The Mortgage and Real Estate Markets in Massachusetts, Maine and New Hampshire

Home Value Update for Medford MA Through Ocober 2009

Mon, 09 Nov 2009 12:34:32 -0600

Home Value Update for Medford MA Through Ocober 2009

According to Trulia.com, the sale prices of single family homes have increased 0.1% in the past year through the end of October 2009. The current mean sale price of homes for sale on the market in Medford, MA, is $324,888. Below is a chart of the trend of listing prices of homes for sale in Medford, MA, in the past year through October 2009:

Medford Recently Sold Homes

The $8000 first-time homebuyer's tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Medford, MA, or surrounding area. If you're looking for a home or condo to purchase in Medford, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with the USDA Rural Development Home Loan program. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Medford, MA, or in the surrounding area.

Lew Corcoran
Sr. Mortgage Consultant
Northeast Community Mortgage
FHA Loans / VA Loans / USDA Rural Development Loans
in Maine, Massachusetts and New Hampshire
ActiveRain Blog / Localism / New England Properties
The Mortgage Market Watch and Interest Rate Lock Advisory

The Mortgage Interest Rate Lock Advisory for Medford MA for November 9, 2009

Mon, 09 Nov 2009 09:54:37 -0600

The Mortgage Interest Rate Lock Advisory for Medford MA for November 9, 2009

Here are some of the events affecting mortgage interest rates today in Medford, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.16 this morning - down 4/32 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 101.34 - up 2/32 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 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:

There are no economic reports scheduled for release today.

In other news, the Treasury will auctioning $40 billion in 3-Year Notes today. If the Treasury auctions are met with a strong demand from investors, we should see higher prices for mortgage backed securities and lower mortgage interest rates. However, if we see a lackluster demand, we should see lower prices for mortgage backed securities and higher mortgage interest rates.

What's Happening With Mortgage Interest Rates Today:

Low to Moderate Volatility. Overall, because of the lack of economic reports this week, the Treasury auctions and the stock markets will most likely be the dominant influence on the trading of mortgage backed securities. If the stock markets rally this week, we will probably see funds shift from mortgage backed securities and into stocks. That will drive prices of mortgage backed securities downward and lead to rising mortgage interest rates. If, on the other hand, stocks fall from current levels, that would make mortgage backed securities more attractive to investors and lead to lower mortgage interest rates.

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.

Get the best available mortgage interest rates for your situation in Medford, MA!

The Mortgage Market Watch for the Week of November 9, 2009

Mon, 09 Nov 2009 05:58:20 -0600

The Mortgage Market Watch for the Week of November 9, 2009

Events Affecting the Mortgage Market This Week:

There are three Treasury Note and Bond auctions this week that may influence mortgage rates - $40 billion in 3-Year Notes on Monday, $25 billion in 10-Year Notes on Tuesday, and $16 billion in 30-year Bonds on Thursday. The 10-year sale is the more important one as it will provide us with an indication for demand of mortgage backed securities. If the Treasury auctions are met with a strong demand from investors, we should see higher prices for mortgage backed securities and lower mortgage interest rates. However, if we see a lackluster demand, we should see lower prices for mortgage backed securities and higher mortgage interest rates.

Economic Reports to be Released This Week:

There are only two economic reports scheduled for release this week, but neither of them is considered to be highly important to the mortgage market.

Monday, November 9th:

There are no economic reports scheduled for release today.

Tuesday, November 10th:

There are no economic reports scheduled for release today.

Wednesday, November 11th:

There are no economic reports scheduled for release today.
The stock and bond markets are closed in observance of Veterans Day.

Thursday, November 12th:

There are no economic reports scheduled for release today.
Jobless Claims - New claims for unemployment are tabulated each week to show the number of individuals who filed for unemployment insurance for the first time. Analysts are predicting that 512,000 new claims for unemployment will have been filed last week. 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 $993 billion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through March 31st.

