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Mehran Aram

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Mehran Aram Shares Insight on Personal Finance

Posted by Mehran Aram on Thu, May 5, 2016 @ 11:05 AM

Mehran Aram, President and CEO of The Aramco Group shared his insight on two personal finance blogs. These articles were: 7 Smart Money Moves for Any Age on Save a Little Money and The Top 6 Senior Scams and How to Avoid Them on 50 Plus Finance. 

With more than 20 years of experience, Mehran Aram has a wealth of information on managing finances at any age. Continue to follow our blog for more insight from The Aramco Group.

Topics: Seniors, finance, personal finance

ARAMCO Report - Monday May 25, 2015

Posted by Mehran Aram on Mon, May 25, 2015 @ 11:05 AM

Purchases out pace refinances, first time since December

More people sought mortgages in order to purchase a home during the month of April 2015 than did those who were looking to refinance according Ellie Mae — a mortgage processing company. This is the first month since December 2014 that purchases outpaced refinances.

Approximately 52 percent of mortgages were for purchases in April as opposed to the 47 percent that were for refinances. 

Purchase originations should continue to outpace refinance applications as low interest rates tick up over the course of 2015. This is because the financial reasons that lead households to purchase a new home are different than the reasons households might seek to refinance. 

Fed Chair Janet Yellen again corroborated on 5/22/15 that it will be “appropriate” for the Fed to raise interest rates later this year. This one of the primary reasons purchase originations should continue to outpace refinances for the rest of 2015 as a healthier economy and stronger labor market should offset potential homebuyer concern that mortgage rates will go up in the future.

Potential homebuyers or people currently looking to refinance will find current mortgage rates near all-time lows as conforming no point 30-year mortgage rates average 3.875 percent while 15-year rates average 3.125 percent.

Topics: home purchase, 30 year fixed rates, Mortgage applications, Home refinance,

ARAMCO Report - Friday May 22, 2015

Posted by Mehran Aram on Fri, May 22, 2015 @ 14:05 PM

Foreclosure rates fall to their lowest level since 2008

The national inventory of home loans in foreclosure continues its decline and is now near pre-crisis levels according to Black Night Financial. Their preliminary report on April’s housing situation released on 5/22/15 showed that the percentage of loans in some stage of foreclosure, nationally, fell 25.5 percent from April 2014 to April 2015 or down to 1.51 percent of total loans. That is the lowest it has been since January of 2008. 

Black Knight also showed that foreclosure starts dropped 22 percent from March 2015 to April falling to 73,500, which is 7 percent lower than one year ago.

April’s low foreclosure rate is a good indicator of the general health of the US housing market. Low foreclosure rates also directly correlate to decreased distressed property sales, so the pre-crisis levels of foreclosures correlate low investor activity. That means that homeowners buying and selling their primary residences are driving the strong sales figures that are being seen in San Diego and elsewhere in the nation.

Potential homebuyers people currently looking to refinance will find current mortgage rates are near all-time lows with conforming no point 30-year mortgage rates averaging 3.875 percent while 15-year rates are averaging 3.125 percent.

Topics: Housing Market, 30 year fixed rates, foreclosure, Housing, housing recovery, foreclosure inventory, distressed property sales,

ARAMCO Report - Thursday May 21, 2015

Posted by Mehran Aram on Thu, May 21, 2015 @ 10:05 AM

Rising home prices may keep homeownership elusive for youth

Prices for existing homes raced higher across the US in April 2015 according to the National Association of Realtors (NAR), but homeownership rates cannot go up unless average household incomes increase too. This may exclude some millennials and other first-time homebuyers from the benefits of homeownership.

Homes became less affordable for first-time homebuyers as the median home price in the US went up 8.9 percent between April 2014 and April 2015, but average wages only increased 2.2 percent over the same time period according to the Bureau of Labor Statistics.

However, average wage growth may be poised to accelerate barring any currently unforeseen challenge to the national economy. Low unemployment rates and falling unemployment assistance claims—announced 5/21/15—signify a solidifying labor market. Unemployment nationally is as low as it has been since May 2008 (5.4 percent), and the four-week moving average for jobless claims fell to its lowest point since 2000.

First-time homebuyers may find that the 3.5 percent down payment, low-rate FHA mortgage would be the right way for them to transition into homeownership. Rates are still near all-time lows.

 

Conforming no point 30-year fixed mortgage rates average 3.875 percent while 15-year rates average 3.125 percent.

Topics: home prices, home ownership rate, 30 year fixed rates, home price appreciation, home affordability

ARAMCO Report - Friday January 23, 2015

Posted by Mehran Aram on Thu, Jan 29, 2015 @ 14:01 PM

According to the National Association of Realtors in 2014 existing home sales fell by 3.1% compared to 2013. But the median sales price rose 5.8% and inventory was down to a 4.4 month supply. Meanwhile delinquencies fell 7.2% in December and mortgage rates remain at their lowest level since 2013. Conforming no point 30 year fixed rates average 3 5/8ths with 15 year rates closer to 3%.

