ARAMCO Report - The Mother of ALL Mortgage Blogs!

ARAMCO Report -Tuesday September 30, 2014

Posted by Mehran Aram on Tue, Sep 30, 2014 @ 17:09 PM

Mortgage rates were unchanged despite weaker than expected economic data. Pending home sales fell 1% in August and according to the Case-Shiller index, home price appreciation for the entire nation slowed to only 5.6% in the 12 months ended in July. Separately the consumer confidence index and the Chicago purchasing manager’s index both fell in September. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths.

And now for something completely different: Did you know that in Switzerland if you fail you driver’s license exam 3 times, you are required to see a psychologist? This is to assess the reasons for your repeated failures.

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

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: home sales, Reverse Mortgage, Aramco Report, and now for something completely different, Case-Shiller Index, Chicago purchasing manager's index, 30 year fixed rates, Switzerland, psychologist, driver's license, economic data, Mortgage rates

ARAMCO Report -Monday September 29, 2014

Posted by Mehran Aram on Mon, Sep 29, 2014 @ 17:09 PM

August pending home sales were down 1% from July, further evidence of an uneven housing recovery. This according to the National Association of Realtors which regularly reports on home purchases under contract which have not closed escrow yet. Bond yields were slightly lower on this news and other data reflecting tame inflation and in reaction to recent weakness in stocks. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths.

And now for something completely different: Did you know that since 1945 all British tanks come equipped with tea making facilities?

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

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, and now for something completely different, home purchase, bonds, tanks, tea, 30 year fixed rates, Bond yields, National Association of Realtors, Housing, August, British, escrow

ARAMCO Report -Friday September 26, 2014

Posted by Mehran Aram on Fri, Sep 26, 2014 @ 17:09 PM

A larger than expected 4.6% growth in the 2nd quarter GDP and a rise in consumer confidence gave the stock market a boost on Friday. But it did not spark a selloff in bonds, leaving mortgage rates unchanged. Conforming no point 30 year fixed rates average 4 1/4% with 15 year rates closer to 3 3/8ths. Meanwhile according to Realty Trac, year over year the share of home sales at or below $200,000 was down 9% while sales for over $500,000 rose 23%.

And now for something completely different: Did you know that there are so many restaurants in New York City that you can eat at a different place everyday for 12 years and never visit the same place twice? That’s amazing!!

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, Reverse Mortgage, and now for something completely different, bonds, Realty Trac, GDP, 30 year fixed rates, New York City, Mortgage rates, consumer, restaurants

ARAMCO Report -Friday September 19, 2014

Posted by Mehran Aram on Fri, Sep 19, 2014 @ 17:09 PM

According to 2nd quarter data from the Federal Reserve, growth in household owners’ equity rose by a more modest 1.7%, but up $4.7 trillion from the trough during the housing crisis equating to roughly $53,000 per property. At this pace it could take until early 2018 to fully recover all the equity. Meanwhile following a drop in bond yields on Friday, conforming no point 30 year fixed mortgage rates still average 4 1/4% with 15 year rates closer to 3 3/8ths.

And now for something completely different: In 1912, an orphanage in Paris held a raffle to raise money for a hospital. Hard to believe, but the raffle prizes were live babies!

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

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, and now for something completely different, home purchase, bonds, 30 year fixed rates, Bond yields, equity, Federal Reserve, Paris, refinance, Mortgage rates

ARAMCO Report - Thursday September 18, 2014

Posted by Mehran Aram on Thu, Sep 18, 2014 @ 17:09 PM

Construction of residential units surged to a post-recession high in July before falling last month, settling at an annual rate of 956,000 new units. Compared to a year ago up by 8% as more families entered the market. This according to the U.S. Department of Commerce. Mortgage rates were unchanged following the Fed’s commitment to keep short term interest rates low. Conforming no point 30 year fixed rates average 4 1/4% with 15 year rates closer to 3 3/8ths.

And now for something completely different: Did you know that the city of Chicago has the only post office in the world where you can drive your car through?