Friday, November 13th:

Goods and Services Trade Balance Report for September - This report provides a measure of the size of the U.S. trade deficit. While the report affects the value of the U.S. dollar, it's usually is not a major influence on the mortgage market or mortgage interest rates.
Preliminary Reading of the University of Michigan's Index of Consumer Sentiment for November - This index measures consumer sentiment, which provides us with an indication of the consumer's willingness to spend. Because consumer spending makes up two-thirds of the U.S. economy, any related data is watched closely. The index is expected to show a reading of 71.0, up from the final reading of 70.6 for October. A rising sentiment means consumers are more optimistic about their own financial situations and are more likely to make large purchases in the near future. That could potentially drive prices of mortgage backed securities down and mortgage interest rates up.

How do Economic Data Releases Affect Mortgage Interest Rates?

One of the most important things for you to know when deciding when to lock in the interest rate on your mortgage is knowing what economic data is going to be released - and when - and how it may impact the mortgage market and mortgage interest rates.

While an in depth review of an economic event can help you make an informed decision, understanding the nuances of a release can't help you if you don't know when it's happening. Economic data releases are important because they provide a snapshot of what's happening in the economy. They also provide a foreshadowing of any upcoming market volatility. It's just as important to know when these data releases are happening as knowing what effect these releases can have on the mortgage market.

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:

Remember - as the prices of mortgage backed securities goes up, the yields come down - and mortgage interest rates come down with it. Conversely, as the prices of mortgage backed securities goes down, the yields go up - and so do mortgage interest rates.

Mortgage Interest Rate Outlook:

Home Value Update for Weymouth MA Through September 2009

Thu, 05 Nov 2009 20:53:51 -0600

Home Value Update for Weymouth MA Through September 2009

According to Zillow.com, the sale prices of single family homes have fallen 6.7% while sale prices of condos have increased 1.9% in the last 3 months through September 2009. The current mean sale price of homes for sale on the market in Weymouth, MA, is $248,700. Below is a chart of the trend of listing prices of homes for sale in Weymouth, MA, in the past year through September 2009:

Median Sale Price

More Weymouth Home Values

If you're looking for a home or condo to purchase in Weymouth, MA, or in the surrounding area, then try this home search.

Get a Free List of Websites of Government and Bank Foreclosure Listings in Weymouth, MA

Thu, 05 Nov 2009 20:48:44 -0600

Get a Free List of Websites of Government and Bank Foreclosure Listings in Weymouth, MA

There are a number of websites that contain free listings of government and bank foreclosed homes in Weymouth, MA. These websites contain descriptions, color photos, and addresses of the foreclosed homes for sale in Weymouth, MA. And, most of these websites have government and bank foreclosure listings nationwide.

There's no charge to search the foreclosure listings on any of these websites, and there's no 7-day free trial period either. Virtually all of these websites do not require any personal information to get access to the government and bank foreclosure listings. You can access these foreclosure listings anytime you want and as often as you want - free of charge!

Get your own directory of free websites of government and bank foreclosures in Weymouth, MA. While registration is required to get access to the directory of free websites of foreclosures, the information will be provided to you instantly, and is completely free-of-charge and without any obligation!

FHA, VA, and USDA Rural Development Loans in Weymouth, MA

Thu, 05 Nov 2009 20:47:01 -0600

FHA, VA, and USDA Rural Development Loans in Weymouth, MA

Are you looking for a home mortgage loan in the Weymouth, MA area?

Then you've come to the right place! Northeast Community Mortgage is a mortgage broker serving Weymouth, MA, and many of the surrounding areas.

When you decide to buy a home or refinance a mortgage in Weymouth, MA or in the surrounding area, your search for a home mortgage loan should start and end here. With so many lenders to choose from in the greater Weymouth area, you should choose one you can trust to find the mortgage loan that will best meet your needs.

As a mortgage broker, we help our clients obtain a loan from the lender who has the terms that best matches their needs. In terms of mortgage programs, we specialize in FHA, VA, and USDA Rural Development loans. We also offer fixed and adjustable rate conventional and conforming jumbo loans. So, before your first house-hunting trip, whether it's in Weymouth or in any of the surrounding areas, we'll help you select the best financing program for your needs.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Weymouth. Why? Because we know Weymouth and the surrounding areas. We know the local real estate agents, appraisers, inspectors, and so much more.

