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home buyers: Freddie Mac Weekly Update: Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent - 06/16/11 07:47 PM
30-year fixed-rate mortgage:averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.  The 15-year fixed-rate mortgage: t his week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.     Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged … (0 comments)

home buyers: Freddie Mac Weekly Update: Mortgage Rates Fall With Economic and Housing Reports - 04/28/11 08:23 PM
30-year fixed-rate mortgage:averaged 4.78 percent with an average 0.7 point for the week ending April 28, 2011, down  from last week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.The 15-year fixed-rate mortgage:  this week  averaged 3.97 percent with an average 0.7 point, down  from last week when it averaged 4.02 percent.  A year ago at this time, the 15-year FRM averaged 4.39 percent.  Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.51 percent this week, with an average 0.6 point ,  down from last week when it averaged 3.61 percent. A year ago, the 5-year ARM averaged 4.00 percent .One-year Treasury-indexed ARMs: averaged 3.15 … (0 comments)

home buyers: Mortgage Bankers Weekly Decrease in Latest MBA Weekly Survey - 04/28/11 08:19 PM
Mortgage Bankers Association for the week of 4/27/2010 Market Composite Index: (loan application volume) a measure of mortgage loan application volumedecreased 5.6 percent from one week earlierRefinance Index: Refinance Index decreased 0.6 percent from the previous week.  The seasonally adjusted Purchase Index decreased 13.6 percent to its lowest level since February 25, 2011, driven by a 26.6 percent decrease in government purchase applications. Purchase Index: decreased 12.8 percent compared with the previous week and was 28.8 percent lower than the same week one year ago. Refinance Share of Mortgage Activity: increased to 61.6 percent of total applications from 58.5 percent the previous week. This is the highest refinance share of the … (0 comments)

home buyers: Case Shiller: Thoughts From Around The Web - 04/28/11 07:50 PM
Optimists
AP
A wave of foreclosures is forcing down home prices in most major U.S. cities. But economists and real estate agents are noticing what they call a key first step for any housing recovery: a drop in the glut of homes for sale in markets hit hardest by foreclosures.
If we were to see several consecutive months of supply getting smaller, it would point to an improving housing market," said Celia Chen, senior director at Moody's Analytics. "Even if it is investors buying them, they are renting them out in hopes that prices in the next several years will rise.
NAR
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home buyers: Freddie Mac Weekly Update: 30-Year Fixed-Rate Mortgage Moves Up to 4.91 Percent - 04/15/11 10:14 PM
 
30-year fixed-rate mortgage:   averaged 4.91 percent with an average 0.6 point for the week ending April 14, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 5.07 percent. The 15-year fixed-rate mortgage:  averaged 4.13 percent with an average 0.7 point, up from last week when it averaged 4.10 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.  Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.78 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, … (2 comments)

home buyers: Fannie Mae Raises Borrowers Costs - 02/09/11 06:05 PM
Costs Will Increase For Buyers Regardless Of Credit WorthinessBeginning April 1, 2011 Fannie Mae will implement a higher interest rate to borrowers even if they have a perfect credit score for all loans term over 15 years. Freddie Mac will change its fee structure changes on of March 1st.Loan Level Price Adjustment Borrowers will be charged either a  higher interest rate derived from the size of the down payment or how much equity is in their home for refis.Banks Get ConservativeRisk vs. Reward New home buyers shopping for mortgages will face these fee increases * Someone buying a home with credit … (2 comments)

home buyers: Mortgage Bankers Weekly Update: Applications Increase - 02/06/11 07:15 PM
Mortgage Bankers Association for the week of  0 2/02/2010 Market Composite Index: (loan application volume)     A  measure of mortgage loan application volume,  increased 11.3 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 13.2 percent compared with the previous week.  The previous week did not include a holiday adjustment for Martin Luther King, Jr. Day. . Refinance Index:  increased 11.7 percent from the previous week Purchase Index: increased 9.5 percent from one week earlier. Refinance Share of Mortgage Activity:  decreased to 69.3 percent of total applications from 70.3 percent the previous … (0 comments)

home buyers: Case Shiller: Wil we Double Dip - 02/02/11 03:07 PM
Case Shiller report shows a deceleration in the annual growth rates in 17 of the 20 MSAs. Housing generally leads the economy out of a recession. This time its not, housing is simply suffering. Not only is money tight but job creation is still a big hurt. In some cities, the decline over the last year was quite sharp.
David M. Blitze,chairman of S.&P.’s index committee tells the NY Times that a double-dip could be confirmed before spring. He goes on to say the series is now only 4.8% and 3.3% above their April 2009 lows. Certainly nine cities set new … (5 comments)

