Thursday

Consecutive Week



30-year fixed-rate mortgage:averaged 4.87 percent with an average 0.7 point for the week ending March 3, 2011, down from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.97 percent

The 15-year fixed-rate mortgage: averaged 4.15 percent with an average 0.7 point, down from last week when it averaged 4.22 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.72 percent this week, with an average 0.6 point down from last week when it averaged 3.8 percent. A year ago, the 5-year ARM averaged 4.11 percent.

One-year Treasury-indexed ARMs: averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.4 percent. At this time last year, the 1-year ARM averaged 4.27 percent.

Freddie Sayz 



Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates saw an overall improvement this week. Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this years high set just three weeks ago. This means that homebuyers could now expect to pay $263 less per year on a $200,000 loan

However, housing demand still remains weak. New home sales in January were near record lows dating back to 1963 when the data began, according to the Census Bureau Similarly, pending sales of existing homes fell for the second consecutive month in January, according to the National Association of Realtor

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Mortgage Bankers Weekly Survey: Mortgage Applications Decrease



6/29/11
Fixed rate mortgages are changed little this week, at 4.5%.

The MBAA reports their Market Composite Index: (Loan application volume) decreased 2.7 percent on a seasonally adjusted basis from one week earlier.
Their Refinance Index: also decreased 2.6 percent from the previous week. However, Mortgage applications also decreased 5.9% from one week earlier The MBAA reports their Purchase Index  decreased 3 percent from thew week earlier
Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter, they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward.
Confirming the trend is the MBAA mortgage orgination forecast: Mortgage originations (in billions of dollars) are expected to come in at $1025 for 2011 and $961 for 2012.

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Mortgage Bankers Association for the week of 6/22/2010


Fixed rate mortgages are changed little this week, at 4.5%.The MBAA reports their Market Composite Index: (Loan application volume) decreased 5.9 percent over last week

Their Refinance Index: also decreased 7.2 percent from the previous week .However, Mortgage applications also decreased 5.9% from one week earlier The MBAA reports their Purchase Index  decreased 3.9 percent

Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter, they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward.

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Wednesday

Better Market Street Project: What San Francisco Has In Store For Us

Wiki History

Jasper O'Farrell established Market Street as the widest street in town, he envisioned a grand boulevard, an arrow straight to the heart of Twin Peaks. The Better Market Steet Project is designed to recapture his vision all these years later.

Market street has been a blight for a long long time. When the freeway came down it opened up the Emarcaderos for development. We have a new Farmers Market and Boulevard, Rincon Center and a host of restaurants and condo development.

Twitter is moving to 1355 Market and that will no doubt help grow out mid Market. Upper Market is seeing new growth and Hayes Valley has helped link the Civic Center cultural centers of the Ballet and Symphony to the new location for the Conservatory of Music just off Vann Ness and Market.

San Francisco is looking transform Market Street from the Embarcaderos to Octavia Street with long term infrastructure improvements to develop a safe sustainable boulevard, a place to stroll, bike and shop. Plans are for a ground-floor redesign of buildings all along Market to create a singular look and feel. A grand boulevard, offering a Market street that will be the signature corridor in San Francisco. Close to the cultural centers of the Civic Center, peppered with new housing and local internet industry leaders... Very Cool.

New Opportunity?
The real question is whether the Better Market Street Project, especially as it focus's on Mid Market and the new Twitter location at 1355 Market will benefit the Tenderloin or the Mission.

Will the Twitter folks (Yelp and Zynga cant be far behind) move to the Tenderloin or the Mission? My bets on the Mission side, its become a hotspot hang out for much of the San Francisco tech industry and new restaurants are popping up all around Mission from 14th up to 24th. I think the lower Mission is a growth opportunity

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Urban Renters: Who Are They


Gen Y
They passed boomers to become America’s largest generation, Gen-Yers, now 15 to 32 years
old will dominate and define residential demand for real estate as did the Boomers before them.The Urban Land Institute commissioned an online survey to discover their preferences
 because this next waves needs is mandatory knowledge for owners and buyers of real property.  About 4.3 million Gen Yers turned 22 in 2010 and will exceed 4.5 million in 2012 and 2013. For at least ten well over 4 million Americans will turn 22 each year, producing solid apartment demand. Whether they will hold a bias towards rentingover ownership remains to be seen. The survey indicates ownership is still desirable for Gen Y. 

