Derek McClintock's Blog

Last Week's Mortgage Rates RecapLast week saw a definitive drop below key technical market support levels, capping off with higher mortgage rates on Friday as the markets responded to the February employment report. Mortgage interest rates ended the week about .125% higher than they started. Reme...

5% Down NO M.I. loans in San Diego, CA 5% Down NO M.I. loans in San Diego, CA are very popular these days. 5% Down NO M.I. loans in San Diego, CA are great because they only require a 5% down payment to buy a home. And 2% of the down payment on an 5% Down NO M.I. loans in San Diego, CA may also b...

Wow!  Holy Moly Batman! This morning’s Feb employment report blew the doors off all the forecasts; it is after all the employment report that is most always a shock of some kind. The unemployment rate in Feb declined to 7.7% frm 7.9% in Jan and down 0.1% more than thought. Non-farm jobs increased...

It isn’t good for interest rate markets when the stock markets are on a rampage higher, that of course should not be news. Yesterday the DJIA made a 200 year high, this morning in early trading in futures markets the key US indexes were adding to yesterday’s gains and US interest rates are higher...

Prior to the actual open at 9:30, the DJIA futures was trading in new all-time high, the 10 yr -6/32 at 1.90% and 30 yr MBSs -6 bp frm yesterday’s close. At 9:30 the DJIA opened +34 just a few points shy of the record then jumped over it a few minutes later; now it is all about the close; at 9:45...

Last Week's Mortgage Rates Recap Our stance last week to cautiously float proved to be correct. We ended the week about .500% better in rebate - that means on a $200k loan the consumer would get about $1,000 in lender credit towards closing costs, or may even have seen their rate improve by about...

What's Your Rate?   I do not publish rates on my website. There’s a reason for that. I just don’t believe it is right or fair, as doing so can seriously mislead a potential borrower. Many lenders quote rates online in order to get you to call, but they fail to tell you that pricing loans is highl...

If you are looking for a Mortgage Banker in Santee, CA or in the surrounding areas near San Diego for any mortgage need, please give Derek a call. Derek McClintock is a Senior Mortgage Banker with The Lending Company, Inc. and services the Santee area in San Diego. Derek has been a Mortgage Banke...

US stock indexes failed to run to new highs (DJIA) yesterday, getting to 40 points of a new all-time high the index failed and selling took the index back to 110 points frm a new high. Early this morning in pre-market trade the DJIA -63. At 8:30 Jan personal income, thought to be -2.4%, declined ...

A tough day for the MBS market yesterday; at one point at mid-afternoon the 30 yr MBS price was down 34 bp frm 9:30. Mortgage markets opened strong but lost ground rapidly when the stock market moved higher to close +175 on the DJIA; in two sessions the DJIA gained 291 points and more than recove...