We also have state-of-the-art technology that makes the mortgage loan process as easy and fast as possible, all while delivering personal customer service that can't be beat. We'll also take care of all the details, and make your transaction as smooth and worry free as possible.

Our services and financial resources enable us to make loans other lenders do not. We pride ourselves on being a mortgage broker with experience. We are also well-respected within the wholesale loan community, as evidenced by our relationships with lenders such as Provident Funding, Wells Fargo, and Flagstar, to name a few.

Don't gamble your family's largest investment with a big name lender that may not know Weymouth. Choose us, the Weymouth mortgage and loan specialists!

Home mortgage loans in Weymouth:

We'll help you find the perfect home loan or mortgage.

Refinance mortgage loans, or refinancing your current home in Weymouth:

We help Weymouth families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

FHA Loans, VA Loans, USDA Rural Development Loans, and so much more!

No matter what type of home loan you need, we're ready to help.

We'll give you the personal attention you deserve and treat you as a valued customer. Get the best available mortgage interest rates for your situation in Weymouth, MA!

The House Passes the Homebuyer Tax Credit Extension

Thu, 05 Nov 2009 15:24:26 -0600

The House Passes the Homebuyer Tax Credit Extension

The House voted 403 to 12 Thursday afternoon to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.

The legislation will also expand the tax credit to include home buyers who are buying their second or subsequent home. The tax credit for existing or past homeowners will apply only to those who have owned and lived in their primary home for at least five of the last eight years. The tax credit for these homebuyers will be capped at $6,500.

Income limits will be increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples. Diminishing tax credits will be available for those who earn more.

The Senate has already voted on and passed the measure Wednesday evening. It's expected the president will sign the measure into law Friday morning.

The Mortgage Interest Rate Lock Advisory for Weymouth MA for November 5, 2009

Thu, 05 Nov 2009 10:31:33 -0600

The Mortgage Interest Rate Lock Advisory for Weymouth MA for November 5, 2009

Here are some of the events affecting mortgage interest rates today in Weymouth, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.88 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 100.94 - up 2/32 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 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:

3rd Quarter Productivity Reading - there was a 9.5% increase in productivity in the 3^rd quarter, up from 6.6% increase in the previous quarter, and is much stronger than expected. Analysts expected to see a 6.3% increase. There was a 5.2% decline in labor costs, much more than the 3.9% decline that was expected, and follows a 5.9% decline in the previous quarter. Productivity measures the growth of labor efficiency in producing non-farm goods and services. Unit labor costs reflect the labor costs of producing each unit of output. A larger increase in productivity without an increase in labor costs is considered good news for the mortgage market because higher levels of productivity without an increase in labor costs allows the economy to expand without concerns of inflation. However, this date appears to have had no impact on mortgage interest rates this morning.
Jobless Claims - the Labor Dept. reported that 512,000 new claims for unemployment were filed last week, down 18,000 from the previous week, and the lowest since January of this year. Analysts predicted that 523,000 new claims would have been filed.

The four-week average fell by 3,000 to 523,750, and continuing claims fell by 68,000 to 5.886 million. However, continuing claims fell largely due 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 $977 billion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through March 31st.

In other news, the Federal Open Market Committee (FOMC) adjourned yesterday with no change in the short-term interest rate (or federal funds rate). The Fed stated that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."

The Treasury Dept. announced that $40 billion in 3-Year Notes, $25 billion 10-Year Notes, and $16 billion in 30-Year Bonds will be auctioned next week.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Overall, the single most important day this week will be Friday with the release of the Employment Situation Report. Activity in the stock markets will continue to be volatile which in will have an impact on trading of mortgage backed securities. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional.

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.

Get today's mortgage interest rates for your situation in Weymouth, MA.

The Senate Passes the Homebuyer Tax Credit Extension

Thu, 05 Nov 2009 07:15:17 -0600

The Senate Passes the Homebuyer Tax Credit Extension

The Senate voted 98 to 0 Wednesday night to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.

It's important to note that the revised and expanded homebuyer tax credit is not yet available. The House still has to vote on and pass the measure, and the president will have to sign the legislation before it is enacted. The House is expected to vote on the bill before the end of this week.

