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 22, 2014

Posted by Mehran Aram on Mon, Sep 22, 2014 @ 17:09 PM

Weaker than expected economic data and concerns about China’s economic outlook was supportive of the bond market. Existing home sales fell 1.8% in August and year over year were down 5.3%. And the Chicago Fed’s National Activity index also fell in August. Meanwhile higher level of student debt is expected to reduce U.S. home sales by around 8% this year. 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 a book borrowed by George Washington in 1789 was marked as overdue for 221 years? It was returned in 2010 and the $300,000 in late fees were waived.

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, home purchase, George Washington, bond market, China, 30 year fixed rates, Library, Chicago Fed's National Activity, economic data, refinance

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 - Thursday September 11, 2014

Posted by Mehran Aram on Thu, Sep 11, 2014 @ 17:09 PM

Following several days of upward movement in treasury yields, mortgage rates are up by 1/8th of a %. Conforming no point 30 year fixed mortgage rates now average 4 1/4% with 15 year rates closer to 3 3/8ths. According to the Mortgage Bankers Association, the volume of loan applications for home purchase fell by 9% in August. Meanwhile RealtyTrac reported the first year over year uptick in foreclosure activity up 7% in August.

And now for something, completely different: Did you know that there is such a thing as a doggy disco in Italy? Yes, every year the owners gather and dance with their dogs!

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, home purchase, RealtyTrac, Treasury, 30 year fixed rates, ARAMCO, Mortgage Bankers Association, Doggy Disco, Italy

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 - Monday September 8, 2014

Posted by Mehran Aram on Mon, Sep 8, 2014 @ 17:09 PM

According to a Fannie Mae report, in August consumer sentiment toward housing turned a bit negative. Overall 35% of them feel the economy is on the right track while 56% believe we are on the wrong track. But 64% of the respondents view conditions as good for purchasing a home. Meanwhile conforming no point 30 year fixed mortgage rates still average 4 1/8th with 15 year rates closer to 3 1/4%.

And now for something completely different: Did you know that Dodger stadium and the area surrounding it has its own designated zip code? The L.A. City Council unanimously voted to get it one in 2009.

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, 30 year fixed rates, Fannie Mae, ARAMCO, Housing, L.A. Dodgers, Zip Code, refinance, economy, Dodger Stadium

ARAMCO Report - Wednesday September 3, 2014

Posted by Mehran Aram on Wed, Sep 3, 2014 @ 17:09 PM

According to RealtyTrac, residential property sales fell 3% in July and were down 12% from a year ago. Meanwhile mortgage applications for purchase and refinancing also fell last week. But on a more positive note, new orders for manufactured goods rose by a record 10 1/2% in August while the Fed’s Beige Book survey showed continued economic growth in every district. 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 and very odd: Did you know that in 1978 grave robbers stole the corpse of revered silent film actor Charlie Chaplin? They demanded $600,000 ransom to return the body. No, they didn’t get the money!

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, home purchase, RealtyTrac, Beige Book Survey, 30 year fixed rates, economic growth, refinance, Fed's, Charlie Chaplin, Ransom, robbers