ARCHIVED BLOG POSTS
2010
Standard & Poors released its Case-Shiller Index Tuesday. The index is a monthly home valuation report from select cities and among the private sector's most popular home pricing models. In reviewing the April Case-Shiller Index and its accompanying analysis, it appears that the housing market'...
06/30/2010
All day, every day, conforming and FHA mortgage rates in Illinois are in flux. Rates move in response to hundreds of factors which exact varying levels of influence. Among the biggest influences on mortgage rates is inflation. When inflation is unexpectedly high, mortgage rates tend to rise qui...
06/29/2010
Mortgage markets improved last week in response to mostly negative data about the U.S. economy, and the Federal Reserve's acknowledgement that Eurozone financial ills could cross the Atlantic. Conforming and FHA mortgage rates fell last week, extending a rate rally that dates to early-April. Mor...
06/28/2010
One month after the federal homebuyer tax credit's official expiration, the New Home Sales report turned in its worst showing ever. In May 2010, for the first time in 11 months, the inventory of unsold new homes crossed the 8-month marker, posting an 8.5 month supply overall. Additionally, new h...
06/25/2010
Existing Home Sales dropped in May for the first time in 3 months but still managed to post its second-highest since November 2009, buoyed by the expiring federal tax credit program. An "existing home" is a home that cannot be considered new construction; a resale of an existing home. Existing H...
06/23/2010
The Federal Open Market Committee begins a 2-day meeting today, its fourth scheduled meeting of the year, and fifth overall. The FOMC is the monetary policy-setting part of the government and its primary tool for that purpose is the Fed Funds Rate. The Fed Funds Rate is the dictated rate at whic...
06/22/2010
Mortgage markets improved last week on weaker-than-expected jobless figures, ongoing troubles in Europe, and a tame reading on domestic inflation. As a result, conforming mortgage rates for Wisconsin fell last week, drawing loads of new refinance applications. For a brief moment Thursday afternoo...
06/21/2010
As its June 30, 2010 closing deadline approaches, the federal home buyer tax credit is back in the news. Unfortunately, the headlines are misleading. Contrary to what you may have read (or heard), the federal home buyer tax credit has not been extended past June 30, 2010. At least not yet. And he...
06/18/2010
Single-family housing starts plummeted to a one-year low in May, just 30 days after soaring to a 20-month high. It's no wonder home builders are confused. Against a revised April figure, Housing Starts fell 97,000 units in May, a figure representing almost one-fifth of the total market size. It'...
06/17/2010
If you plan to finance your Chicago home with a conforming interest only mortgage, get your loan application submitted no later than this Friday, June 18. Starting next week, Fannie Mae is clamping down on the popular loan product. An "interest only" mortgage is exactly what its name implies -- ...
06/16/2010
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!