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Lisa Tollis, Real Estate Salesperson
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Up-to-Date Mortgage News


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Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs … Continue Reading Rates are at all time lows

9/18/2020 9:59:56 AM

I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation.   It was good to hear … Continue Reading Is the COVID-19 emergency over? An economists prosepective.

9/14/2020 9:46:21 AM

Bridge loans are short-term loans that bridge the gap between two different closing dates. More commonly used when an existing homeowner sells their home, and buys another home, with two … Continue Reading Bridge Loans… the what and why!

8/8/2020 9:32:00 AM

Some years ago, I did a study on the benefits and disadvantages of online shopping.  Sure, you can order food from your favourite restaurant, buy a new set of earbuds, … Continue Reading What’s a Travel agent got to do with a mortgage?

8/4/2020 12:32:30 PM

In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%.  That’s right, if you were in a variable rate mortgage, you had a rate under … Continue Reading Navigate through these uncharted waters in 2020

7/3/2020 9:47:41 AM
Mortgage Rates

NEW HISTORICAL LOW MORTGAGE RATE MILESTONE REACHED. Last week, we saw a 5 year fixed rate mortgage at under 2.00%.  That’s right… 1.99%. If you qualified, the rate applied to … Continue Reading More Rate Drops

6/18/2020 11:16:00 AM

I originally posted a breakdown of how mortgage penalties are calculated by different lenders on January 4, 2011. A recent article outlining how TD Bank charged a $30,000 mortgage penalty … Continue Reading Beware of Mortgage Penalties

6/11/2020 3:17:00 PM

Mortgage News Daily

Posted To: Mortgage Rate Watch

Mortgage rates are most influenced by the bond market and the bond market is most influenced by the Federal Reserve (aka "The Fed"). So when the Fed says it expects rates to be "zero" at least until the end of 2023, does the same go for mortgage rates? That would be nice, but unfortunately, that's not how it works. The Fed dropped its policy rate to 0% back in March--the same place it had been for nearly 6 years after the financial crisis. Mortgage rates were in completely different territory during that time and they've often moved in the opposite direction since then. With this in mind, how can we say the Fed is so important to the bond market and mortgage rates? First off, there's a clue in the chart above. Although we can highlight time frames where the two rates moved in opposite directions...(read more)

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9/18/2020 4:38:00 PM

Posted To: MBS Commentary

Range Trading Settling in For Long(er) Haul With no significant bond market volatility in response to this week's Fed announcement. The question of "where do we go now" remains. The answer remains as well. Until further notice, it's "sideways!" Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Consumer Sentiment 78.9 vs 75.0 f'cast , 74.1 prev Market Movement Recap 08:20 AM Bonds were mostly flat during Asian hours but rallied during European hours to hit the domestic session in slightly stronger territory. 10yr yields are down 1.6bps at .672 and 2.0 UMBS are up 1 tick at 102.98. Stocks are flat. 01:44 PM AM weakness in MBS subsided by noon. Treasury yields managed to find a ceiling without moving too far into negative territory...(read more)

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9/18/2020 4:30:58 PM

Posted To: MND NewsWire

One out of every 15 home sales in the second quarter of the year were defined as "flips" by ATTOM Data Solutions. A flip is any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. ATTOM's second quarter report on flipping says 53,621 single-family homes and condos were flipped in the second quarter, 6.7 percent of total transactions. This is down slightly from 7.5 percent or one of every 13 transactions in the first quarter, but up from 6.1 percent or one in 17 in the second quarter of last year. While flipping declined slightly last quarter, both profits and profit margins were up . The median sales price of second quarter flips was $232,402 and the median paid by the investor was $164,500...(read more)

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9/18/2020 11:40:10 AM

Posted To: MND NewsWire

There was a fourth straight decline in the number of mortgage loans in forbearance during the week ended September 15. Black Knight says the total dropped by 26,000 or 0.7 percent to an estimated 3.7 million loans. That is down 22 percent from the peak of over 4.7 million in late May. Volumes have declined in 10 of the last 12 weeks. The remaining forborne loans represent 7 percent of all active mortgages and $781 billion in unpaid principal. Black Knight says there are 1.7 million plans set to expire in September so there could be significant numbers of plan extensions as well as plans ending over the next few weeks. The week's decline was primarily driven by GSE loans , with active forbearance plans dropping by 28,000 (-2 percent). There are now 1.361 million Fannie Mae and Freddie Mac loans...(read more)