Renters Demographics
Why Rent

Flexibility
Renting can provide more flexibility e and lower costs than owning. So certain households are more likely to rent than own, including young singles starting out, families relocating to a new metropolitan area, recent immigrants to the United States, and low-income households

Transition
such as a change in job or marital status, short term commitments that allow people to move on in times of uncertainty.

Relocating
Rental housing can be a good option if you expect to move again within a few years. Buying and expecting to sell, may find you a reluctant landlord. 

Immigrants
Consider the strength of immigration. The arrival of young foreign-born households has added to the renter pool and although its slowing now due to low job growth, It will continue to add demand and help keep the rent rates trending up. 
Retirees Moving Back
 As the baby boom population ages and their children leave home, some will opt for moving out of their homes and into apartments. Not wanting the cost and obligations of home ownership they are choosing the mobility that comes with renting. Expect a lot of retirees coming back into citys for easy access to theater, communtiies of like interests and some excitement not readily available in the suburbs.

Rental Property Is Profitable
From the Freddie Mac site: The multifamily segment of the GSEs has much lower default rates than the singlefamily sector. Fannie and Freddie’s multifamily delinquency rates both remain less than 1 percent. While they have risen in the recession, Freddie Mac’s average delinquency rate (60 days or more past due) is 0.44 percent as of the end of October. And Fannie Mae’s is 0.65 percent as of Sept 30. 

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Thursday

Mortgage Bankers Weekly Survey: Mortgage Applications Increase




Mortgage Bankers Association for the week of 6/15/2010

Fixed rate mortgages are changed little this week, the 30-year fixed-rate mortgage inching up to 4.5% from last week√Ę€™s 4.49% average rate.
The MBAA reports their  Market Composite Index:
 
 ( Loan application volume) Increased 13% over last weeks number. 

T
heir Refinance Index: 
increased 16.5 percent from the previous week and made of the bulk of mortgage activity this week.However,  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  increased 4.5 percent from one week earlier, a slight uptick in purchase volume.

Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter,  they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward. 



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Freddie Mac Weekly Update: Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent





30-year fixed-rate mortgage:averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.  

The 15-year fixed-rate mortgage: t his week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.     

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 percent.

One-year Treasury-indexed ARMs: averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.82 percent.  

Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports. The  core producer price index  rose just 0.2 percent in May while the  core consumer price index  increased 0.3 percent, both near the market consensus forecast.
Much of the run down in home mortgage debt so far has been through second mortgages, according to the  Federal Reserve Board. Household mortgage balances fell by more than $930 billion between the peak set at the end of March 2008 and March of this year, of which, second mortgages accounted for $820 billion of the decline

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Freddie Mac Weekly Update: Fixed Mortgage Rates Continue Downward Slide






30-year fixed-rate mortgage:averaged 4.55 percent with an average 0.6 point for the week ending June 2, 2011, down  from last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.79 percent.  

The 15-year fixed-rate mortgage: this week averaged 3.74 percent with an average 0.7 point, down from last week when it averaged 3.78 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.  

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.41 percent this week, with an average 0.6 point, the same from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.94 percent .

One-year Treasury-indexed ARMs: averaged 3.13 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 3.95 percent.  

Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to theBureau of Economic Activity,  consumer confidence  in May was weaker than the market consensus forecast, and the  manufacturing industry slowed for the third straight month in May

The housing market is showing strain as well. The S&P/Case-Shiller National Home Price Index  fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the  index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred


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Mortgage Bankers Weekly Survey: Mortgage Applications Decrease



Mortgage Bankers Association for the week of 6/1/2010

Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.55% its lowest average this year. The MBAA reports their  Market Composite Index: ( Loan application volume) Decreased 4%. 

T
heir Refinance Index:  Decreased 5.7% from the previous week on further declines in the interest rate.
However, this isnt helping sell homes.  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  decreased 1.2% compared with the previous week

The recent Fed meeting indicates that lower rates will continue as the economic  recovery is unremarkable. Thats Bernakes word for this...unremarkable



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