Home Value Update for Lebanon NH Through September 2009

Wed, 04 Nov 2009 13:42:20 -0600

Home Value Update for Lebanon NH Through September 2009

According to Zillow.com, the listing prices of single family homes have fallen 9.4% in the last 3 months through September 2009. The current mean listing price of homes for sale on the market in Lebanon, NH, is $225,600. Below is a chart of the trend of listing prices of homes for sale in Lebanon, NH, in the past year through September 2009:

Median List Price

More Lebanon Home Values

If you're looking for a home or condo to purchase in Lebanon, NH, or in the surrounding area, then try this home search.

Get a Free List of Websites of Government and Bank Foreclosure Listings in Lebanon, NH

Wed, 04 Nov 2009 13:39:59 -0600

Get a Free List of Websites of Government and Bank Foreclosure Listings in Lebanon, NH

There are a number of websites that contain free listings of government and bank foreclosed homes in Lebanon, NH. These websites contain descriptions, color photos, and addresses of the foreclosed homes for sale in Lebanon, NH. And, most of these websites have government and bank foreclosure listings nationwide.

Get your own directory of free websites of government and bank foreclosures in Lebanon, NH. While registration is required to get access to the directory of free websites of foreclosures, the information will be provided to you instantly, and is completely free-of-charge and without any obligation!

FHA, VA, and USDA Rural Development Loans in Lebanon, NH

Wed, 04 Nov 2009 13:38:49 -0600

FHA, VA, and USDA Rural Development Loans in Lebanon, NH

Are you looking for a home mortgage loan in the Lebanon, NH area?

Then you've come to the right place! Northeast Community Mortgage is a mortgage broker serving Lebanon, NH, and many of the surrounding areas.

When you decide to buy a home or refinance a mortgage in Lebanon, NH or in the surrounding area, your search for a home mortgage loan should start and end here. With so many lenders to choose from in the greater Lebanon area, you should choose one you can trust to find the mortgage loan that will best meet your needs.

As a mortgage broker, we help our clients obtain a loan from the lender who has the terms that best matches their needs. In terms of mortgage programs, we specialize in FHA, VA, and USDA Rural Development loans. We also offer fixed and adjustable rate conventional and conforming jumbo loans. So, before your first house-hunting trip, whether it's in Lebanon or in any of the surrounding areas, we'll help you select the best financing program for your needs.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Lebanon. Why? Because we know Lebanon and the surrounding areas. We know the local real estate agents, appraisers, inspectors, and so much more.

Don't gamble your family's largest investment with a big name lender that may not know Lebanon. Choose us, the Lebanon mortgage and loan specialists!

Home mortgage loans in Lebanon:

We'll help you find the perfect home loan or mortgage.

Refinance mortgage loans, or refinancing your current home in Lebanon:

We help Lebanon families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

FHA Loans, VA Loans, USDA Rural Development Loans, and so much more!

No matter what type of home loan you need, we're ready to help.

We'll give you the personal attention you deserve and treat you as a valued customer. Get the best available mortgage interest rates for your situation in Lebanon, NH!

The Mortgage Interest Rate Lock Advisory for Lebanon NH for November 4, 2009

Wed, 04 Nov 2009 10:00:36 -0600

The Mortgage Interest Rate Lock Advisory for Lebanon NH for November 4, 2009

Here are some of the events affecting mortgage interest rates today in Lebanon, NH.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.66 this morning - down 6/32 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 100.84 - up 5/32 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 initially be 0.125% - 0.375% worse 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.

In other news, the Federal Open Market Committee (FOMC) will adjourn early this afternoon. The FOMC is the policy-making arm of the Federal Reserve, and determines what the short-term interest rate (or federal funds rate) should be. The Fed announces whether it will change the fed funds target rate at the end of each FOMC meeting.

It's expected the Feds will leave interest rates unchanged. However, traders will be looking at the post-meeting statement for any indication of when the Fed may make a move. The meeting will adjourn at 2:15 PM ET today, so look for any market reaction to the statement to come during afternoon hours.

