Tim McAleece's (timmcaleece) Blog

The Federal Reserve cut the Fed's fund rate to 0.250% this afternoon!!! Interest Rates have dropped on the news!     Federal Reserve cuts are usually bad news for mortgages.  Cuts are seen as inflationary.  But in the Fed statement they mentioned that they will be purchasing additional Mortgage B...

Byron Bank received our Non-Warrantable Condo Waiver from Freddie Mac today! Byron Bank is one of only 3 banks in the Midwest Region to receive this waiver!! 1st unit, 1st phase is OK! Common amenities do not have to be completed! 30, 20, & 15 Year Fixed Rates! 20% Down is minimum requirement per...

Good Afternoon,   Sorry for the delay this morning.  Here are the rates for today. We have finally hit 4.875% on a 30 Year Conventional.  This is great news for potentional and existing home owners!  I do anticipate them to start settling down.  The Fed & Treasury must be purchasing today.   30 Y...

Good Morning,   The US Economy lost 533,000 jobs in the month of November.  A number that was significantly higher than expected.  The estimate was for a number around 320,000.  Also downward revision of 199,000 to September and October were also seen. It was only the fourth time in the history o...

Good Morning, Not much change from yesterday.  Mortgage backed securities are up +8/32 from yesterday and about +19/32 from yesterday at this time.  The FNMA net yield is now at 5.04%.  This is the lowest level of 2008. Weekly Jobless Claims came in at 509,000, way below the estimate of 540,000. ...

Good Morning, Rates are basically the same as yesterday.  With the 15 Year Conventional & FHA, Rural Development loans getting a little worse. 3rd quarter Productivity was revised higher to 1.3% which was above the consensus of 0.9%. ADP report estimated November job loss at 250,000.  Ouch. Bill ...

Good Morning, Hope all is well with everyone today.  Here is rates today.  Please feel free to pass along the news to your clients.  I would recommend floating until further notice.  No economic news is due out today. 30 Year Conventional - 5.250% 20 Year Conventional - 5.125% 15 Year Conventiona...

Rates For December 1, 2008.  These are the best rates we have seen in 2008.  Make sure you and your clients are taking advantage of this wonderful opportunity! 30 Year Conventional - 5.125% 20 Year Conventional - 5.250% 15 Year Conventional - 5.000% MSHDA - 6.750% FHA - 5.375% Rural Development -...