Home Value Update for BarnstableMAThrough October 2009
According to Trulia.com, the sale prices of single family homes have increased 18.9% in the past year through the end of October 2009. The current mean sales price of homes on the market in Barnstable, MA, is $535,000. Below is a chart of the trend of listing prices of homes for sale in Barnstable, MA, in the past year through October 2009:
The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home inBarnstable, MA, or surrounding area. If you're looking for a home or condo to purchase inBarnstable, MA, or in the surrounding area, then try this home search.
If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.
The Mortgage Interest Rate Lock Advisory for BarnstableMA for November 20, 2009
Here are some of the events affecting mortgage interest rates today in Barnstable, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.72 this morning - up 1/32 from yesterday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:
The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.84 - up 4/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.
Recent Activity in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:
Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
There are no economic reports scheduled for release today.
What's Happening With Mortgage Interest Rates Today:
Low to Moderate Volatility. There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. Mortgage rates are currently inching upwards again. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
There are a couple of economic reports scheduled for release next week. Next week is also a holiday-shortened week due to Thanksgiving. Look for more details on next week's events on Monday.
My Mortgage Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would...
Lock if my closing was taking place within the next 7 days
Float if my closing was taking place between 8 and 30 days
Float if my closing was taking place between 31 and 45 days
Float if my closing was taking place between 46 and 60 days
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.
Home Value Update for Mashpee MAThrough Ocober 2009
According to Trulia.com, the sale prices of single family homes have increased 15.2% in the past year through the end of October 2009. The current mean sales price of homes on the market in Mashpee, MA, is $317,579. Below is a chart of the trend of listing prices of homes for sale in Mashpee, MA, in the past year through October 2009:
The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home inMashpee, MA, or surrounding area. If you're looking for a home or condo to purchase inMashpee, MA, or in the surrounding area, then try this home search.
If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.
The Mortgage Interest Rate Lock Advisory for Mashpee MA for November 19, 2009
Here are some of the events affecting mortgage interest rates today in Mashpee, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.75 this morning - up 2/32 from yesterday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:
The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.75 - the same as it opening. Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.
Recent Activity in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:
Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
Leading Economic Indicators (LEI) -the Conference Board reported the LEI increased 0.3% in October, slightly less that 0.4% increase analysts expected. This follows a 1.0% increases the previous months. This report attempts to predict economic activity over the next three to six months. This means that analysts are forecasting an small increase in economic activity over the next few months. However, this report usually does not have much of an impact on the mortgage market.
Jobless Claims -505,000 new claims for unemployment were filed last week - in line with estimates. This is slightly more than the 502,000 new claims filed the previous week. The 4-week average declined by 4,500 to 519,750 - the lowest since November 2008. And, continuing claims declined by 139,000 to 5.631 million. However, most of the decline in continuing claims is attributed to the expiration of unemployment benefits. With a decreasing trend in the filing of new claims for unemployment, this suggests that the labor market is improving. However, this data is usually not considered to be very important to the mortgage market.
Fed's MBS Purchase Program - The results of this week's purchases of mortgage backed securities by the Feds will be released in the afternoon. As of last Thursday, the Feds have purchased over $1.006 trillion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through March 31st.
Is inflation looming around the corner? Watch this video from CNBC on today's economic reports:
What's Happening With Mortgage Interest Rates Today:
Moderate Volatility. There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. Mortgage rates are currently inching upwards again. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
My Mortgage Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would...
Lock if my closing was taking place within the next 7 days
Float if my closing was taking place between 8 and 30 days
Float if my closing was taking place between 31 and 45 days
Float if my closing was taking place between 46 and 60 days
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.
Home Value Update for FalmouthMAThrough Ocober 2009
According to Trulia.com, the sale prices of single family homes have increased 14.4% in the past year through the end of October 2009. The current mean sales price of homes on the market in Falmouth, MA, is $452,500. Below is a chart of the trend of listing prices of homes for sale in Falmouth, MA, in the past year through October 2009:
The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home inFalmouth, MA, or surrounding area. If you're looking for a home or condo to purchase inFalmouth, MA, or in the surrounding area, then try this home search.
If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.
The Mortgage Interest Rate Lock Advisory for FalmouthMA for November 18, 2009
Here are some of the events affecting mortgage interest rates today in Falmouth, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.69 this morning - down 2/32 from yesterday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:
The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.72 - up 1/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.
Recent Activity in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:
Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
Consumer Price Index (CPI) for October - there was a 0.3% increase in the overall reading, and a 0.2% increase in the core data reading - slightly better than expected. Analysts expected to see a 0.2% increase in the overall reading, and a 0.1% increase in the core data reading. The core date was driven up mostly by the prices of cars and light trucks. Similar to the Producer Price Index (PPI), this report measures inflationary pressures at the consumer level of the economy. While the report revealed slightly stronger than expected readings, it did not have much of an impact on the mortgage market or mortgage interest rates this morning.
Housing Starts for October - there were 529,000 housing starts in October - a 10.9% decline from the previous month - and is much less than the 600,000 that was expected. It's also the lowest level since April of this year. While this report provides an indication of strength in the housing sector, it usually does not have a noticeable impact on the mortgage market or mortgage interest rates.
In other news, Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. and a former research director at the Federal Reserve Bank of Atlanta, talks about housing starts and consumer sentiment. Watch this video from Bloomberg:
What's Happening With Mortgage Interest Rates Today:
Moderate Volatility. There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. Mortgage rates are currently inching upwards again. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
My Mortgage Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would...
Lock if my closing was taking place within the next 7 days
Float if my closing was taking place between 8 and 30 days
Float if my closing was taking place between 31 and 45 days
Float if my closing was taking place between 46 and 60 days
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.
