Scott Fowler's (sfowler) Blog

Monday afternoon, the U.S. House of Representatives defeated the $700 billion "Bailout Bill", surprising Wall Street and the world.  The Dow Jones Industrial Average responded by falling 777.68 points -- its largest one-day loss in history and, this morning, every newspaper in America is covering...

Mortgage rates bounced around last week, ending up worse overall.  It was the second straight week in which rates deteriorated.  Sentiment was driven largely by the proposed Emergency Economic Stabilization Act of 2008 -- a.k.a. The $700 Billion Bailout.  The good news is that Congress drafted i...

Earlier this year -- and for the first time in its history -- the FHA changed its funding fees and mortgage insurance structure. Effective October 1, 2008, it's repealing those changes. Partly to keep FHA home loans affordable, and partly to comply with new laws, the FHA is rolling back its up-fr...

To prosper in todays environment Loan Officers need access to FHA products.  I am President of Horizon Financial, Inc., a Mortgage Brokerage headquartered in Greenville, SC.  We celebrate our 10 yr anniversary in October of this year.  We are licensed in SC, NC, TN, VA, MD and VA.  We are looking...

Crude oil prices jumped $25 at one point Monday, ending the day up by 16 percent. This is an unwelcome development for home buyers because the same market forces that pushed up oil prices had a similar impact on mortgage rates. It all comes down to the U.S. dollar. Because both crude oil and mort...

In a historic week for American Finance, mortgage rates rose considerably, reversing a 3-week trend through which rates had fallen.  The U.S. Treasury is the biggest reason why most conforming mortgage rates increased by a half-percent. Hank Paulson's government group helped to restore investor c...

Three huge government announcements have taken the stage this morning. First, Treasury Secretary Hank Paulson announced that the US government will guarantee money market funds, after panic lead to $180 Billion being taken out of money market funds yesterday. Also this morning, the Fed announced ...

Getting a great, low mortgage rate is often a combination of luck and preparation.  Consider what happened in conforming mortgages this week: Monday, mortgage rates plunged to their lowest levels of the year Tuesday, they bounced back in full Wednesday, they clicked higher by a eighth-percent Thu...

The House Financial Services Committee adopted H.R. 6694, legislation designed to reauthorize and reform down payment assistance programs the Bush Administration banned in July. A last-ditch effort to stop the Oct. 1 ban on the use of seller-funded down-payment assistance with FHA-backed loans is...

In August, home builders broke ground on the fewest number of homes since January 1991.  It was the 16th straight month in which Housing Starts declined. But, although the press labels these statistics indicative of a recession, home sellers nationwide quietly applaud them. With fewer new homes c...