Bill Ladewig's Blog: March 2016

MORTGAGE INTEREST RATE LOCK ADVISORY 3/29/16

MORTGAGE INTEREST RATE LOCK ADVISORY
March 29, 2016, 7:30 AM PST 
 
SWEDEN'S 105 YEAR LOAN
Sweden, with its population of about 9.6 million about the same as Michigan, just adopted a law limiting mortgage loans to 105 years. Our 30-year fixed-rate mortgage has plenty of critics, but Sweden's unlimited amortization developed as a strategy to cope with high property prices as a longer term means monthly payments are lower. But inheritors are left with repaying the balance of the mortgage, often by selling the home. The recent average mortgage term was around 140 years, and nearly one-third of mortgages issued in 2014 allowed borrowers to repay only interest. New mortgages will have a 105-year repayment limit as borrowers will be required to reimburse a minimum amount of the loan capital each year, after a five-year grace period on loans for new homes. Thanks to Rob Chrisman
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FEATURED LOAN
LOCK ADVISORY -  Click for current Lock Advice
  • 1-14 Day Close:  LOCK 
  • 15-30 Day Close: LOCK
  • 31-45 Day Close: LOCK
  • Recommendations can change throughout the day.   
MORTGAGE MARKET INDICATORS -  Click for current Markets
  • Freddie Mac Average:30-Yr FRM, Down 0.02% at 3.71% on 3-24-16.
    Rate Price Based on 3% MBS, Down -0.22 Point. 
    DJI Stocks - Currently, $17,495.70, Down ($39.69) -0.23%
    Asian & European Stock Market Indexes Down -0.378%
    Crude Oil (WTI) - Currently, $38.09, Down ($1.30)
    Gold 1 Ounce - Currently, $1,230.20, Up $7.70
MARKET REPORTS & ANALYSIS     
  • Rates ended the Monday virtually unchanged.
  • Oil dropped below $40 a barrel with U.S. stockpiles forecast to hit record levels as European markets reopened today after a four-day Easter break,  This, signalling continued low levels of inflation, helped push low-risk government bond yields down.
  • The focus is on Yellen, who is due to speak at the Economic Club of New York at 8:30 AM PT. Weaker-than-expected U.S. consumer spending data on Monday prompted analysts to suggest the U.S. central bank would be cautious about raising rates this year.
NEWS LINKS
Dr. Geezer's clinic
An old geezer, who had been a retired farmer for a long time, became bored and decided to open a medical clinic. He put a sign up outside that said: "Get your treatment for $500, if not cured get back $1,000."
He put a sign up outside that said: "Dr. Geezer's clinic. Get your treatment for $500, if not cured, get back $1,000."
Doctor "Young," who was positive that this old geezer didn't know beans about medicine, thought this would be a great opportunity to get $1,000.
So he went to Dr. Geezer's clinic and this is what transpired.
Dr. Young: "Dr. Geezer, I have lost all taste in my mouth. Can you please help me ??"
Dr. Geezer: "Nurse, please bring medicine from box 22 and put 3 drops in Dr. Young's mouth."
Dr. Young: Aaagh!!!! -- "This is gasoline!"
Dr. Geezer: "Congratulations! You've got your taste back. That will be $500."
Dr. Young gets annoyed and goes back after a couple of days figuring to recover his money.
Dr. Young: "I have lost my memory. I cannot remember anything."
Dr. Geezer: "Nurse, please bring medicine from box 22 and put 3 drops in the patient's mouth."
Dr. Young: "Oh, no you don't - that is gasoline!"
Dr. Geezer: "Congratulations! You've got your memory back. That will be $500."
Dr. Young (after having lost $1000) leaves angrily and comes back after several more days.
Dr. Young: "My eyesight has become weak - I can hardly see anything!!!!
Dr. Geezer: "Well, I don't have any medicine for that so, here's your $1000 back" and gives him a $10 bill.
Dr. Young: "But this is only $10!"
Dr. Geezer: "Congratulations! You got your vision back! That will be $500."
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As I grow older, I pay less attention to what men say. I just watch what they do. 
Andrew Carnegie
Comment balloon 0 commentsBill Ladewig • March 29 2016 06:37AM
MORTGAGE INTEREST RATE LOCK ADVISORY 3/29/16
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