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Mark Cohen
President

Ph. 310-777-5401
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Count on Cohen Financial Group for all of your real estate lending needs:

  • 100% Purchase Programs
  • No-income Documentation Loans**
  • Swing Loans
  • 14 Day Closing
  • 24 Hour Approvals
  • FHA/VA Loans
  • New Construction Loans
  • Hard to Place Loans
  • Home Equity Lines Of Credit
  • Multi-Family / Apartment Loans
  • Out of State Loans

Mark Cohen was once again recognized as California's #1 Individual Mortgage Originator, according to Mortgage Originator Magazine (April 2008). Mark has now received this honor 11 of the last 12 years.


Market Commentary for Week of June 20, 2011

View Current Rates

We Have Some of the Highest LTV's

Deals of the Week
$1.05M
90%
(80/10/10)
1st Trust Deed,
Seller Carryback
Financing
$5.9M
70% LTV Purchase
Certain restrictions apply - call for program guidelines.

There was a lot of volatility during the middle of last week, but mortgage rates ended nearly unchanged. Still, increased social unrest in Greece early in the week was balanced by renewed hopes on Friday for a quick solution to Greece's debt problems. The current economic outlook, which includes expectations for tame inflation, has supported low mortgage rates. The monthly inflation reports released last week caused investors some concern, however. The May Consumer Price Index (CPI) rose 0.2% from April, which was above the consensus forecast, and CPI was 3.6% higher than one year ago, which was the highest annual rate since October 2008. Core CPI, which excludes food and energy, increased at a 1.5% annual rate, also above expectations, and up from 1.3% last month. Meanwhile, inflation readings in China rose to the highest levels since July 2008. While it will take several months of unexpectedly high data to signal a trend, investors will be closely watching for signs of a rapid increase in inflation, which would be negative for mortgage rates. The housing sector data released last week was stronger than expected. May housing starts rose 4% from April, which was well above the consensus forecast. Building permits increased 9% to the highest level since December. A closer look at the data, though, reveals that most of the improvement came from multi-family units, while new construction of single-family homes remained at low levels.

NOTABLE ITEMS

  • Philly Fed declined to the lowest reading since July 2009
  • May Retail Sales fell, the first monthly decline since June 2010
  • The IMF lowered its 2011 forecast for US GDP growth to 2.5%
  • China's central bank again raised reserve requirements to fight inflation

GOOD NEWS ON MORTGAGE LIMITS

EFFECTIVE IMMEDIATELY, LOAN AMOUNTS OF ALL FNMA- AND FHA-GUARANTEED LOANS ARE $729,750 (FOR HIGH COST AREAS). THIS IS THE NEWS THAT WE HAVE ALL BEEN LOOKING FORWARD TO. RATES ARE UNDER 5% FOR MOST FIXED RATE MORTGAGES.
Conforming and Non-Conforming Rates
Loan Type Points Maximum Rate Payment
Per $1.000
APR

30 Yr. Fixed
15 Yr. Fixed
5/1 ARM
7/1 ARM
10/1 ARM
1 $417,000 4.250%
3.500%
2.500%
3.250%
3.875%
$4.92
$4.49
$3.95
$4.35
$4.70
4.48%
3.78%
2.71%
3.40%
3.76%

30 Yr. Fixed
15 Yr. Fixed
5/1 ARM
7/1 ARM
10/1 ARM
1 $729,750
4.600%
3.750%
2.750%
3.125%
4.000%

$5.14
$4.63
$4.08
$4.28
$4.77
4.87%
3.98%
2.97%
3.35%
4.24%


5/1 ARM
7/1 ARM
10/1 ARM
1 $5,000,000 3.500%
4.250%
4.500%
$4.49
$4.92
$5.07
3.61%
4.37%
4.62%


Check out this week's featured rates IN BOLD!



Recently Closed Transactions
Amount Loan-to-Value Transaction Location

$10,600,000 70% LTV Purchase Malibu

$7,800,000 70% LTV Cashout Refi Bel Air

$4,500,000 60% LTV Purchase Hidden Hills

$4,100,000 70% LTV Cashout Refi Doheny Estate

$3,500,000 50% LTV All Cashout Refi Beverly Hills

$3,500,000 70% / 80% LTV
(Seller Carryback)
Purchase West Los Angeles

$2,500,000 80% LTV Purchase Encino

$1,350,000 80% / 90% LTV
(Seller Carryback)
Purchase Los Angeles

$1,350,000 60% LTV Purchase West Los Angeles

$1,000,000 70% LTV Cashout Refi Medical Office

$850,000 70% LTV Cashout Refi 9-unit Apt.

$450,000 96.50% LTV FHA Purchase Sherman Oaks

Major Economic News Due out Week of June 20, 2011

The big story this week will be Wednesday's Fed meeting. No change in rates is expected, but investors will be seeking hints of any additional monetary stimulus to boost the economy. Existing home sales will come out on Tuesday, and new home sales will be released on Thursday. Durable orders, an important indicator of economic growth, will come out on Friday. The final revisions to first quarter 2011 GDP will also be released on Friday.

Closing Prices and Changes for the Previous Week

30 Year Treasury Bond 4.22% +0.03

10 Year Treasury Bond 2.97% Unch.

5 Year Treasury Bond 1.55% -0.02

2 Year Treasury Bond 0.39% -0.01

6 Month Bill 0.09% Unch.

Prime Rate 3.25% Unch.
NEW! 2010 Conforming Loan Limits
1 - Unit $729,750

2 - Units $934,200

3 - Units $1,129,250

4 - Units $1,403,400
 

9595 Wilshire Blvd. Suite 801 • Beverly Hills, CA 90212 • Ph. 310-777-5401 • Fx. 310-777-5410