Envoy Mortgage Opening in Danville

I am excited to announce that Envoy Mortgage is opening an location in Danville, CA.  I will be setting up the office this week.  AsI grew up in Danville, it will be nice to spend some time in the area.  Our main office is located in Concord, CA which is centrally located to service all of Contra Costa County, but our new Danville satellite office allows us to service that portion of the 680 corridor easier. 

Envoy Mortgage offers a wide range of products and is known for it’s ability to close fast.  With mortgage rates a record lows, we are happy to assist you with your home purchase or refinance.  First Time Buyer’s can take advantage of city or county down payment assistance programs.  Call us today!

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Thank you,
Matt Steinmetz

Envoy Mortgage -Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

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Market Talk

I have been reading about how home sales are up and have risen for the past 5 months.  This is supposed to be a sign that the housing market’s supply over demand is leveling out.  Knowing that a lot of vacant homes are not yet listed and that mortgage companies know now that foreclosure is cheaper than modifying a loan, I believe we will see more supply hit the streets.  With school starting soon, the summer rush to buy a home will slow down.  Though the rush to be in a new home by the holidays may prove to be a good market to be in.  Fall is typically a great time to buy as sellers tend to be more negotiable.  With out the hustle and bustle of the spring and summer home buying frenzy, those that need to sell will be ready to make a deal.

Mortgage rates are still great and in the low 5′s for a conforming 30 year fixed.  This assumes good credit and the ability to qualify.  It truly is a great time to buy or refinance if you can.  No one knows how long these rates will last and there is certainly a lot of information that says, by the end of the year, rates will increase.  I have covered this many times in previous posts, but in short we have an oversupply of mortgage backed securities on the secondary market and not enough investors buying them.  This means more supply and not enough demand, which makes rates go up so that investors are enticed to buy.  Aside from this when inflation goes up so will rates.  The Fed will also play a role in this as they are currently buying the mortgage back securities, but will stop by December 31st.  Even with out the inflation concern you can see how an already over supply, and losing a major purchaser of the supply can cause even more of an over supply, pushing rates higher. 

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Matt Steinmetz

Envoy Mortgage

2151-P Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119
msteinmetz@envoymtg.com

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Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
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New Tax Credit and Business 101

The Senate is pushing for a $15,000 tax credit for all homebuyers in lieu of the first time buyer credit currently in action. The new credit is planned to have no income restrictions.

Out of the blue, 2-3 weeks ago rates started going up. Infact they rose a full point in about a week. What was one day 5% or slightly better, became 6% or slightly worse. Will they come back down? Why did this happen?
Let's start with the former. This week rates have attempted to go lower and did so until today. Rates came back down into the low-mid 5's and then today on the news that the Treasury will auction of millions of bonds next week to raise capital, rates got worse. This takes us to the "Why?". This is now a simple case of business 101- supply and demand. All of these mortgage bonds and treasury bonds became to much supply, with not enough demand. To create demand rates have to go up so investors find the bonds more attractive. On top of this, the news is talking about several economic experts that have said the recession is ending soon and inflation will be on the rise. All of this = higher rates.