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: Reverse Mortgage, Aramco Report, and now for something completely different, home purchase, Chicago, residential construction, Interest Rates, 30 year fixed rates, refinance, U.S. Department of Commerce, Fed's, Mortgage rates, post office

ARAMCO Report - Wednesday September 17, 2014

Posted by Mehran Aram on Wed, Sep 17, 2014 @ 17:09 PM

As expected the Federal Reserve gave further assurance to the financial markets that the Fed will keep short term interest rates low for a “considerable time” after the bond buying program ends in October. And as for long term interest rates mortgage rates were unchanged with conforming no point 30 year fixed rates averaging 4 ¼% and 15 year rates closer to 3 3/8ths. Meanwhile home builder optimism in September rose to the highest level since 2005.

And now for something, completely different: Did you know that it takes about 63,000 trees to make the newsprint for the average Sunday edition of the New York Times? That’s a lot of trees!

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: Aramco Report, and now for something completely different, home purchase, bonds, New York Times, Sunday, trees, bond buying, 30 year fixed rates, Federal Reserve, Mortgage rates

ARAMCO Report - Monday September 15, 2014

Posted by Mehran Aram on Mon, Sep 15, 2014 @ 17:09 PM

The latest economic data reflects an uneven improvement in the U.S. economy. An index of manufacturing in the New York region strengthened to a near 5 year high in September while U.S. industrial production fell in August. The offsetting economic data left mortgage rates unchanged with conforming no point 30 year fixed mortgage rates averaging 4 1/4% and 15 year rates closer to 3 3/8ths. Meanwhile 2/3rds of Americans believe they need a stellar credit score to buy a home.

And now for something completely different: Did you know that 96% of people put the peanut butter on first when making a Peanut Butter and Jelly sandwich? After all, it’s not called a Jelly and Peanut Butter.

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: Reverse Mortgage, Aramco Report, and now for something completely different, Jelly, industry, 30 year fixed rates, New York, ARAMCO, Peanut Butter, refinance, economy, U.S.

ARAMCO Report - Friday September 12, 2014

Posted by Mehran Aram on Fri, Sep 12, 2014 @ 17:09 PM

Stronger than expected economic data put further upward pressure on mortgage rates. September consumer sentiment rose to the highest level since July of 2013, while August retail sales were the strongest since April. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths. Meanwhile according to CoreLogic in Southern California the number of homes with reduced asking price has risen sharply in recent months as buyers gain more leverage.

And now for something completely different: Did you know that the fastest running bird is the Ostrich? Yes, it has been clocked at 60 miles per hour!

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: Reverse Mortgage, Aramco Report, and now for something completely different, home purchase, birds, CoreLogic, Southern California, 30 year fixed rates, retail sales, Ostrich, economic data, Mortgage rates, buyers

ARAMCO Report - Wednesday September 10, 2014

Posted by Mehran Aram on Wed, Sep 10, 2014 @ 17:09 PM

For the 5th consecutive session, treasury yields rose on concerns about the timing of the Federal Reserve’s rate hikes with the 10 year note yield now over 2 1/2%. While that is not a huge rise, it was enough to push home mortgage applications to the lowest level since December of 2000. On the real estate front, in areas such as San Diego, single family existing home sales rose by 4% in August. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%.

And now for something completely different: Did you know that the IRS employees tax manual has instructions for collecting taxes after a nuclear war? Now does that really surprise you?

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: Reverse Mortgage, Aramco Report, and now for something completely different, San Diego, Treasury, employee manual, Federal Reserve, Mortgage applications, rate hikes, IRS, tax collection

ARAMCO Report - Tuesday September 9, 2014

Posted by Mehran Aram on Tue, Sep 9, 2014 @ 17:09 PM

Despite the lack of any market moving economic data, mortgage discount points rose by roughly a 1/4 point. This in reaction to a report from the San Francisco Federal reserves which indicates that investors have been underestimating how quickly the Fed can raise interest rates. Certainly, we have seen evidence of that over the years. For now conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%.

And now for something completely different: Did you know that a fortune cookie factory in Long Island City, New York produced 5 out of 6 winning Lottery numbers in 2005? A total of 110 players were winners.

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: and now for something completely different, home purchase, Winners, 30 year fixed rates, New York, economic data, Long Island City, fortune cookie, factory, Lottery, San Francisco Federal