There is an expectation that the Fed may alter its policy statement to take away any perception that the Fed will keep interest rates low for a "considerable" period by removing the word "considerable." That will allow the Fed to have more flexibility in determining short-term interest rates the future. That could have a negative impact on the mortgage market and may lead to higher mortgage interest rates.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Overall, the single most important day this week will be Friday with the release of the Employment Situation Report. In addition to the FOMC press release this afternoon, I believe activity in the stock markets will be volatile which in will have an impact on trading of mortgage backed securities. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional.

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.

Get today's mortgage interest rates for your situation in Lebanon, NH.

Home Value Update for Saco ME Through September 2009

Tue, 03 Nov 2009 12:40:07 -0600

Home Value Update for Saco ME Through September 2009

According to Zillow.com, the listing prices of single family homes and condos have remained fairly flat in the last 3 months through September 2009. The current mean listing price of homes for sale on the market in Saco, ME, is $259,000. Below is a chart of the trend of listing prices of homes for sale in Saco, ME, in the past year through September 2009:

Median List Price

More Saco Home Values

If you're looking for a home or condo to purchase in Saco, ME, or in the surrounding area, then try this home search.

Get a Free List of Websites of Government and Bank Foreclosure Listings in Saco, ME

Tue, 03 Nov 2009 12:31:56 -0600

Get a Free List of Websites of Government and Bank Foreclosure Listings in Saco, ME

There are a number of websites that contain free listings of government and bank foreclosed homes in Saco, ME. These websites contain descriptions, color photos, and addresses of the foreclosed homes for sale in Saco, ME. And, most of these websites have government and bank foreclosure listings nationwide.

Get your own directory of free websites of government and bank foreclosures in Saco, ME. While registration is required to get access to the directory of free websites of foreclosures, the information will be provided to you instantly, and is completely free-of-charge and without any obligation!

FHA, VA, and USDA Rural Development Loans in Saco, ME

Tue, 03 Nov 2009 12:30:45 -0600

FHA, VA, and USDA Rural Development Loans in Saco, ME

Are you looking for a home mortgage loan in the Saco, ME area?

Then you've come to the right place! Northeast Community Mortgage is a mortgage broker serving Saco, ME, and many of the surrounding areas.

When you decide to buy a home or refinance a mortgage in Saco, ME or in the surrounding area, your search for a home mortgage loan should start and end here. With so many lenders to choose from in the greater Saco area, you should choose one you can trust to find the mortgage loan that will best meet your needs.

As a mortgage broker, we help our clients obtain a loan from the lender who has the terms that best matches their needs. In terms of mortgage programs, we specialize in FHA, VA, and USDA Rural Development loans. We also offer fixed and adjustable rate conventional and conforming jumbo loans. So, before your first house-hunting trip, whether it's in Saco or in any of the surrounding areas, we'll help you select the best financing program for your needs.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Saco. Why? Because we know Saco and the surrounding areas. We know the local real estate agents, appraisers, inspectors, and so much more.

Don't gamble your family's largest investment with a big name lender that may not know Saco. Choose us, the Saco mortgage and loan specialists!

Home mortgage loans in Saco:

We'll help you find the perfect home loan or mortgage.

Refinance mortgage loans, or refinancing your current home in Saco:

We help Saco families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

FHA Loans, VA Loans, USDA Rural Development Loans, and so much more!

No matter what type of home loan you need, we're ready to help.

We'll give you the personal attention you deserve and treat you as a valued customer. Get the best available mortgage interest rates for your situation in Saco, ME!

The Mortgage Interest Rate Lock Advisory for Saco ME for November 3, 2009

Tue, 03 Nov 2009 12:22:41 -0600

The Mortgage Interest Rate Lock Advisory for Saco ME for November 3, 2009

Here are some of the events affecting mortgage interest rates today in Saco, ME.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.97 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 100.81 - down 6/32 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 0.125% - 0.25% worse 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:

Factory Orders Report for September - the report revealed a 0.9% increase in new orders. Analysts expected a 1.0% increase. This follows a 0.8% decline in August. This report is similar to the Durable Goods Orders released last week, except it includes orders for both durable and non-durable goods. This report has little or no impact on mortgage interest rates this morning.

