed to move at all, ending the nation's leading survey of mortgage prices at 6.35%. << MORE >>

May 4, 2007 -- According to the HSH survey of mortgage prices, the average 30-year fixed rate mortgage rose by a scant single basis point to 6.35%, while the fully-indexed Home Equity Lines of Credit (HELOCs) moved higher by four basis points to 8.76% for the month.<< MORE >>

If you are a consumer, be very careful when you retain an agent or broker who is representing you on more than one part of the transaction (e.g. the sale and the financing) or representing more than one party to the transaction (e.g. representing both the seller and the buyer). Situations where the agent or broker is representing you on more than one part of the transaction or more than one party to the transaction are inherently prone to conflict of interest (which might not be in your best interest). Make sure you are aware of your rights before you agree to the representation.<< MORE >>

Here is an excerpt from the National Association of Realtors (NAR) report showing that sales of existing homes plunged in March by the largest amount in nearly two decades, reflecting bad weather and increasing problems in the subprime mortgage market.<< MORE >>

April 27, 2007 --The lower GDP pushed mortgage interest rates down this week. The average 30-year fixed-rate mortgage shed three basis points (.03%) to close at 6.34%.<< MORE >>

The top 7 Tips for Stated Loans...<< MORE >>

As expected, mortgage interest rates stopped their recent rise. The average 30-year fixed-rate mortgage (FRM) shed a single basis point, closing at 6.37%.<< MORE >>

"April 13, 2007 -- Thirty-year fixed-rate mortgages (FRM) rose by six basis points (.06%), ending the weekly survey at 6.38%, setting a fresh two-month high."<< MORE >>

"Overall, we are experiencing very strong labor market. The job creation and stronger wages, creates further risk of inflation, which means the Fed may not likely to cut rates in the near future. However, the Fed is also facing downward pressure from the Subprime (now moving into Alt A) crisis; therefore, there should not be a risk that the Fed will raise rates, either. The result is likely a stable rate market for the near term."<< MORE >>

More proof of the subprime crisis growing...New Century just declared bankruptcy today and I just received the following email letter from SouthStar Funding, ceasing operations.<< MORE >>

With apologies to David Letterman and appreciation from HSH Newswire for the following tips, Here are the top 10 ways to improve your mortgage opportunity: << MORE >>

"Working in the mortgage industry, a loan agent may spend the majority of his/her time fielding calls, (from customers, real estate agents, lender's underwriting department and title companies), running credit histories, evaluating a customer's financial situation, letting customers know about their borrowing capabilities, educating borrowers on how much their closing costs should be, helping real estate agents structure purchase agreements, processing the loan and attending property sale closings at title companies."<< MORE >>

"By disclosing one set of fees to gain the prospective borrower as a client and then collecting higher fees at close, when the borrower is too far into the process to walk away (without risking his/her house or a higher rate), the borrower is forced into a transaction with the broker where their minds did not meet. Clearly, this is an over-reaching and fraudulent activity on the part of the broker. This activity occurs far too often and widespread in this industry. That is why I subscribe to the UMB movement...it mirrors the high ethical standards that I have chosen to follow as a licensed attorney. Currently, there are only 150 UMB members in the country, but the mission is attractive and as such, hopefully, it will continue to grow. From the responses that I have heard from my clients and clients of other UMB's, they seem very satisfied with this development. I have now stepped down from my soapbox."<< MORE >>

"What does the future hold in store? Looking at my magic 8 ball, I see "ask me again later". But, really, I see interest rates going down. Why? Credit will continue to be tightened, because lenders are unable to sell their loans to investors. As a result, lenders will be unable to lend to the borrowers who need it most. Accordingly, this will push those same subprime borrowers to seek other lending alternatives; such as from hard money lenders, pawn shops, etc. This activity will further constrict the money supply. A shortage in the money supply causes the value to lend money be more valuable and thus, those who have money to lend during a money supply shortage can charge higher rates. So, if that is the case, how can the rates drop, magic 8 ball? Because Big Ben Bernanke and the Fed boys will face pressure to increase the money supply by changing the Prime Rate, the rate at which banks lend to each other, which will likely cause the interest rate to drop. This will allow lenders to slowly move back into lending to subprime borrowers. However, the days of 100% mortgages will not return. They have gone the way of leg warmers."<< MORE >>

"To calculate PMI (Private Mortgage Insurance) payments you must know how much “Coverage” is required."<< MORE >>

Mortgage Insurance is deductible in 2007! ...<< MORE >>

"In response to a directive from the Office of the Comptroller of the Currency, most credit card companies increased their minimum required balance payment to card holders."<< MORE >>

“The following is a brief catagorical description of the loan programs available in the current market.”<< MORE >>

“In this third entry, "Documentation Requirements", we discuss the options and ramifications for the different lending products based on the amount of documentation that is supplied to a lender for a particular loan. These categories have developed and blossomed over the last 10-20 years in order for the lenders to increase the availability of loans to many consumers who didn't fit the traditional lending requirements. But, along with this benefit to the borrower, there is a larger risk factor for the lenders and we know, that when there is a larger risk for the lenders, it is usually offset by a larger cost placed back to the borrowers.”<< MORE >>

“Here, we discuss preparing the necessary documentation for the lender.”<< MORE >>

“Whether you're applying for a home equity line of credit, buying, or refinancing, it is helpful to organize the necessary documents needed for a smooth transaction.”<< MORE >>