Good Morning!

Today's par rate on purchases. . . 30-yr fixed program. . . include the following:
-FHA with 30 day lock: 5.25%
-Conforming with 30 day lock: 5.375%

After the inaugeration of President Obama, I was hoping my email would be filled with good news about lower interest rates and a brighter economy but, I'm sad to say, the markets are still in trouble. It seems that interest rates for mortgage loans reached their low point a couple of weeks ago and have slowly inched higher. As you may have heard or read, Jobless claims for last week rose more than expected, housing starts were less than forecast, as were building permits, home prices continue to decline, and mortgage applications fell 9.8% last week. As for the markets, nothing in positive territory today---the equity markets are in retreat, bond prices are falling, driving rates higher, and mortgage prices are once again falling. In addition to this, Fannie Mae has once again revised its loan level price adjustments—for the worse. Sorry for the bleak news, but it will get better. I promise!

All the Best,

Etta Foote
Sr. Loan Officer
Specializing in FHA, Conventional, Rehab & Construction Loans
EVOFI ONE
702-293-0563 ho
503-551-2522 cell
702-947-7463 wo
702-952-0695 fax w/cover
website: www.evofione.com/etta.foote
email: ettaken@msn.com