John Tuggle's (youhomeyouloan) Blog

Fannie Mae has issued the following Announcement: •·                         Announcement 09-08, Temporary High-Cost Area Loan Limits and Revised Eligibility Requirements for High-Balance Mortgage Loans Effective May 1, 2009, Fannie Mae will accept for delivery loans originated in 2009 using the ...

Housing data surprised everyone last week. Existing home sales in February rose 5.1% on expectations of a decline of -0.9%.  February new home sales increased 4.7% on estimates that called for a -2.9% decline. A substantial portion of the sales were from first time homebuyers and distressed prop...

The Georgia Senate overwhelmingly approved legislation Thursday that would give tax credits to buyers of single-family homes. Senators passed the bill 42-4, dismissing objections that the state can't afford what the tax credits would cost in lost revenues during a recession. Under the legislation...

At 9:00 this morning the 10 yr note traded down 16/32 at 2.71% +6 BP; mortgage prices at 9:00 were -4/32. The stock indexes at 9:00 were pointing to a weaker open after the 497 point rally yesterday. A big day today; this morning Bernanke and Geithner are testifying in Congress at Barney the Fran...

Treasuries and mortgages started better this morning but couldn't be completely sustained as the day wore on. Nothing but talk of whether or not the 30 yr fixed rate can get to that elusive 4.5% that the NAR made famous months ago. It got burned in consumer minds and likely did some disservice to...

See full article by Alan Zibel, Associated Press by clicking here

By now you know; the Fed made major moves this afternoon to lower mortgage rates and keep long term treasuries from increasing in yield. Re-capping; the Fed will increase the amount of MBSs it will purchase by $750B, taking the overall total to $1.25T of MBSs purchases this year (the original amo...

The Federal Reserve on Wednesday surprised financial markets and committed to buy $300 billion in longer-term Treasurys to help the struggling American economy recover. The Fed also tweaked its other credit-easing programs by committing to buy more mortgage-backed securities and agency debt and i...

This past week the mortgage market continued to tradewithin a very tight range. Refinancing programs are beginning to take shape and investors are beginning to gain more confidence in investing in the MBS market. 3.00% on the 10-year note yield is where we find solid support. This in turn has kep...

The 30 yr $11B auction this afternoon saw very strong demand; the yield came at 3.64% with a strong cover of 2.40 and indirect bidders (foreign investors) took down 46.17% of it. The result shot rates lower across the curve for about an hour before they fell back again to levels prior to the auct...