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Jul
7


Long Beach California Mortgage Rates Report: July 7, 2008

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Mortgage rates in Long Beach, California for July 7, 2008.  Loan amounts up to $417,000:

3/1 ARM              5.250%

5/1 ARM              5.500%

7/1 ARM              5.750%

10/1 ARM            6.000%

30 Yr Fixed          6.375%

 

All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling at the number below..

 

LONG BEACH CALIFORNIA MORTGAGE RATE TREND:

Next 7 days:        Lower

Next 30 days:      Slightly Lower 

Next 3 months:    Higher

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Laurie Manny
Long Beach Realtor (562) 212-5420

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Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803

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Long Beach Real Estate BlogLong Beach Real Estate Website

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Long Beach California Mortgage Rates Report: July 7, 2008
Posted on July 7, 2008 by Laurie Manny
Jun
25


Long Beach Mortgage Rates Report: June 25, 2008

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No recommendation until tomorrow.  All eyes are on the Federal
Reserve Open Market Committee today.  At 2:15PM (EDT), 11:15 (PDT),
they will release their interest rate decision and statement.  The
fixed income securities market believe there is a 43%
chance that the Fed will RAISE rates, to stifle inflation, in August
and that there is a 61% chance that the hike will come in November
.

The eyes will be on the Fed’s commentary, though:

“We expect the Fed to keep the funds rate at 2% today but to shift to a
more hawkish statement by placing more emphasis on inflation over
growth risks,” strategists at Credit Suisse wrote in a research report.
“The Fed will likely use this meeting as an opportunity to set the
stage for a potential rate rise in August.”

If the Fed signals that rates could rise as early as August, expect Long Beach
mortgage rates to jump .25% higher, from today’s 6.375% 30 year fixed
rate, over the next few weeks.  If the Fed signals rate hikes are
“possible” as a way to fight inflation, expect rates to stay level
through in July (6.25% to 6.5%).  Finally, if the Fed shifts back to
its anti-recessionary talk, we could see rates drop down to 6%.

As you can see, there are a lot of “ifs”.  This is why today’s Fed
commentary is all important.  The Fed’s ambiguity has traders convinced
that higher rates are a foregone conclusion.  Here’s the silver lining
hidden in this dark cloud; mortgage rates are equal to what they were in July, 2007The Fed Funds rate was at 5.25%, then
Today, the Fed funds rate is at 2.25%.  What that means is that
mortgage rates SHOULD be able to withstand some 5-6 rate hikes and stay
under 7%.

Alas, markets are discounting mechanisms.  We still think there is a lot of risk to higher mortgage rates until the commodities bubble bursts.

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Laurie Manny
Long Beach Realtor (562) 212-5420

\"\"

Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803

\"\"

Long Beach Real Estate BlogLong Beach Real Estate Website

\"\"

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Long Beach Mortgage Rates Report: June 25, 2008
Posted on June 25, 2008 by Laurie Manny
Jun
19


Long Beach Mortgage Rates Report: June 19, 2008

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We’re still advising all Long Beach borrowers to lock all mortgage rates at application. The risk of the Fed raising rates far exceeds the opportunity for lower term rates. Watch this one minute video to understand what exactly has been happening in the mortgage markets, since May 2, 2008 and what I think WILL happen in June and July, to mortgage rates.

 

Brian Brady

(858)-777-9751


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Laurie Manny
Long Beach Realtor (562) 212-5420

\"\"

Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803

\"\"

Long Beach Real Estate BlogLong Beach Real Estate Website

\"\"

\"\"

\"\"

Long Beach Mortgage Rates Report: June 19, 2008
Posted on June 19, 2008 by Laurie Manny
Jun
12


Long Beach Mortgage Rates Report: June 12, 2008

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Long Beach mortgage rates are headed higher.  Lock all rates at application, regardless of closing date.


