Mortgage rates in the U.S. declined over the past week as rates continued to hold near record lows, according to Freddie Mac’s weekly survey of mortgage rates. For the week ended Thursday, the 30-year fixed-rate mortgage averaged 3.88%, compared with 3.9% the previous week and 4.88% a year ago.

Rates on 15-year fixed-rate mortgages averaged 3.13%, compared with 3.17% a week earlier and 4.15% a year ago. This shorter-term mortgage is a popular option for refinancing, and the latest rate marks a new record low in the survey, which has tracked the 15-year fixed since 1991.

Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, averaged 2.81%, compared with 2.83% the prior week and 3.73% a year ago.

To obtain the rates, 30-year

 Monday, March 05, 2012— (MCT)—More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the housing industry’s slow recovery, according to the National Association of REALTORS®’ index of pending home sales.

The measure is up 2 percent to 97 in January after slipping 1.9 percent in December. The index of deals for previously owned homes is up 8 percent compared with the 89.8 level from January 2011.

Last month saw the highest point on the index since April 2010, when consumers drawn by a home-buyer tax credit pushed the figure to 111.3. That was the last time the measure exceeded 100 — the benchmark for industry health.

The index showed year-over-year increases in every region—a 9.8 percent

Please be aware that these changes are “pending” but they are more than likely “spot on”.



Pending FHA UFMIP & MMI Changes

There are some MAJOR changes coming to the FHA loans effective April 1, 2012

MONTHLY MORTGAGE INSURANCE Premium will be raised as follows:

For loan amounts UNDER $625,500 (Effective April 1, 2012)

The premium that is currently 1.10% will rise to 1.20%

Sample effect (Loan Amount $250,000)

• Current Cost per month $229.17
• Cost AFTER April 1, 2012 GROWS TO per month $250.00
• Effect to your buyer + $20.83 per month

For loan amounts $625,500 and OVER (Effective June 1, 2012)

The premium that is currently 1.10% will rise to 1.45%

Sample effect Loan Amount $625,500--- (Currently only available in Los Angeles, Orange

Warren Buffett, the greatest investor of the last century privately has told the people closest to him that,
“buying a home right now will be the best opportunity in their lifetime.” Here are some other quotes:
Washington Post -- Housing Market and Economy Showing Encouraging Signs... The Wall Street Journal
-- From Bottom Up, Sign of Housing Recovery... USA Today -- Housing Outlook is More Upbeat... Freddie
Mac -- With the New Year comes a sense of cautious optimism. There are some positive signs in the job market
and consumer confidence; housing is starting to raise hopes for continued gradual economic recovery...
Fannie Mae -- The housing sector will likely take incremental steps forward in 2012

Is homebuying in Yorba Linda keep up with the speed of an Orange County home market running at its fastest since 2005 --

Well, the housing market in Yorba Linda sped up 20% in two weeks.

Every two weeks, Steve Thomas of ReportsOnHousing.com publishes a study of the supply of local homes for sale. Here's what the latest report -- as of February 16 -- details about Yorba Linda …

• 217 residences listed in brokers' MLS system with 86 new deals opening in the past 30 days.
• By Thomas's math, this community has a "market time" (months in would take to sell all inventory at current pace of new escrows) of 2.52 months vs. 3.15 months found two weeks earlier vs. 3.59 months seen a year

Source: ReportsOnHousing; click to enlarge

Steve Thomas of ReportsOnHousing.com’s latest study of the Orange County housing market shows the early 2012 home shopping season is a curious mix of rising buyer activity as the number of owners willing to test the market shrinks.

Snippets of the latest Thomas report, based on trends found in brokers’ MLS listings system, as of Feb. 16 …

• Demand grew in two weeks by 435 homes to 3,569. Last year, it wasn’t until March 31 that dealmaking hit this level.
• Thomas mixes his demand and supply math to create a “market time” measure that shows how long it would take to sell all homes on the market at the current pace of new escrows. This time, expected market time for Orange County is

This is the time to sale! Home Inventory in North Orange County is at a 5.5 year low- homes that are priced right are selling at or above list price with multiple offers coming in. There are numerous buyers in the market- they just need homes to purchase!

Let us show you how to market and sale your home!

Bay Area homeowners who were victims of mortgage fraud could see relief soon thanks to a $25 billion agreement reached between the nation's five largest lenders, the federal government and 49 state attorneys general.

The joint agreement, which aims to address mortgage loan servicing and foreclosure abuses, is the largest federal-state civil settlement ever reached, according to the U.S. Department of Justice.

California Attorney General Kamala Harris said this morning that California will receive up to $18 billion as part of the settlement to penalize robo-signing, or the practice of signing large numbers of documents without verifying their information, and other bank servicing and foreclosure misconduct.

"California

Getting a mortgage in 2012 is a little more complicated than it has been in the past due to the
challenging economy and increased government regulation of the mortgage industry. In fact, it's
like a giant hurricane has swept through the housing and mortgage markets, leaving chunks of
debris and danger in its wake. But never fear; that's why I am here! As your Certified Mortgage
Planning Specialist, my role is to walk by your side, be your personal guide, and set you up for
success every step of the way. Here are a few of the challenges that we will tackle together as we
navigate the danger zone known as the 2012 mortgage process!
New Good Faith Estimate
The US government has created a new version of the disclosure form known as the Good Faith Estimate (GFE). The