The requirements for FHA streamline refinances have changed. The new rules went into effect on November 17, 2009.
Under the new FHA streamline refinance guidelines, homeowners who want to refinance their FHA mortgage have to meet tougher eligibility requirements:
At the time of loan application, the borrower must have made at least 6 payments on the FHA mortgage being refinanced.
For mortgages with less than a 12 months payment history, the borrower must have made all mortgage payments within the month due.
For mortgages with a 12 months payment history or greater, the borrower must have:
Experienced no more than one 30 day late payment in the preceding 12 months, and
Made all mortgage payments within the month due for the three months prior to the date of loan application.
There is also a "tangible net benefit" requirement. A "tangible net benefit" is defined as:
A reduction in the total mortgage payment (principal, interest, taxes and insurances, homeowners' association fees, ground rents, special assessments and all subordinate liens)
The new total mortgage payment must be at least 5% lower than the total mortgage payment for the mortgage being refinanced.
Refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage, or
Reducing the term of the mortgage.
FHA Streamline Refinance applicants must now show evidence of income and employment, plus proof of cash required to close.
If there is more than one mortgage property, there is now a maximum combined loan-to-value (CLTV). If subordinate financing is remaining in place, the maximum CLTV ratio is now 125%.
For streamline refinance transactions WITHOUT an appraisal, the CLTV is based on the ORIGINAL appraised value of the property.
For streamline refinance transactions WITH an appraisal, the CLTV is based on the NEW appraised value.
In areas of declining home values, this may render refinancing impossible.
Mortgage rates are low right now. If you're a homeowner and you have an FHA mortgage, it may be prudent to explore the possibility of an FHA Streamline Refinance.
Home Value Update for Sandwich MAThrough Ocober 2009
According to Trulia.com, the sale prices of single family homes have declined 13.2% in the past year through the end of October 2009. The current mean sales price of homes on the market in Sandwich, MA, is $292,000. Below is a chart of the trend of listing prices of homes for sale in Sandwich, MA, in the past year through October 2009:
The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home inSandwich, MA, or surrounding area. If you're looking for a home or condo to purchase inSandwich, MA, or in the surrounding area, then try this home search.
If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.
The Mortgage Interest Rate Lock Advisory for Sandwich MA for November 17, 2009
Here are some of the events affecting mortgage interest rates today in Sandwich, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.75 this morning - down 4/32 from yesterday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:
The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.94 - up 6/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be 0.0% - 0.125% better in price this morning as compared to yesterday.
Recent Activity in Mortgage Backed Securities:
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:
Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
Producer Price Index (PPI) for October - the overall PPI reading is up 0.3% mostly due to higher energy costs, and follows a 0.6% decline the previous month. However, the core PPI reading declined 0.6% mostly due to declines in the prices of cars and light trucks, and follows a 0.1% decline the previous month. Analysts expected to see a 0.5% increase in the overall reading, and a 0.1% increase in the core data reading.
The PPI measures inflationary pressures at the producer level of the economy. There are two portions of the index that are monitored - the overall reading and the core data reading. The core data is the more important of the two because it excludes more volatile food and energy prices. Even though the report revealed weaker than expected readings, it had almost no impact on the mortgage market or mortgage interest rates this morning.
Industrial Production Report for October - industrial production is up 0.1%, less than the 0.4% increase that was expected, and is less than the 0.7% increase the previous month. The capacity utilization rate (factory usage) remained at 70.7%, inline with expectations. This report provides us with a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. However, this report usually does not have much of an impact on the mortgage market.
What's Happening With Mortgage Interest Rates Today:
Moderate to High Volatility. Overall, the first three days of the week will be the most important with the release of the Retail Sales Report, the Producer Price Index and the Consumer Price Index reports.
There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. While there's still some room for MBS prices to tick higher, it's better to have locked when you should have floated than it is to float when you should have locked.
If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
My Mortgage Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would...
Lock if my closing was taking place within the next 7 days
Float if my closing was taking place between 8 and 30 days
Float if my closing was taking place between 31 and 45 days
Float if my closing was taking place between 46 and 60 days
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.
The Mortgage Interest Rate Lock Advisory for Bourne MA for November 16, 2009
Here are some of the events affecting mortgage interest rates today in Bourne, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.84 this morning - up 1/32 from Friday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:
The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.84 - the same as its opening. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be the same in price this morning as compared to Friday's close.
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:
Recent Activity in Mortgage Backed Securities:
Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:
Retail Sales Report for October - released by the Commerce Department this report measures consumer spending which is considered important as it makes up two-thirds of the economy. The report revealed a 1.4% increase in retails sales in October, up significantly from the 1.5% decline in September. Analysts expected the report to show a 0.9% rise in spending in October. The increase in retail sales is largely attributed to a 7.9% increase in auto sales after a 14.3% decline the previous month. If auto sales are excluded, retail sales improved only 0.2% which follows a 0.4% increase the previous month. Today's retail sales report had no impact on the mortgage market today.
In other news, Ben Bernanke, Chairman of the Federal Reserve, is speaking to the Economic Club of New York today.
What's Happening With Mortgage Interest Rates Today:
Low to Moderate Volatility. Overall, the first three days of the week will be the most important with the release of the Retail Sales Report, the Producer Price Index and the Consumer Price Index reports.
There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. While there's still some room for MBS prices to tick higher, it's better to have locked when you should have floated than it is to float when you should have locked.
If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
My Mortgage Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would...
Lock if my closing was taking place within the next 7 days
Float if my closing was taking place between 8 and 30 days
Float if my closing was taking place between 31 and 45 days
Float if my closing was taking place between 46 and 60 days
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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