home buyers: Remodel: Is It An Investment - 01/25/11 07:16 PM
 
People remodel because of immediate needs for the owner. Either its time for more space or just a desire to upgrade and modernize. Curb appeal and adding value is an important consideration, But resale value is hard to pin down. Home evaluation is hostage to market forces and individual taste. Thats why Replacement projects always perform better in resale value than other types of remodeling projects. They are less expensive projects that contribute to curb appeal, a strong subjective factor among home buyers. If you are remodeling because you need to reconfigure for your needs, always keep in mind the resale value of … (0 comments)

home buyers: NAR On Energy Efficicency And Home Sales - 01/08/11 03:05 PM
Does It Matter?NAR did a poll of buyers to test the importance of energy effiency to home buyers. Geographically, colder areas scored higher degrees of interest placed on energy effiency and buyers 55 and older had a greater preference for energy efficicent applicances than younger buyers.
By Income 29% of buyers with incomes over $100,000 per year thought heating and cooling costs were significant to their home buying decision, compared with 47% of buyers with incomes less than $45,000 per year. Going green is an early and growing interest for home buyers and a can be a sweetener to pique interest. … (0 comments)

home buyers: Rent Vs Buy Today - 12/29/10 05:49 PM

NAR Existing Home Sales
Existing home sales which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6% to a seasonally adjusted annual rate of 4.68 million in November, but are 27.9% below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit. Median existing single-family home prices rose year-over-year in 77 of 155 metropolitan areas and fell in 76 metro areas.
NAR Pending Sales
A forward-looking indicator, rose 10.4%  based on contracts signed in October from in September. The index remains 20.5% below a surge to a … (0 comments)

home buyers: How Does The Foreclosure Freeze Impact Housing - 11/09/10 10:15 PM
                  The Optimists Bank of America, JP Morgan Chase, Ally Financials GMAC mortgage division and PNC Financial, have all suspended home seizures in all 23 states where courts oversee foreclosures. Bank of America is halting foreclosures in all 50 states to examine its process. Past sales will stand, and if you are not already out of the house.Eviction: you could be evicted unless the buyer was the bank, they will not evict during the freezeHelps families: The foreclosure freeze may buy time for some families and allow them to catch up and stay in their homes which could help some families … (8 comments)

home buyers: Banks to allow local groups to buy foreclosures - 10/06/10 05:36 PM
Following on the success of the First Look program many larger banks are going to take a page from first look program. Banks will now allow local governments and nonprofits the ability to buy foreclosed homes before they are sold to private investors. The largest mortgage lenders in the country, including Bank of America Corp. and Wells Fargo have agreed to let the groups purchase the properties ahead of private investors. Neighborhood organizations will have up to 48 hours to evaluate bank owned property before professional investors get to view and bid for purchase. The idea is to level the playing … (0 comments)

home buyers: Fannie Mae: First Look Gives Home Buyers An Edge - 10/06/10 05:34 PM
First Look ProgramFannie levels the fieldWhat Is It Individuals and public entities are given a period of time, generally 15 days after a property is listed at HomePath.com. Homepath is the listing site for about 190,000 properties held by the GSEs. Individuals and public entities (read non profits) have a lead time over ionvestors to inspect  and submit an offer to purchase. After 15 days, the listing is open to all potential buyers. The idea is to offer first to those who would live in the home and become stakeholders, adding stability to the community and to avoid  too quickly putting … (0 comments)

home buyers: 24.4 Billion in Home Price Reductions to Date - 06/06/09 04:03 PM
Truilia reports that one in four homes listed have reduced listing price. 7% of homes currently on the market across the United States have experienced at least one price cut. In 15 major cities, including New York City, Chicago, Los Angeles, Boston and Atlanta, the average price reduction for homes ranged from $20,000 to $295,000.
Trulia does a breakout of homes that have reduced price to see which tiers are holding up best. In San Francisco, for example, million dollar homes that had price reductions were reduced, on average, by 13%. Homes listed for less than a million that had price … (0 comments)

home buyers: Fannie Mae Now Accepts 3% Down Payments - 05/18/08 04:09 PM
A short note to new home buyers....it just got easier According to the Fannie Mae press release of 05.16.08, they will now accept a 3-5% down payment on a new home. This range depends on whether you use their computer driven appraisal software or whether you hire an outside appraiser.
Hmmmm....is there now a risk premium for human appraisers or is this just a reflection of how tainted the profession has become after all those liar loans were helped along by easy appraisals. Fannie Mae says it is doing away with higher minimum down payment requirements for borrowers in distressed real … (2 comments)