{"id":48307,"date":"2009-11-25T11:29:33","date_gmt":"2009-11-25T16:29:33","guid":{"rendered":"http:\/\/mortgagenewsclips.com\/2009\/11\/25\/rates-great-but-agents-working-twice-as-hard-for-half-the-business-where-is-the-economy-going\/"},"modified":"2009-11-25T11:29:33","modified_gmt":"2009-11-25T16:29:33","slug":"rates-great-but-agents-working-twice-as-hard-for-half-the-business-where-is-the-economy-going","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/48307","title":{"rendered":"Rates great but agents working twice as hard for half the business; Where is the economy going?"},"content":{"rendered":"

\"pipeline-press\"<\/a><\/p>\n

\"rob-chrisman-daily\"<\/a><\/p>\n

Earlier this week, the country’s first marijuana cafe opened up, which not only sells medical marijuana, but also has a restaurant where customers can eat. In a related story, the recession is over!<\/p>\n

Whoever wants a 4.50% 30-yr fixed rate conforming loan with a point back to cover closing costs<\/strong>, raise your hand! Well, we\u2019re just about there. Fannie 4% securities are shuffling around 99 or 100, and when you throw some servicing-released premiums on the price, you\u2019re easily above par. And who wouldn\u2019t want to own this servicing? Even I am thinking about refinancing, and I don\u2019t even own a place! Seriously, heck, I have a 7-yr ARM that closed in 2003 at 4.75% (so it starts adjusting next year) that I am thinking about refinancing. Given the 30% LTV maybe I can even find an investor!<\/p>\n

So if rates are so great, why are applications dropping and agents continuing to work twice as hard for half as much business?<\/strong>For last week, the MBAA\u2019s weekly application index dropped 4.5% with applications to buy a home up 9.6% and refi\u2019s down 9.5%. (\u201cThe MBA revised the indices for the prior week.) Does this data support what many in the business already are feeling: That most people who can refinance already have, that the economy would have to go further into the tank for mortgage rates to drop much more, and we\u2019d better get used to a purchase market in the coming months and next year?<\/em><\/p>\n

How long does it take the MBAA to compile multifamily statistics? I guess eleven months, since Monday\u2019s headline read, \u201cMBA Reports Multifamily Lending 40 Percent Lower in 2008 Than 2007; Market Remained Broad and Diverse<\/strong>\u201d. Their report stated that \u201c2,877 different multifamily lenders provided a total of more than $88 billion in new financing for apartment buildings with five or more units, which is a 40% decline from 2007 levels, and the top five were PNC Real Estate, Wachovia, Wells Fargo Bank, N.A, Capmark Financial Group Inc, and Deutsche Bank Commercial Real Estate. The report also mentioned that 26% of lenders who made multifamily loans in 2008 made just one, and two-thirds made five or fewer!<\/p>\n

more news on FOMC Statement, HAMP and FNMA, bond market, and joke of the day ,,,\u00a0 <<< CLICK HERE<\/a><\/strong><\/p>\n

(There will be no commentary on Friday \u2013 I\u2019ll be in Best Buy looking for bargains.)<\/p>\n

Rob<\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Earlier this week, the country’s first marijuana cafe opened up, which not only sells medical marijuana, but also has a restaurant where customers can eat. In a related story, the recession is over! Whoever wants a 4.50% 30-yr fixed rate conforming loan with a point back to cover closing costs, raise your hand! Well, we\u2019re […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-48307","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/48307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=48307"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/48307\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=48307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=48307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=48307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}