Mortgage Market & Today's Rates

Let us keep you up to date on today's rates and market analysis.  Per your request, we can email or fax you our daily rate sheet daily, weekly or monthly.  Click "here" to request your daily rate sheet now.  No one keeps an eye on the market as well as PC-Processing.  Rate locks are guaranteed in writing. 
 
Interest Rate Disclosure:  Conforming rates are based on loan amounts of $150,000 or greater with a Loan-To-Value (LTV) of 80% or less and credit score of 600 or greater.  Our standard rate lock commitment period is 15 and 30-days.  45 & 60-day locks are available, pts may apply.  Rates are subject to change daily without notice.  Confirmed rate locks are guaranteed in writing.  Daily rate sheet is posted approx. 1-3pm EST.

Mortgage Market This Week:

Market Commentary:

U.S. Treasuries fell, adding to five weeks of losses, as Federal Reserve Bank of Cleveland President Sandra Pianalto said inflation is ``uncomfortably high.'' The yield on 10-year notes may rise further after Bill Gross, who manages Pacific Investment Management Co.'s $103 billion Total Return Fund, said in an interview on CNBC on June 8 that the Fed is on hold and may lower rates in six to nine months. Merrill Lynch & Co. and Goldman Sachs Group Inc. have dropped bets on a cut this year in the 5.25 percent benchmark. The yield on the benchmark 10-year note rose 1 basis point, or 0.01 percentage point, to 5.12 percent at 7:25 a.m. in New York, according to bond broker Cantor Fitzgerald LP.

The price of the 4 1/2 percent note due May 2017 fell 2/32 or 63 cents per $1,000 face amount to 95 6/32. Yields move inversely to prices. The two-year note yield was little changed at 5.0 percent. The yield on 10-year notes is 13 basis points above that of two- year notes, after being 3 basis points below them a week ago. The so-called steepening yield curve indicates investors are more optimistic about the U.S. longer-term economic outlook. The Fed ``has described our core rate of inflation as being uncomfortably high and has stressed the importance of further moderation in inflation,'' Pianalto said today at a conference in Dublin.

Master Financial Closes:

 

Master Closes Unit; People's Pulls S-11 Sub prime lender Master Financial, Orange, Calif., closed its wholesale division late Wednesday, and another top-ranked funder -- People's Choice Financial Corp. -- pulled a key registration statement with securities regulators, suggesting that it too is in deep financial trouble. Sources told MortgageWire that People's Choice -- headed by former Aames Financial executive Neil Kornsweit -- is talking to a potential investor about a sale.

 

The Irvine, Calif.-based company had hoped to go public. At deadline time, executives at both sub prime shops could not be reached for comment. A Master Financial e-mail message provided to MW by a source states, "It is with the deepest regret that I have to announce that we are ceasing operations in our wholesale sub-prime origination unit effective today. This comes as a result of a continued strain in the secondary market and lack of liquidity for the loans we, as an industry, produce."

PMI Finally Deductible:

MI is now Tax-Deductible!!  One loan, one payment, and now TAX-DEDUCTIBLE!  Thanks to new legislation passed by Congress, mortgage insurance premiums are tax-deductible!

As you make what may be your biggest financial commitment ever, you'll want to consider mortgage insurance as one of your options.

Under the new legislation:
Mortgage insurance premiums will be 100% deductible for households whose adjusted gross income is $100,000 or less.  Households whose adjusted gross income is more than $100,000 but less than $110,000 will be able to deduct a prorated portion of their MI premium.  The new rules are effective for the 2007 tax year on loans closed on or after Jan. 1, 2007.  

For 50 years, MGIC mortgage insurance has helped make homeownership possible. Buying a home with MI simplifies the mortgage process by making it possible to take out just one loan. It also increases your buying power, broadens your cash-flow options and allows for tapping into equity and refinancing more easily in the future.  Now that it's tax-deductible, you have one more good reason to make MGIC MI an option.

Last Updated:  July-2007

PC-Processing & Loan Inc.
1104 N. Parsons Ave. Ste-E
Brandon, FL. 33510
Ph: 1-813-654-6719 * Fax: 1-813-643-9641
Toll Free: 1-888-398-8077
Email: pcloans@hotmail.com
 

Licensed Mortgage Broker
Licensed Mortgage Broker Business
Incorporated Jan-2000