mortgage rates: Strong Housing Predictions For 2012 - 01/04/12 03:01 PM
What's in store for housing markets in 2012? Well, the good news is, we may finally be over the worst, according to the authors of a new Kiplinger article.
Following five long, often painful years of price declines, which saw median home prices drop by almost 40%, housing is finally showing signs of a rebound – although we still have some way to go. Things are looking better for real estate in 2012.
The Kiplinger article made a number of predictions … (0 comments)
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mortgage rates: Mortgage Costs to Watch Out For - 10/25/11 04:25 PM
Faced with plunging property values and rising defaults, lenders are charging borrowers higher mortgage rates and adding fees. Not all of these added costs are set in stone, however. If you're looking for a loan, vigilant shopping and a little haggling can go a long way toward landing a better deal.
Here are some fees you need to watch out for:
1. Application Fees - Just because an ad says "no application fee" doesn't really mean there's no fee to get the loan. Fees paid outside of closing typically include an application fee, an upfront property appraisal fee, and a credit check. They might … (2 comments)
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mortgage rates: More Homeowners Refinancing Into Shorter Loans - 09/08/11 01:52 PM
More homeowners prefer to pay off their mortgages sooner as interest rates have stayed near rock-bottom and weak labor conditions have caused them to reduce their debt loads.
According to a recent survey, the current trend in refinancing into shorter-loan terms is a stark contrast to the one during the height of the housing boom, when families were taking out bigger mortgages against the rising values of their homes.
Of those homeowners who refinanced a 30-year fixed-rate mortgage during the second quarter, 37 percent moved into a 15-year or 20-year fixed-rate loan. This is the highest since the third quarter of … (1 comments)
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mortgage rates: Quicker Sales On High End Homes - 03/22/11 09:05 PM
While home sales across much of the country have languished in recent months, struggling to pick up speed, a recent report says homes on the higher end of the market are selling with renewed vigor.
According to DataQuick Information Systems, the number of home sales worth more than $1 million increased in each of the 20 cities tracked by the firm last year, with sales jumping an average of more than 18 percent.
The largest gains were seen in San Jose, California, and Honolulu, Hawaii, where sales increased 27.4 and 26 percent, respectively. Even Phoenix, where foreclosures have made up a … (3 comments)
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mortgage rates: Locking In Mortgage Interest Rates - 03/13/11 11:25 AM
Consider the following four things when deciding whether or not to lock in your mortgage interest rate:
Lock in your rate as soon as you know you have a good deal in front of you, and you know roughly when you can close (30 to 60 days should be the longest lock period). . Lock it in with a lender who has the option of a “float down” if possible. If rates get better, you can participate in a portion of that improvement. . Lock it in with a lender who has a liberal rate-lock extension policy. No rate-lock extensions … (2 comments)
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mortgage rates: Now Maybe The Right Time To Buy - 02/17/11 01:27 PM
Though housing prices may not have hit rock bottom, says one expert, people who wait to find the market’s bottom are likely to miss out on the current low interest rates.
If you’re into bottom-fishing, now may be the time to start trolling for real estate. At least that’s the advice of Michael Corbett, author of “Before You Buy: The Homebuyer’s Handbook for Today’s Market.”
“I’m pretty comfortable saying that five years from now, people are going to be saying, ‘Damn, if I had just bought in 2011,’ ” said Corbett, who is also host of the “Mansions & … (0 comments)
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mortgage rates: Home Sales Rose 2% In December - The Fifth Gain In 6 Months - 01/28/11 09:03 AM
Pending home sales rose 2% in December from the prior month for the fifth gain in six months but remain below the year-ago period, according to the National Association of Realtors. NAR said its pending home sales index, which is based on contracts signed, increased to 93.7 last month up from a downwardly revised 91.9 for November and down from 97.8 for December 2009.
NAR Chief Economist Lawrence Yun said good affordability conditions and economic improvement led to the monthly increase. "Modest gains in the labor market and the improving economy are creating a more favourable backdrop for buyers, allowing them to take … (1 comments)
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mortgage rates: Has the Housing Market Really Hit Bottom? - 08/10/09 01:14 PM
A rash of positive housing data has given some analysts hope that the housing market has bottomed and an economic recovery is underway. But the soaring unemployment and rising mortgage rates could lead to a double-dip plunge for the housing market.
Home prices rose on a monthly basis in May for the first time in nearly three years, according to the Standard & Poor’s Case-Shiller Home Price Index. The improvement in the Case-Shiller index followed the release of several equally optimistic government reports that showed increases in home sales and housing starts, and a decline in inventories.
Home construction unexpectedly rose … (0 comments)
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mortgage rates: Mortgage Rates: You May Have Missed the Bottom - 07/14/09 11:41 AM
For those waiting until interest rates bottomed out before they either purchased a home, or refinanced the one they're in, it may be too late.
We warned our readers a couple of months ago about the risk involved in trying to time the markets, both from a home buying and mortgage point of view.
Now, the Federal Reserve has signaled that it won't try to do more than it previously planned to pull down mortgage rates and other long-term interest rates.
For homeowners hoping to refinance at a lower interest rate, the Fed doesn't seem to be offering any fresh encouragement.
… (0 comments)
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mortgage rates: Housing Slump Creating Phenomenal Real Estate Deals - 02/02/09 10:24 AM
The current downturn in the real estate industry (that makes news headlines almost daily) is not all bad news. The historic fall in home prices, coupled with rock-bottom interest rates on mortgages, could mean the deal of a lifetime for home buyers.
With home prices falling as much as 30% in some parts of the country the past year, many home buyers are learning that they can afford homes in areas that they once believed were out of reach.
ATTENTION HOME BUYERS!
With inventory levels at an all-time high, and sellers willing to make concessions to move their homes in … (0 comments)
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mortgage rates: Mortgage Rates: If You Can't Qualify - 02/02/09 10:19 AM
The truth is not everyone can take advantage of either the home buying or refinancing market today, despite rates being at historic record lows right now. There are people who would love to lower their payment or buy a home at the record low prices some areas are seeing, but can’t. Why? The answer isn’t always easy, but for the most part these folks fall into three categories:
1) Those who have bad credit. Bad credit is no longer something that lenders can look the other way about. In fact, it’s probably one of the main reasons that people can’t get … (0 comments)
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mortgage rates: Mortgages: 2009 Advice - 01/21/09 08:39 AM
With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income.
Rates are probably headed even lower in 2009, raising the question of whether you should borrow now or wait for a better deal. The experts are sharply divided over this one. Put it this way: … (0 comments)
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mortgage rates: How the Fed Rate Affects Mortgage Rates - 01/12/09 10:49 AM
Fixed-rate mortgage rates, though not directly tied to the Fed Funds Rate, have been responding positively to market rate cuts over the past few months.
Just as an overview, the Fed Funds Rate has a strong (if not direct) affect on the following:
credit card rates adjustable-rate mortgages interest on savings accounts Prime Rate (home equity lines are based on this) If you're considering refinancing or purchasing a home, now is the time. With rates at these levels, you'll enjoy more house or mortgage for the same payment. Just lowering your rate 1% on a typical $200,000 mortgage can save you … (1 comments)
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