What is going on behind the numbers that make the rates fluctuate like this? And why does it appear that in January and February, rates have somewhat stabilized?

Ki Gray gives us the true numbers behind the current fluctuating mortgage rates, and spells it all out for us.

“All in all, we saw hardly any movement with any of the rates this week. And although rates fell the previous 4 weeks we saw very little movement as well.

Since January 7, 2010 the 30-year rate has stayed in the range of 4.98 to 5.09. This is in contrast with the last year when rates have seen enormous volatility.”

If you are in the market for a mortgage, now is a great time. And if you already have a mortgage, now may be a good time to refinance. But be sure to lock down a mortgage that will benefit you for years to come.

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If you have any hesitation or questions, be sure to find an experienced REALTOR® or financial advisor with whom you can discuss your situation. Everyone’s financial situation is different, and while it may be a good idea for one person to refinance, it may not be for someone else.

Ki Gray explains the process of refinancing, and tells us about some things to consider before deciding whether or not now is a good time for you to refinance.

“Keep in mind that if your goal in refinancing is either to obtain a lower interest rate or lower your monthly payments, you will restart the clock on your mortgage.

All things considered, do you still want to refinance? If you can save money, there’s no reason not to.”

Ki Gray gives homeowners considering whether or not now is a good time to refinance a lot to think about. What are your current payments? How long do you think you will stay in your current home? With interest rates as low as they currently are, now is a great time to take a look at your current mortgage and see if you can save yourself some money.

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So what should you do when this happens? Do you continue to make payments, with the chance that you’ll never recoup them if you sell the house? If you do try to sell the home, is there any way to make a profit in this buyer’s market? Should you just walk away?

Ki Gray discusses the underwater situation that has affected millions, and what the implications of walking away might be.

” ‘Underwater’ has become the popular term for a mortgage loan that is higher than a home’s current market value. According to a recent New York Times article, as many as 4.5 million Americans find themselves in this predicament.

That is like every home in Los Angeles plus every home in Boston being underwater. Research has found that when the home value falls to below 75 percent of the home loan, people seriously consider defaulting on the loan and just walking away from the house.”

Your best bet is to try to discuss your situation with an experienced, trusted real estate professional who can explain your options to you. While simply walking away may seem to be a good way–if not the only way–to relieve your current financial woes, the repercussions could follow you for years. So make sure you talk to a professional before you make any big decisions.

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Ki Gray blogs about the full-scale attempt now underway to do just this.

“The bipartisan Financial Crisis Inquiry Commission has been given the job of unraveling the cause of the biggest financial meltdown since the Great Depression.

The blame lies not only at the feet of the banking and investment industry, but also the U.S. regulators who were supposed to be watching out for such a disaster.”

It’s easy to point fingers or look for the quick answer or scapegoat behind the whole financial debacle we are now all attempting to recover from. But we all know there are multi-faceted factors at work. With any luck, we will eventually get a clearer picture, so we can make sure to prevent such an epidemic from happening again.

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Mortgage rates have been trending down a bit recently. So could this be seen as a sign of things to come? If history is a factor, the answer would unfortunately probably be “no.” But who knows what may occur? It’s important for us all to keep a close eye on rates, and use history merely as a gauge to figure out which direction rates may be heading.

Ki Gray blogs about the current state of mortgage rates.

“So over the last few weeks we have seen a rapid rise in mortgage rates. In the month of December we saw the 30 year rate rise from 4.71 to 5.14. So ,while the general trend has been rising mortgage rates this week for the first time in four weeks we saw mortgage rates move down a little.

Now I don’t expect rates to rise every single week. There should be some bouncing up and down but the general trend should be for rates to move up.”

It’s important to keep an eye on mortgage rates, as no doubt your clients will be asking you all about them. They will also most likely ask you for your informed opinion on where rates are now and where you expect them to go.

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Ki Gray blogs about some very smart options some homeowners may want to take a closer look at.

“There are many options that lenders offer today. Sometimes they will add what you have past due onto the end of the loan if you can prove you can pay the payments. This is called a payment deferment.

Other alternatives may be to do a reinstatement, repayment plan, loan modification or even a forbearance. But what do all these terms mean?”

