Bill Forrest

Bill Forrest
Mortgage Banker/Senior Loan Officer
MD License #MLO-14395
NC License #MLO-137683
VA License #MLO-2878
NMLS # 70692
Branch NMLS # 71158
(click links above to check licenses)

Direct: 757-605-4648
Mobile: 757-532-0798
Fax: 757-605-4250

742 Thimble Shoals Blvd.
Newport News, VA 23606

Questions? Call Bill Forrest at 757-605-4648.
We are always available to help make sense of the market.

Mortgage News Daily News Feed

MBS RECAP: Paradoxical Afternoon Rally Ends 3 Day Losing Streak

Posted To: MBS Commentary

One week ago tomorrow, Treasuries fell to their lowest yields in over a year after Ukraine said it blew up part of a Russian convoy. Until yesterday afternoon, bond markets had been exclusively focused on taking measured steps back in the other direction. Where the selling pressure would stop, nobody knew--until today. The selling subsided at roughly 6am this morning in pre-market trading, led by a bounce in European bond markets. The positivity is only slightly more developed than that seen on Tuesday, but this time, it lasted all day. It was one of those days where bond markets were simply on a mission to move soberly lower in yield. Buyers were buying at times and in amounts that were clearly disconnected from the economic data. At other times, buying fell in line with data. This was particularly...(read more)

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Mortgage Rates Slightly Lower Despite Stronger Economic Data

Posted To: Mortgage Rate Watch

Mortgage rates ended a 3-day losing streak , moving modestly lower today. This wasn't the case in the morning, but several lenders released positively-revised rate sheets in the afternoon. As such, some lenders still have slightly higher rates compared to yesterday, but the average is slightly lower. This leaves 4.125% intact as the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers. 4.25% is still common and 4.0% remains a bit of a stretch, but is available to some borrowers willing to pay the extra up front costs. The markets that underlie mortgage rates moved paradoxically today. Economic data was stronger than expected, which typically pushes rates higher. There were other factors in play today that outweighed the impact of the economic data. In addition, such data...(read more)

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Existing Home Sales Hit 2014 Peak in July

Posted To: MND NewsWire

Existing home sales in July hit their best pace so far this year the National Association of Realtors® (NAR) said today, reflecting a 2.4 percent increase from June to a seasonally adjusted annual rate of 5.15 million units. June's sales were downgraded slightly to 5.03 million units. The July rate of sales marked the fourth consecutive monthly increase but was still 4.3 percent under the rate last July the month with the highest sales in all of 2013. Lawrence Yun, NAR chief economist, credited the slowly increasing sales momentum to stronger job growth and improving inventory conditions. "The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market," he said. "More people are buying homes compared...(read more)

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HARP Refinance Share Dropped in Second Quarter

Posted To: MND NewsWire

Total refinances through completed through Freddie Mac and Fannie Mae (the GSEs) in the second quarter topped 344,000. The Federal Housing Finance Agency (FHFA) said that Fannie Mae accounted for 211,825 and Freddie Mac 132,688 of the transactions. Since 2009, the first full year they were in federal conservatorship under FHFA, the two GSEs have refinanced the mortgages of more than 19.5 million homeowners. The percentage of these GSE loans which were refinanced through the Home Affordable Refinance Program (HARP) dropped to 16 percent during the quarter. This marked the first time the HARP share of refinancing had dropped below 20 percent since the first quarter of 2012, about the time HARP guidelines were changed to remove the cap on loan to value ratios. HARP loans had a 21 percent market...(read more)

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Distressed Sales Down 2/3 from Peak

Posted To: MND NewsWire

It seems hard to imagine, but CoreLogic said on Wednesday that once-upon-a time, before the housing crisis, the sale of distressed homes made up only a miniscule 2 percent of the home sale market . Still, much progress has been made and the company said that sales of bank-owned real estate (REO) and short sales made up 11.4 percent of all sales during the month. Even with distressed sales running at more than five times what might be considered "normal" the June figures represent substantial improvement. When those sales were at their peak, in January 2009, they made up nearly one-third (32.5 percent) of the market with REO alone accounting for 28 percent. Nineteen straight months of year-over-year declines in the sales have contributed to the rise in home prices as distressed sales traditionally...(read more)

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