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9/18/2020 11:37:45 AM

Posted To: MND NewsWire

The refinance share of loans originated in August rebounded slightly from July levels as interest rates fell to the lowest in Ellie Mae's history. The company's Origination Insight Report says the average rate on all loans fell to 3.09 percent during the month, down from 3.24 percent in July. The 30-year note rate VA loans fell below 3 percent to 2.86 percent from 3.02 percent in July. The 30-year note rate on conventional loans dropped to 3.12 percent from 3.26 percent in July. Similarly, the 30-year rate on FHA loans fell from 3.26 percent to 3.10 percent. As a result of these rates, the refinance share grew to 56 percent of all loans, up from 54 percent in July. The purchase mortgages share dipped to 44 percent from 46 percent. "Interest rates are at historic lows, driving volume across...(read more)

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9/18/2020 11:30:48 AM

Posted To: MBS Commentary

Tossed coconut salad... Fresh coconut milk... New England boiled coconut... There were only so many menu choices for Yosemite Sam working with one ingredient. We're in a somewhat similar position over the past month with nothing to observe apart from a range-bound bond market. But whereas coconuts might make someone crazy eventually, who's going to complain about an incredibly narrow trading range just above all-time low bond yields? The only thing to complain about in this situation is simply the uncertainty regarding the next big move. Are rates going to break higher or lower? And when will that happen? For the foreseeable future, we can make strong cases that argue against a big break in either direction. Bonds would have a tough time plummeting to new all-time low yields considering...(read more)

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9/18/2020 8:47:16 AM

Posted To: Pipeline Press

Before the pandemic I used to spin that toilet paper roll like I was on Wheel of Fortune. In March and April I turned it like I was cracking a safe. Now things are back to normal, and the toilet paper area at Costco isn’t the Mecca it became six months ago. Economies have a way of correcting back to normal supply and demand functions. Whale oil was largely replaced by the cost and abundance of petroleum in the 1860s (although it was used in cars in the U.S. as a constituent of automatic transmission fluid until it was banned by 1973). I mention this because softwood lumber prices increased nearly 15% in August , driving the price paid for goods used in residential construction up 0.9% during the month. Housing has been a bright spot for the overall economy in recent months, with U.S....(read more)

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9/18/2020 8:15:43 AM

Posted To: Mortgage Rate Watch

Yesterday's policy announcement from the Federal Reserve had a chance to cause significant volatility for the bond market and the bond market is the chief ingredient in the mortgage rate equation. But this time around, the Fed didn't cause a measurable reaction in the mortgage market. I'm frequently asked whether mortgage rates are 0% since the Fed just kept rates at 0%. People hear a headline on the news or a radio soundbyte mentioning the words "Fed, rate, zero," and then assume the Fed just made some change that dropped rates to zero percent. After all why would there be so many news headlines about it if the Fed merely kept its policy rate unchanged?! It's a fair question in that sense, but understand that the Fed's rate decision will always make the news, even if the rate is the same as...(read more)

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9/17/2020 3:56:00 PM

Posted To: MBS Commentary

Still Waiting on Bonds to Attempt a Range Breakout Yesterday's Fed announcement managed to deliver the bare minimum of the market's expectations and underdeliver on fairly reasonable hopes. That resulted in a logical protest from both stocks and bonds. This carried over into today, but bonds have yet to even attempt to break their prevailing range. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Jobless Claims 860k vs 850k f'cast , 893k prev Housing Starts 1.416m vs 1.478m f'cast, 1.492m prev Philly Fed Index 15.0 vs 15.0 f'cast, 17.2 prev Market Movement Recap 08:33 AM Stock prices and bond yields drifted lower in the overnight session with 10yr yields almost 4bps lower by 8am. Early econ data isn't hurting with none of the 3 reports...(read more)

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9/17/2020 3:06:24 PM

Posted To: MND NewsWire

Residential construction activity took a breather in August. The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that all three measures, housing permits, starts, and completions, were lower than their unexpectedly high July rates. Permits for residential construction were issued during the month at a seasonally adjusted annual rate of 1,470,000. This is down 0.9 percent from the revised (from 1,495,000) 1,483,000 units in July. It was also fractionally lower (0.1 percent) than the August 2019 rate of 1,471,000. Analysts had expected a continuation of the heavy pace of construction that kicked in after a disastrous plunge in numbers in March due to pandemic related shutdowns. Permitting was at the low end of estimates from those polled by Econoday...(read more)

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9/17/2020 10:46:08 AM