This is by far, the single best explanation of HOW mortgage interest rates are determined and WHY they are going up. 7 minutes of EXCELLENT information – do yourself a favor, listen and share this with anyone considering buy a home or refinancing an existing mortgage.

Call Todd Abelson and Tyler Ford at Sunstreet Mortgage in Tucson, Arizona for all your mortgage needs! 520-331-LEND

So you want to win $100? GREAT!!!

Welcome to TucsonMortgages.com and TucsonMortgageBlog.com!

It’s easy to do, and there’s NO purchase required! All you have to do is complete the following items, and your name will be placed into the drawing, scheduled for Friday, Feb 26, 2010 which we will film and post on our blog.

To have a chance at winning $100 BUCKS please follow the steps below:

First, you must Comment on THIS blog post and then complete 2 of the following 3 items:

1. Subscribe to our RSS feed on this blog site

2. Subscribe to our Newsletter either on this blog or TucsonMortgages.com

3. Follow us on Twitter or become our friend on Facebook

In your Comment post, make sure to include your name and reference your Twitter -or- Facebook name (if applicable), or other direct contact information so we can get in touch with you.

The winner to be drawn randomly from the Comment post list on Friday, February 26, 2010.

If you’re in Arizona, we’ll meet with you, capture a brief presentation video and post the interview on this blogsite. Only one entry per person; employees of Sunstreet Mortgage or their families are not eligible – sorry!

While here, check out our “Categories” (on the right) and catch up on what you’re missing.

Don’t forget to check out our website and stay up-to-date on what’s going on in the Mortgage world with Todd Abelson and Tyler Ford, Sunstreet Mortgage, Tucson, Arizona.

Thanks for playing and GOOD LUCK!!!

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Mortgage markets lost a little bit of ground last week, edging mortgage rates higher in a week marked by the largest stock market gains since November.

Once again, mortgage rates couldn’t sustain a rally of more than 5 days.  Not since late-2008 have mortgage rates managed to fall two weeks in a row.

Last week’s market was impacted by three distinct factors:

1. Bank balance sheets weren’t as bad as feared
2. Discussion started on new bank valuation methods
3. Traders got optimistic that “the worst is over”

The rally will likely continue into this week, too.  This after the 60 Minutes interview with Ben Bernanke in which the Fed Chief said he won’t let big banks fail and that the recovery will likely begin later this year.

It’s the first interview with a sitting Federal Reserve Chairman in history.

Coincidentally, the Federal Reserve will be in the spotlight this week as it concludes a two-day meeting Wednesday after which the Fed will issue its standard, post-meeting press release at 2:15 P.M.  Although it’s not expected to make Fed Funds Rate changes, the markets will closely watch the Fed’s language for clues about the next phase of monetary policy.

In general, when the Fed indicates that inflationary pressures may build, mortgage rates rise.  Moreover, in the above interview, Bernanke alluded to such inflation and the need to control it in the future.

Despite the small rise in rates last week, mortgage rates remain low and favorable for high-credit scoring borrowers.  Volatility is still a factor, however, so if you’re nervous about rates rising, it may be best to lock early in the week — before the Fed’s Wednesday announcement.

“Most of the biggest real estate fortunes were not made in good times, but in bad times like this” Barbara Corcoran reminds us in this talk with NBC. 

It’s important perspective for Americans wondering how to invest in foreclosed properties without losing their cash or their credit rating.

In the 4-minute interview, Corcoran quips on the basics and the essentials of foreclosure investing,

• “Everyone who loses their shirt loses it somewhere else.”
• “Every big shark started small.”
• “The house on the corner sets the tone for the block.”

She also lends some personal perspective to rent rolls, the cost of losing a tenant, and finding a good business partner.

Tucson banks are anxious to sell their foreclosed homes and that makes this an ideal time for shrewd real estate investors.  If you’re new to the game, watch the video and take good notes.