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What's Ahead For Mortgage Rates This Week : January 31, 2011 - 01/31/11 09:23 AM
What's Ahead For Mortgage Rates This Week : January 31, 2011
Mortgage markets improved this week as positive economic data was overshadowed by geopolitical strife. A flight-to-quality drove buy-side activity in mortgage bond markets, which, in turn, helped conforming rates fall across the state of Michigan.
Last week marks the first time this year that mortgage rates fell on a week-over-week basis, and considering why rates fell, it points to the fragile nature of the global economy.
By all accounts, last week showed that the U.S. economy is in recovery.
Housing data rises to its best levels in 8 months (LA … (0 comments)
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What's Ahead For Mortgage Rates This Week : January 24, 2011 - 01/24/11 09:02 AM
What's Ahead For Mortgage Rates This Week : January 24, 2011
Mortgage markets worsened last week in a holiday-shortened trading week.
As the body of U.S. economic data continues to show slow, steady improvement, Wall Street is becoming a net-seller of mortgage-backed bonds. As a result, conforming mortgages rates in Michigan are rising.
This is why conforming and FHA mortgage rates rose last week in Michigan. Existing home supplies plunged to a 2-year low in December, and unemployment claims dropped more than expected, giving hope for the U.S. economy in 2011.
This week, that trend may continue. There's a lot of news … (0 comments)
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Building Permits Surge In December; Signals A Strong Spring Housing Market - 01/20/11 12:38 PM
Building Permits Surge In December; Signals A Strong Spring Housing Market
Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have "broken ground" in Michigan and nationwide.
They're called "Housing Starts" and, by most measures, they faded quickly as 2010 came to a close.
According to the Census Bureau's report, Housing Starts of single-family homes fell to 417,000 units on a seasonally-adjusted, annual basis. The figure marks a 9 percent drop-off from … (0 comments)
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Home Builders Slowed By Economy, But Seeing More Foot Traffic - 01/19/11 08:57 AM
Home Builders Slowed By Economy, But Seeing More Foot Traffic
Homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders.
The monthly Housing Market Index registered 16 out of a possible 100. January's reading is three points higher than the 2010 low-point, set in September, and in-line with last year's average reading.
According to the NAHB, the market for newly-built, single family homes remains relatively weak "following a below-expectations finish in 2010″. Builders expect a better 2011.
The Housing Market Index dates to 1985. It's a composite of surveys which gauge the … (1 comments)
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What's Ahead For Mortgage Rates This Week : January 18, 2011 - 01/18/11 08:53 AM
What's Ahead For Mortgage Rates This Week : January 18, 2011
Mortgage markets worsened last week on a turn-around in sentiment across the Eurozone. The sort of "safe haven" buying that had buoyed mortgage bonds since the New Year dissipated, and mortgage rates resumed climbing.
Last week marked the first week since the end of 2010 that mortgage rates have risen, breaking a 2-and-a-half-week rally.
Conforming and FHA mortgages in Michigan increased in rate by roughly 1/8 percent.
Last week was data-sparse so mortgage markets took their cues from Europe - specifically Portugal and Spain. There have been lingering concerns that … (1 comments)
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Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low - 01/13/11 11:46 AM
Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low
According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December.
"Foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
Like most months, a small number of states dominated December's national foreclosure figures. 6 states accounted for more than 50 percent of all bank repossessions.
California : 17% of all repossessions Florida : 11% of all repossessions Arizona : 6% of all … (0 comments)
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How To Renegotiate Your Credit Card Interest Rates To Something Lower - 01/11/11 09:11 AM
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.
According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won't pay off for 16,127 years. That's one reason why it's important to manage your credit card rates, and renegotiate them whenever possible.
In this 4-minute piece from NBC's The Today Show, you'll learn the tested tactics that can cut a credit card rate, and get monthly payments to a more manageable range. And it's do-it-yourself - no debt management firms required.
Some of the tips in the video include:
… (0 comments)
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What's Ahead For Mortgage Rates This Week : January 10, 2011 - 01/10/11 08:54 AM
What's Ahead For Mortgage Rates This Week : January 10, 2011
Mortgage markets gained last week as a combination of safe-haven buying and an improving economic outlook attracted new buyers. Demand for mortgage-backed bonds outweighed supply and conforming and FHA mortgage rates edged lower.
Last week marked the second straight week that mortgage rates fell in and around Michigan. Rates had risen over the previous 7 weeks.
According to Freddie Mac's weekly mortgage rate survey, the national average rate for a 30-year fixed rate mortgage is 4.77 percent with an accompanying 0.8 points required.
This week, with no new data due for … (1 comments)
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December's Job Report : Good For Home Affordability - 01/07/11 08:51 AM
December's Job Report : Good For Home Affordability
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report.
More commonly called "the jobs report", the government's data include raw employment figures and the Unemployment Rate.
The jobs report hit the wires at 8:30 AM ET today. It's making big waves in the mortgage market and may help home affordability for buyers in Lansing this weekend, and would-be refinancers across Michigan.
For this month, and for the rest of 2011, employment data will figure big in mortgage markets.
7 million jobs were lost in 2008 … (0 comments)
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Loan Costs Increasing April 1, 2011 - 01/06/11 08:53 AM
Loan Costs Increasing April 1, 2011
Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs.
Loan-level pricing adjustments are mandatory closing costs. They're assigned by Fannie Mae and Freddie Mac, and based on a loan's specific risk to Wall Street investors.
First constructed in April 2009, loan-level pricing adjustment are a means to help Fannie Mae and Freddie Mac compensate for "riskier loans" by bolstering their respective balance sheets.
Since the initial roll-out, Fannie and Freddie have amended adjustments five times. The pending April adjustment will be the 6th revision in two years.
No class … (0 comments)
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The Fed Minutes Keep Mortgage Rates On Hold (For Now) - 01/05/11 08:58 AM
The Fed Minutes Keep Mortgage Rates On Hold (For Now)
The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn't much there to disturb mortgage markets, thankfully.
The "Fed Minutes" is an official recap of the most recent meeting of the Federal Open Market Committee. It's published 8 times annually, 3 weeks after the FOMC adjourns.
The Fed Minutes is similar to the meeting minutes released after a corporate conference or condo association gathering in that they provide additional details about the conversation and debate that occurred between meeting attendees.
The Fed Minutes are a lengthy companion to the … (0 comments)
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What's Ahead For Mortgage Rates This Week : January 3, 2011 - 01/03/11 08:54 AM
What's Ahead For Mortgage Rates This Week : January 3, 2011
Mortgage markets improved last week during a snow- and holiday-thinned series of sessions on Wall Street. Mortgage bonds improved on year-end profit-taking, mostly, leading conforming mortgage rates in Michigan lower.
Last week marked the first calendar week in which mortgage rates dropped since early-November, a pleasing development for rate shoppers and home buyers. Falling rates means lower monthly mortgage payments.
But don't expect for rates to improve again this week, however. Last week's gains were the result of extremely low trading volume and a close-out of 2010 mortgage bond positions. With … (0 comments)
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Don Grimes
Don Grimes
Okemos,
MI
More about me…
Michigan Mutual Mortgage
Address: 4572 S. Hagadorn Road, Suite 3-C, East Lansing, MI, 48823
Office Phone: (517) 507-0151
Cell Phone: (517) 927-8110
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