ARCHIVED BLOG POSTS
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 Illinois. Last week marks the first time this year that mor...
01/31/2011
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>Sales of new homes rose sharply in December, posting a 17.5 percent gain from the month prior. According to the Department of Housing and Urban Development, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis. Last month'...
01/28/2011
Today, the Federal Open Market Committee voted 10-to-0 to leave the Fed Funds Rate unchanged within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that since December's meeting, economic growth is ongoing, but at a pace deemed "insufficient" to make a material impac...
01/26/2011
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Home values were reported unchanged in November 2010, on average, according to the Federal Home Finance Agency's Home Price Index. We say "on average" because the government's Home Price Index is a data composite for the country. The index doesn't measure citywide changes in places like Chicago ...
01/26/2011
The Federal Open Market Committee begins a 2-day meeting today in Washington D.C. It's the group's first meeting of 2011 -- one of 8 scheduled for the year. The Fed meets every 45 days, on average. Its last meeting was December 14, 2010. Rate shoppers and home buyers should make a note. Mortgage ...
01/25/2011
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 Illinois are rising. This is why conform...
01/24/2011
Existing Home Sales surged 12 percent last month, closing 2010's housing market with strength. An "existing home" is a home that cannot be categorized as new construction; a resale. According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures cli...
01/21/2011
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 Illinois and nationwide. They're ...
01/20/2011
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 ...
01/19/2011
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 ...
01/18/2011
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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!