Rates continue to be fantastic today! while economic news is still mixed and will probably remain mixed for the rest of this year at least. The stock market is up slightly, but as long as the Feds continue to purchase mortgage bonds, rates will remain at these beautiful rates. I don't know what else to call it - rates UNDER 5% are beautiful and should help a lot of people keep their homes, in spite of a lot of gloomy news. Average rate for 30 year fixed rate mortgages last week was at 4.7%, per a spokesperson from Fannie Mae. The foreclosure moratorium has been lifted. Lenders are once again filing new Notices of Default, which is step one in the foreclosure process. With unemployment looming at 25 year highs in March, the number of foreclosures will continue to increase as well. Fifty thousand (50,000) new notices of default were filed in March alone. Currently, California is leading the nation in the number of homes in some stage of the foreclosure process (per capita - which makes the numbers even uglier, since California is also a national leader in population numbers.) Capital One and Bank of America are both reporting that credit card payment defaults are also on the rise, which could lead to some downside earnings surprises if this trend continues with banks and credit card issuers. Capital One announced today credit card charge offs up 9.33% in March alone. Today is April 15th. For those of you who have not yet filed your tax returns, please read below. It looks like the IRS is ready to show us some mercy this year. Meltdown 101: Can't pay your taxes? Don't panic By STEPHEN OHLEMACHER, AP4 hours ago It's here, April 15, the deadline for filing income tax returns, and the IRS has some reassuring words for procrastinators, especially those who can't pay what they owe: Don't panic. The agency also has some advice: File a return anyway, or at least file for an extension. "The worst thing you can ever do with the IRS is ignore them," said Jackie Perlman, an analyst with the Tax Institute at H&R Block. "They don't like to be ignored." The Internal Revenue Service expects to receive more than 20 million tax returns this week. The agency had received about 102 million as of the end of last week. With job losses mounting and the economy in shambles, the IRS has promised to be kinder and gentler to those who are struggling to pay their tax bills. The agency is offering to waive late penalties, negotiate new payment plans and postpone asset seizures for delinquent taxpayers who make a good-faith effort to settle their federal tax debts. But agents will continue to impose big penalties on those who simply neglect to file an income tax return. "We also have to be tough on those who flout the law and won't pay what they owe," said IRS Commissioner Doug Shulman. "The American people who play by the rules every day expect us to go after those taxpayers who don't pay their taxes." And, in recognition of TAX DAY, some restaurants and fast food companies want to help us out. McCormick and Shmidts is offering several menu items priced at $10.40 (Form 1040 of your tax return?) for today only. Cinnabon is giving away FREE bite sized cinnabons. Sorry - the announcer was talking too fast for me to write down all the offers, but there are a few other food specials happening today as well. Enjoy the day today. The weather forecasters are promising us sunshine and 80 degrees this weekend!! Best regards, Shelby Bateson Town & Country Mortgage 10228 SW Capitol Highway Portland, OR 97219 503-819-6545 phone 1-866-626-2828 fax Lic # ML-3604 http://www.shelbytncmortgage.com * Best rates apply to borrowers with Loan to Value at or below 90% and credit scores of 740+. ** Best FHA rates apply to credit scores of 620 and up. There are upward rate adjustments for lower credit scores on all loan programs. Some lenders are offering better rates for higher credit scores on all loan programs. All rates are subject to change without notice. These rates are NOT APRs - do not include closing costs.
The stock market is up slightly, but as long as the Feds continue to purchase mortgage bonds, rates will remain at these beautiful rates. I don't know what else to call it - rates UNDER 5% are beautiful and should help a lot of people keep their homes, in spite of a lot of gloomy news. Average rate for 30 year fixed rate mortgages last week was at 4.7%, per a spokesperson from Fannie Mae.
The foreclosure moratorium has been lifted. Lenders are once again filing new Notices of Default, which is step one in the foreclosure process. With unemployment looming at 25 year highs in March, the number of foreclosures will continue to increase as well. Fifty thousand (50,000) new notices of default were filed in March alone. Currently, California is leading the nation in the number of homes in some stage of the foreclosure process (per capita - which makes the numbers even uglier, since California is also a national leader in population numbers.)
Capital One and Bank of America are both reporting that credit card payment defaults are also on the rise, which could lead to some downside earnings surprises if this trend continues with banks and credit card issuers. Capital One announced today credit card charge offs up 9.33% in March alone.
Today is April 15th. For those of you who have not yet filed your tax returns, please read below. It looks like the IRS is ready to show us some mercy this year.
The agency also has some advice: File a return anyway, or at least file for an extension.
"The worst thing you can ever do with the IRS is ignore them," said Jackie Perlman, an analyst with the Tax Institute at H&R Block. "They don't like to be ignored."
The Internal Revenue Service expects to receive more than 20 million tax returns this week. The agency had received about 102 million as of the end of last week.
With job losses mounting and the economy in shambles, the IRS has promised to be kinder and gentler to those who are struggling to pay their tax bills. The agency is offering to waive late penalties, negotiate new payment plans and postpone asset seizures for delinquent taxpayers who make a good-faith effort to settle their federal tax debts.
But agents will continue to impose big penalties on those who simply neglect to file an income tax return.
"We also have to be tough on those who flout the law and won't pay what they owe," said IRS Commissioner Doug Shulman. "The American people who play by the rules every day expect us to go after those taxpayers who don't pay their taxes."
And, in recognition of TAX DAY, some restaurants and fast food companies want to help us out.
McCormick and Shmidts is offering several menu items priced at $10.40 (Form 1040 of your tax return?) for today only.
Cinnabon is giving away FREE bite sized cinnabons.
Sorry - the announcer was talking too fast for me to write down all the offers, but there are a few other food specials happening today as well.
Enjoy the day today. The weather forecasters are promising us sunshine and 80 degrees this weekend!!
Best regards,
Shelby Bateson
Town & Country Mortgage
10228 SW Capitol Highway
Portland, OR 97219
503-819-6545 phone
1-866-626-2828 fax
Lic # ML-3604
http://www.shelbytncmortgage.com
* Best rates apply to borrowers with Loan to Value at or below 90% and credit scores of 740+. ** Best FHA rates apply to credit scores of 620 and up. There are upward rate adjustments for lower credit scores on all loan programs. Some lenders are offering better rates for higher credit scores on all loan programs. All rates are subject to change without notice. These rates are NOT APRs - do not include closing costs.
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