June 3, 2010 Newsletter
Mixed signals in the marketplace, but all of them bode well for buyers and people looking to refi in the short term. Interest rates have fallen due in part to the economic uncertainty in Greece. Quotes of thirty year fixed rates as low as 4.625% with no points were being quoted, so it appears that until the European issues are resolved that rates will be held down.
On the opposite end of the spectrum, the Wall Street Journal reports that several mortgage insurance companies have significantly bolstered their capital positions in the last few months, indicating investors appear ready to believe the worst is over in the mortgage crunch. PMI, MGIC and Radian Group have collectively raised over 2 billion in capital. Mortgage insurers had some hard times over the last couple of years, as they insure the lender in the event of a default, protecting the lender’s downside on loans with less than 20% equity. When lenders have had to foreclose on properties that had private mortgage insurance, whatever the lender did not recoup from the sale was supposed to be made up by the mortgage insurer. If investors are ready to back mortgage insurers financially, there must be belief that the mortgage market is rebounding.
Friday is the 25th annual Colony Title Invitational Tennis Tournament to benefit Shock Trauma. Through the years we have raised an estimated 150,000.00 for what is probably the premier trauma hospital in the country. One does not know how important that is until you need it. We are hoping for good weather for the players.
We want to be your title company and law firm. Call or email me with your questions. My phone number is 410 884 1160 x 3007 or email me at firstname.lastname@example.org.