When your clients turn to you for guidance and expertise when it comes to potential foreclosure, you can be sure they will take comfort in your wealth of knowledge.

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Ki Gray blogs about some tips that just may help you save for that rainy, or snowy day.

“It’s not just the cold weather across the country that is causing many Americans to hunker down and save instead of spend. No matter what the analysts and the Fed says, unemployment is still at ten percent and the country still feels like it’s in recession, forget the technicalities.

The New Year always brings a little monetary sobriety after the holiday spending binge, but over the last year Americans have become more serious about saving money and paying off debts.”

Ki has a plethora of great tips that just may ease the pain of this current recession, and even if you don’t feel the need, a little extra budgeting is always a positive thing.

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In an unstable real estate market such as the one we are facing now, not only do REALTORS® have to be more creative in order to sell properties, but new home builders have begun thinking outside of the box as well.

Reduced costs for construction materials can actually make it cheaper to build than to buy an existing home. Meaning that, in addition to the changing face of the new homebuyer demographic, and the desire to “go green,” home builders are offering buyers more options than ever.

Ki Gray shares some insight about this brave new frontier in home construction.

“Since the bottom fell out of the real estate market last year, builders have had to become more creative in order to survive. New construction trends are giving new home construction a shot in the arm. Builders have basically been re-inventing themselves and becoming more clever in their craftsmanship to draw a new audience.

In many development areas where you previously had only two or three designs to choose from, builders are offering ‘the sky’s the limit’ in order to draw new homebuyers.”

From environmentally-friendly “green” houses, to complex wiring for state-of-the-art security and entertainment systems, the face of new home construction is vastly changing.

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Mortgage interest rates are setting records again, as they fell to 4.78 percent, matching the previous low from a year ago.  The falling rates come as a surprise to those who expected economic pressure to  drive rates higher as the year ended. But, even as the economy shows signs of improvement, inflation has stayed low.

Ki Gray blogs about the historically low mortgage rates:

“Mortgage rates fell this week with 3 of the 4 major mortgage products hitting all time lows. The most important of the four mortgage products -the 30 year rate- fell to 4.78 from 4.83, which was equivalent to the previous low. The 15 year mortgage product hit 4.29, beating the previous low of 4.32 reached last week. The 5 year ARM came in at 4.18, breaking the previous low.

What’s interesting is that we keep waiting for mortgage rates to increase. Some have speculated that rates could move into the double digits in the next two years. But while this discussion has been occurring, mortgage rates have continued to drop and reach historical lows.”

Gray, along with many analysts, speculate that these low rates are the calm before the inflation storm. Predictions of rates moving into the double digits have been circulating since last year, but as of yet, none have come to fruition. It may simply be just a matter of time, however. As Gray points out, from here, there is only one way  interest rates will likely go, and that’s up.

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Complaints about the slow and inefficient foreclosure  process continue as homeowners struggle to find ways to keep their homes. Banks have yet to rectify many of the wrongs committed by predatory lending practices even as  the line for refinancing gets longer. Furthermore, small businesses are closing due to tight credit and poor bank management. The overall effect is a burden on the economy as a whole, creating the need for government intervention.

Ki Gray blogs about mortgage lenders receiving government scrutiny:

“Wells Fargo, the receiver of $25 billion in bank bailout money, was the primary lender on two recently shuttered businesses in Alabama. Wadley company Plantation Patterns and Anniston corporation Anniston Sportswear both filed for bankruptcy, and Wells Fargo was the primary lender for both companies. According to federal statistics and a local mayor’s report, a total of more than 660 jobs were lost in both closings.

Not unfamiliar to federal scrutiny, Countrywide came under the federal microscope again last year, this time by a federal bankruptcy court official. Accused of destroying, losing or misplacing $515,000 in checks issued by homeowners, the home lender was further accused of adding inappropriate charges to the bankruptcy debt of homeowners.”

The list of mortgage lenders under scrutiny includes most of the major players in the federal bailout, adding insult to injury. Not only are they under fire for their sub-prime mortgage practices, but the banks are also being watched closely for predatory practices for reverse mortgages that prey on the elderly.

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