Mortgage Rates Still Low and Other Mortgage News

June 11, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 11 June 2010 – Rates were on the rise toward the end of this week after starting at 2010 lows. Still reeling from last week’s jobs reports that showed a heavy concentration in temporary 2010 Census jobs, the equities markets suffered early Monday. The ensuing flight to quality that continued through Wednesday kept rates very low. By Thursday, however, favorable news provided the catalyst for investors to move back into equities, which bumped rates up a bit.

Mortgage data was, on the whole, negative. Mortgage applications dropped in both purchase and refinance transaction. The first statistic was not a surprise, but the second sent a strong message that most of the refinances that can happen already have happened. While demand to refinance is still high, low appraisals and borrower issues make many of them impossible.

Other housing data provided some good news. Defaults showed a month over month decrease and a small increase year over year. This is widely accepted as a sign that banks are beginning to work through their inventory of repossessed properties. While veiled in the seemingly negative concept of foreclosure, this was actually a sign that defaults are leveling off and that a sustainable housing recovery may be possible.

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About Doug Katz

As the Senior Mortgage Banker and Sales Manager for Chicago Bancorp, Doug not only originates loans for his personal business, but also oversees affiliations with banks and other financial institutions that depend on Chicago Bancorp to meet their client’s lending needs. In this role, Doug directs the day-to-day mortgage sales operations of over 25 branches in a multitude of Chicagoland’s diverse communities. He brings to these relationships a wealth of industry experience and a dedication to an exceptional client experience that has established Chicago Bancorp as Chicago’s pre-eminent mortgage solution providers. Prior to joining Chicago Bancorp, Doug attended and graduated from West Point. Upon graduation, he was commissioned as an officer in the United States Army Artillery, where served 5 years in numerous roles and in various deployments include service in Kuwait. In addition to his Bachelor’s Degree from West Point, Doug holds an M.B.A. from Loyola University Chicago, where he was also inducted into the Beta Gamma Sigma Honor Society. He also served as President for the West Point Society of Chicago from 2003 to 2005 and still serves on the Board of Directors. When not working, he spends his time with his wife and three children in their hometown of Oak Park, as well as pursuing his passions for fitness, cooking and the banjo. Doug can be reached by phone at 312.738.6079, by email at doug@chicagobancorp.com, on his own blogs, BankerDoug.com and Vet Money Matters. He's also on LinkedIn.

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