The trend is clear; the Fed believes it has done all it can to stave
off the banking crises and is now focusing its efforts on inflation. 
This morning, retail sales were up and the dollar is strengthening.  If stagflation is the fear, the current strategy of targeting core inflation may be abandoned for the more radical Paul Volcker-style approach to tame inflation. 


While I believe the higher mortgage rate cycle will be shorter than
the 80-s style interest rate hikes, it’s clear to me that Bernanke is
talking differently than he did in 2006 and 2007.  The effect?  We
could see Long Beach mortgage rates rise as much as 2% in the next two years.  I
still believe that a five year ARM will offer the best solution because
interest rates move in cycles; I think we’ll see mortgage rates under
6% again in 2011.  Today?  The trend looks like we’re headed higher.


What then, should be your strategy?

 

1- There will be little periods of weakness in rates this year and you
should jump on any chance you have to get a 5/1 ARM under 6% or a 30
year fixed rate under 6.5%.


2- If you can’t get the home loan you want today, get your
documentation to me anyway. Secure an approval that is good for 90 days
and wait for those periods of weakness to lock in the right rate.


3- If you were thinking of buying a home in Long Beach, mortgage rates are about as good as they’ll get for the next two years.  Get pre-approved, contact your REALTOR and start looking.


Brian Brady

(858)-777-9751


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Laurie Manny
Long Beach Realtor (562) 212-5420

\"\"

Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803

\"\"

Long Beach Real Estate BlogLong Beach Real Estate Website

\"\"

\"\"

\"\"

Long Beach Mortgage Rates Report: June 12, 2008
Posted on June 12, 2008 by Laurie Manny
Jun
9


Long Beach Mortgage Rates Report: June 9, 2008

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Long Beach mortgage rates are behaving exactly as I expected they would when I reissued my lock recommendation on May 29, 2008.  What then for June, 2008 mortgage rates? 

 

Expect more volatility.  The Fed’s in a weird
spot.  The economy is tanking under the pressure of high gas prices and
the real estate recession.  The tax rebates are mailed and that money’s
been spent.  Gasoline is at $4.00/gallon.  Food costs are spiraling
from the dumb ethanol energy policy. Ben Bernanke doesn’t know if he should be fighting inflation on Monday or preventing a depression on Tuesday
His mixed signals are being perceived as a potential rate hike which
has kept Long Beach mortgage rates above 6% these past two weeks.

A thirty-year fixed rate loan is at 6.375% now.  The 5/1 ARM I loved
so much at 5.375% has risen to 5.5%.  I’m not certain that we’ll see
those rates come down this month.  If you have a June or early July
closing, lock your mortgage rate now.  I do, however see the weak economy outweighing the inflationary fear.  The Saudis are attempting to increase production
which leads me to believe that they think the bull market in oil is
over.  If you have a closing in July, or are considering a refinance, I
think you can float your rate until mortgage rates drop below 6%. 

 

If you’re thinking of refinancing, it makes complete sense to start the process now by applying for a home loan. 
I expect credit guidelines to tighten throughout the summer.  While I
think you can hold off on your mortgage rate lock, you should get the
documentation in so that the loan can be underwritten in June.  Loan
approvals are usually good for 60 days so you can lock and close when
rates come back down.

 

In summary: Lock all loans closing within 30 days, float the rest.

 

PS:  This could change daily.  Market volatility is such that I
could move to an “all float” recommendation if the reaction to the
Saudis summit is positive.  If oil gets down below $120/barrel, The Fed
won’t worry so much about inflation.  

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Laurie Manny
Long Beach Realtor (562) 212-5420

\"\"

Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803

\"\"

Long Beach Real Estate BlogLong Beach Real Estate Website

\"\"

\"\"

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Long Beach Mortgage Rates Report: June 9, 2008
Posted on June 9, 2008 by Laurie Manny

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Laurie Manny

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Main Street Realtors
Belmont Heights
244 Redondo Avenue
Long Beach California 90803

Lic.#01321200

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(562) 212-5420


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