And now for something completely different… Did you know that before alarm clocks were affordable or reliable in Britain and Ireland they used a “Knocker-Up.” Yes! He would go door to door to paying customers and wake them up!

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

 Ask Mehran Aram

Topics: home sales, inventory, 30 year fixed rates, NAR, Britain, Mortgage rates, median sales, Ireland

ARAMCO Report - Thursday January 22, 2015

Posted by Mehran Aram on Mon, Jan 26, 2015 @ 13:01 PM

The European Central Banks decision to start purchasing bonds gave the stock market a big boost. Initially there was upward pressure on mortgage rates due to a knee jerk reaction by bond traders to sell. But surprisingly mortgage bonds recovered their earlier losses leaving mortgage rates unchanged. Conforming no point 30 year fixed rates still average 3 5/8ths with 15 year rates closer to 3%. Their lowest level since mid-2013.

And now form something completely different… You probably didn’t know that workers of Ben & Jerry’s Ice Cream are entitled to take home 3 free pints of ice cream or frozen yogurt per day. Not bad at all!

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.


Ask Mehran Aram

Topics: bonds, European Central Bank, purchasing, stock market, traders

ARAMCO Report - Wednesday January 21, 2015

Posted by Mehran Aram on Wed, Jan 21, 2015 @ 13:01 PM

The MBA’s index for refinancing applications jumped 22.3% last week while home purchase loans rose by 14.2%.  This thanks to a huge drop in mortgage rates which are once again near all-time lows.  According to CoreLogic year over year nationwide home prices rose 5.5% in November.  Meanwhile housing starts rose 44% in December, the strongest pace in 7 years.

And now for something completely different…  Did you know that the creator of Peter Pan, J.M. Barrie, gave away the rights to the franchise?  He gave them away to a children’s hospital so it could receive royalties to fund the hospital’s operations.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: purchase, Peter Pan, Barrie, CoreLogic, MBA, Housing, Refinancing, all-time, Mortgage rates

ARAMCO Report - Tuesday January 20, 2015

Posted by Mehran Aram on Tue, Jan 20, 2015 @ 11:01 AM

Mortgage rates remain at their lowest level since mid-2013 with conforming no point 30 year fixed rates now averaging 3 5/8ths and 15 year rates closer to 3%.  This thanks to ongoing concerns about weak global economic growth, falling oil prices, and lower consumer price inflation.  But once again we‘re seeing renewed expectations that the Federal Reserve may begin raising short term interest rates earlier this year instead of late 2015 or 2016.

And now for something completely different…  Did you know that wealthy Moscow residents are able to hire fake “ambulance taxis?”  They use them to beat the city’s terrible traffic jams.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: concerns, global economic growth, mortgage, rates, oil prices

ARAMCO Report - Friday January 16, 2015

Posted by Mehran Aram on Fri, Jan 16, 2015 @ 11:01 AM

In December consumer inflation saw the biggest monthly drop in 6 years thanks to falling gasoline prices. The 4/10ths of a % drop in inflation in December was the largest drop since the end of 2008. But consumer sentiment skyrocketed to an 11 year high pushing stock prices sharply higher on Monday sparking a sell-off in Bonds. Mortgage rates remain at their lowest level since 2013 with conforming no point 30 year rates averaging 3 5/8ths and 15 year rates closer to 3%.

And now for something completely different… Did you know that actor Paul Newman’s food company, Newman’s Own, donates all its profits to charity? Since 1982 the company has donated over $400 million.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: gasoline, bonds, prices, Paul Newman, Newman's Own, 30 year fixed rates, sell-off, inflation, sentiment, high, pushing, stock prices, consumer

ARAMCO Report - Wednesday January 14, 2015

Posted by Mehran Aram on Wed, Jan 14, 2015 @ 11:01 AM

According to CoreLogic in November nationwide completed foreclosures year over year were down 9.6% and are down 64% from the peak in September of 2010. Further evidence of a recovery in housing. Meanwhile record low mortgage rates pushed mortgage loan applications up by a whopping 49.1% last week. The largest weekly percentage gain since November 2008. Conforming no point 30 year fixed rates average 3 5/8ths with 15 year rates closer to 3%.

And now for something completely different. Did you know that Queen Elizabeth the II at the time a princess, actually trained as a mechanic and military truck driver? Of course that was during World War II.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Queen Elizabeth II, Housing Market, CoreLogic, 30 year fixed rates, foreclosures, World War II, Mortgage rates, financing