Mortgage Rates - And Home Affordability - At The Whim Of The Federal Reserve - 04/26/11 11:15 AM
Mortgage Rates - And Home Affordability - At The Whim Of The Federal Reserve 

The Federal Open Market Committee starts a two-day meeting today, the third of its 8 scheduled meetings this year.
The FOMC is a special, 12-person committee within the Federal Reserve. It's led by Fed Chairman Ben Bernanke and the group is responsible for voting on our nation's monetary policy. This includes setting the Fed Funds Rate, the rate at which banks borrow money from each other overnight.
The general public tends to confuse the Fed Funds Rate for "mortgage rates" but, as shown in the chart … (0 comments)

What's Ahead For Mortgage Rates This Week : April 18, 2011 - 04/18/11 09:19 AM
What's Ahead For Mortgage Rates This Week : April 18, 2011  
Mortgage markets improved last week, buoyed by two days of out-sized gains. Mortgage rates bounced off their 8-week highs on much weaker-than-expected inflation data, and debt concerns abroad.
It's an abrupt change in mortgage rate momentum.
Since the Federal Reserve's March 2011 meeting, in which the Fed said rising energy costs are "putting upward pressure on inflation", inflation chatter has figured big for Lansing  mortgage rates. With each tick higher in gas prices; in every conversation on U.S. debt load; as fruits and vegetables get more expensive at the supermarket, … (1 comments)

What's Ahead For Mortgage Rates This Week : April 11, 2011 - 04/11/11 09:07 AM
What's Ahead For Mortgage Rates This Week : April 11, 2011 
Mortgage markets worsened last week as energy costs remained high, and jobs data looked strong. The safe haven buying that characterized the March mortgage market has subsided.
it's driving mortgage rates higher across Michigan.
Conforming and FHA mortgage rates rolled back 8 weeks worth of improvements last week and are now back to mid-February levels. The rise in rates is hurting refinance activity and home affordability.
The biggest story from last week figures to carry forward into this one - the Federal Reserve's take on inflation.
In the minutes from … (1 comments)

Military Members : You Have 3 Weeks To Buy A Home, Claim Up To $8,000 In Tax Credits - 04/08/11 10:24 AM
Military Members : You Have 3 Weeks To Buy A Home, Claim Up To $8,000 In Tax Credits
If you're an eligible federal employee or qualified military personnel, you have 3 weeks from this Saturday to use the federal home buyer tax credit, and to claim up to $8,000 in federal income tax credits. 
According to the IRS, eligible persons include members and spouses of the uniformed services, members and spouses of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April … (2 comments)

What's Ahead For Mortgage Rates This Week : April 4, 2011 - 04/04/11 08:56 AM
What's Ahead For Mortgage Rates This Week : April 4, 2011  
In a volatile week of trading, mortgage markets closed unchanged last week. Despite economic data proving stronger-than-expected - a situation that tends to lead mortgage rates higher - concern for persistently high oil prices tempered Wall Street's excitement and mortgage rates stayed steady.
That's not to say rates weren't volatile, however. From day-to-day, mortgage rates showed huge variance last week and several lenders issued five separate rate sheets Friday.
The 12-month average is slightly less than two per day.
Expect the volatility to continue into this week, too. With little economic data … (0 comments)

 
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Don Grimes

Don Grimes

Okemos, MI

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Michigan Mutual Mortgage

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