ARCHIVED BLOG POSTS
2010
Reporting on a two-month lag, the government said home values rose 0.7 percent in November. National home prices are at their highest point since February 2009. But before we look too much into the FHFA's Home Price Index, it's important that we're cognizant of its shortcomings; the most import...
01/29/2010
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy “has continued to strengthen”, that the jobs markets is getting better, and that financial markets are supportive of growt...
01/28/2010
The Federal Open Market Committee ends a scheduled, 2-day meeting today in Washington. It's the first of 8 scheduled meetings for the policy-setting group in 2010. The group adjourns at 2:15 PM ET. As is customary, upon adjournment, the Fed will issue a press release to the markets recapping its ...
01/27/2010
A "Housing Start" is a privately-owned home on which construction has started. It's an important gauge of housing health because it tracks new housing stock nationwide. In December 2009, starts fell by nearly 7 percent. The news is mildly disappointing but not too bad. The likely cause for the Ho...
01/22/2010
Securing an FHA mortgage in Illinois is about to get more expensive. In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group's portfolio risk while strengthening its overall f...
01/21/2010
November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There's 100 days left to claim it. The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers in Oak Lawn to be under contract for a home no later t...
01/20/2010
Mortgage markets showed little conviction last week, carving out just a narrow trading channel. There was very little data on which for markets to move, leaving mortgage rates momentum-bound. Luckily for rate shoppers, mortgage rate momentum was favorable. Rates were slightly lower Monday through...
01/19/2010
Mortgage rates are dropping this morning on weaker-than-expected Retail Sales data from December. Lower rates means more bang for your home-buying buck. Excluding motor vehicles and parts, December's "ex-auto" sales receipts were down roughly $500 million from November. Analysts had expected rec...
01/15/2010
Mortgage rates are dropping this morning on weaker-than-expected Retail Sales data from December. Lower rates means more bang for your home-buying buck. Excluding motor vehicles and parts, December's "ex-auto" sales receipts were down roughly $500 million from November. Analysts had expected rec...
01/14/2010
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Comments
FHA home loans are federal assistance mortgages made by lenders, and backed by the government. The FHA doesn't make loans to Illinois homeowners -- it insures loans made to homeowners by federally-qualified lenders. By all accounts, FHA home loans are surging in popularity. 2006, FHA insured 3.3%...
01/08/2010
Rainmaker
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Kevin Lanham
Chicagoland FHA Expert
Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!