Glen Allen Mortgage News - TrustMor Mortgage Company

TrustMor Mortgage Blog

April 27th, 2011 10:07 PM

A Reverse Mortgage or HECM (Home Equity Conversion Mortgage) are a popular option for Seniiors in Virginia. Seniors may choose from both fixed and variable rate options. Click Here for more information.

Posted by Paul Cantor on April 27th, 2011 10:07 PMPost a Comment (0)

New Historic Low Rates.

July 2nd, 2010 8:10 AM

Fixed 30-year mortgage rates average fell to a record low of 4.58% for the week ending July 1, Freddie Mac reported Thursday. This is down from the previous week's average rates of 4.69%.

Although mortgage lenders are busy due to these low mortgage rates, many homeowners are not taking advantage, due to concerns of lost home values. In many cases people with lost equity due to dropping home prices can still take advantage of these historically low rates. Call your TrustMor loan officer to see if it makes sense to refinance.

Posted by Paul Cantor on July 2nd, 2010 8:10 AMPost a Comment (0)

Mortgage Market Update

June 28th, 2010 9:24 AM

Last Week; Good for mortgage rates, mostly driven by the FOMC policy statement after the meeting on Wednesday, and large declines in May home sales. New home sales dropped 32% and existing sales expected to be up 6.0% were down 2.2%; furthermore, March and April new home sales were revised lower. The housing sector remains in recession. Now with the tax credit expired, the outlook looks weak. Treasury sold $108B of notes last week; the 2 yr auction was strong, the 5 yr had weak demand and the 7 yr was only moderately bid. The technical view of the bond market remains bullish with economic weakness but to set up another run lower in rates the bellwether 10 yr note rate has to close below 3.09% then successfully work through 3.00%----a tall order.

This Week: June employment data to be released on Friday, early estimates are for non-farm jobs to decline and the rate of unemployment is expected to be 9.7%. In May job growth increased 431K but almost all were census workers. Equity markets want to move higher but the headwinds are way too strong as the economic outlook is being revised lower; nevertheless so far there has been non mass exodus. Over last weekend the G-20 meeting in Toronto didn't produce anything more than the usual; pledges to work to make things better. The majority of the Gs want to make deficit cuts a priority while the US wants to continue to spend on stimulus, concerned that ending stimulus will send us to a double dip recession. The week will be choppy; very low interest rates and a vulnerable equity markets, rate markets will continue to be tethered to equities.

Posted by Paul Cantor on June 28th, 2010 9:24 AMPost a Comment (0)

Mortgage Market Re-cap

June 21st, 2010 9:04 AM

Last Week; ended with Treasury interest rates unchanged in another choppy week. The bellwether 10 yr note is defining a trading range that has kept its interest rate between 3.32% and 3.18% for the past three weeks. The mortgage market was fractionally better with prices for mortgages increasing 12/32 (.37 bp) last week. Equity markets had another good week with the DJIA up 239, NASDAQ +66 and S&P 500 +26. Gold increased $28.00 and crude oil up $3.50. The week was marked with some better news out of Europe and better economic performance in China and Japan. Markets still not certain of the economic outlook with Europe's debt problems and still no real consumer spending in the US. The housing sector is becoming very hard to spin in any positive way with banks foreclosing at a higher rate and consumers paying other bills before making mortgage payments. Home prices still falling, or at best flat-lined, with the outlook for home prices remaining flat for at least the next three years in most markets.

This Week; May existing and new home sales should be a mixed with existing sales better than April but new home sales expected to have declined from April. This is auction week from Treasury; a total of $108B in 2 yr, 5 yr, and 7 yr notes to be auctioned Tuesday, Wednesday, and Thursday. The FOMC meeting on Tuesday and Wednesday, with the Fed's policy statement to be released at the conclusion of the meeting at 2:15 Wednesday afternoon. Some are thinking the Fed may lower its outlook for the economy in the second half of this year and in 2011. The equity markets are likely to open firm on Monday; like the rate markets the key indexes are moving sideways in wide ranges and big swings from day to day. Regardless of the weak core economic performance stock investors remain bullish on the recovery. Look for another volatile week with treasury borrowing and the FOMC meeting.

Posted by Paul Cantor on June 21st, 2010 9:04 AMPost a Comment (0)

Lowering Costs

June 5th, 2010 1:12 PM

We are seeing numerous repeat customers refinancing to reduce the term of their loans. Many started it a 30 year loan and are now refinancing for 10, 15 & 20 year terms. Many are using equity to pay off high rate credit cards and lowering monthly payments, saving thousands in payments every year. Get a Custom Rate Quote.

Posted by Paul Cantor on June 5th, 2010 1:12 PMPost a Comment (0)

Greece is the Word.

May 27th, 2010 8:39 AM

Greece is helping boost the US Housing Market. The economic troubles in Greece that are spreading throughout Europe are helping the US housing market. Investors from around the world are putting their money in the US, which is driving down our mortgage rates. These low rates are continuing to fuel the housing market in the post home buyer tax credit time.

These super low rates mean that anyone with a fixed rate at or above 5.25% should look at refinancing opportunities. Use this Refinance Calculator to see if you should refinance.