In other news, the Federal Open Market Committee (FOMC) begins its two day meeting today. The FOMC is the policy-making arm of the Federal Reserve, and determines what the short-term interest rate (or federal funds rate) should be. The Fed announces whether it will change the fed funds target rate at the end of each FOMC meeting.

It's expected the Feds will leave interest rates unchanged. However, traders will be looking at the post-meeting statement for any indication of when the Fed may make a move. The meeting will adjourn at 2:15 PM ET tomorrow, so look for any market reaction to the statement to come during afternoon hours.

There is an expectation that the Fed may alter its policy statement to take away any perception that the Fed will keep interest rates low for a "considerable" period by removing the word "considerable." That will allow the Fed to have more flexibility in determining short-term interest rates the future. That could have a negative impact on the mortgage market and may lead to higher mortgage interest rates.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Overall, the single most important day is Friday with the release of the Employment Situation Report. In addition to the economic reports and the FOMC meeting, I believe activity in the stock markets will be volatile which in will have an impact on trading of mortgage backed securities. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional.

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.

Get today's mortgage interest rates for your situation in Saco, ME.

Home Value Update for Lexington MA Through August 2009

Tue, 03 Nov 2009 04:55:21 -0600

Home Value Update for Lexington MA Through September 2009

According to Zillow.com, the sale prices of single family homes have fallen 4.3% in the last 3 months to August. The current mean listing price of homes for sale on the market in Lexington, MA, is $610,000. Below is a chart of the trend of prices of homes that sold in Lexington, MA, in the past year through August 2009:

Median Sale Price

More Lexington Home Values

If you're looking for a home or condo to purchase in Lexington, MA, or in the surrounding area, then try this home search.

Get a Free List of Websites of Government and Bank Foreclosure Listings in Lexington, MA

Tue, 03 Nov 2009 04:44:32 -0600

Get a Free List of Websites of Government and Bank Foreclosure Listings in Lexington, MA

There are a number of websites that contain free listings of government and bank foreclosed homes in Lexington, MA. These websites contain descriptions, color photos, and addresses of the foreclosed homes for sale in Lexington, MA. And, most of these websites have government and bank foreclosure listings nationwide.

Get your own directory of free websites of government and bank foreclosures in Lexington, MA. While registration is required to get access to the directory of free websites of foreclosures, the information will be provided to you instantly, and is completely free-of-charge and without any obligation!

FHA, VA, and USDA Rural Development Loans in Lexington, MA

Tue, 03 Nov 2009 04:43:21 -0600

FHA, VA, and USDA Rural Development Loans in Lexington, MA

Are you looking for a home mortgage loan in the Lexington, MA area?

Then you've come to the right place! Northeast Community Mortgage is a mortgage broker serving Lexington, MA, and many of the surrounding areas.

When you decide to buy a home or refinance a mortgage in Lexington, MA or in the surrounding area, your search for a home mortgage loan should start and end here. With so many lenders to choose from in the greater Lexington area, you should choose one you can trust to find the mortgage loan that will best meet your needs.

As a mortgage broker, we help our clients obtain a loan from the lender who has the terms that best matches their needs. In terms of mortgage programs, we specialize in FHA, VA, and USDA Rural Development loans. We also offer fixed and adjustable rate conventional and conforming jumbo loans. So, before your first house-hunting trip, whether it's in Lexington or in any of the surrounding areas, we'll help you select the best financing program for your needs.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Lexington. Why? Because we know Lexington and the surrounding areas. We know the local real estate agents, appraisers, inspectors, and so much more.

Don't gamble your family's largest investment with a big name lender that may not know Lexington. Choose us, the Lexington mortgage and loan specialists!

Home mortgage loans in Lexington:

We'll help you find the perfect home loan or mortgage.

Refinance mortgage loans, or refinancing your current home in Lexington:

We help Lexington families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

FHA Loans, VA Loans, USDA Rural Development Loans, and so much more!

No matter what type of home loan you need, we're ready to help.

We'll give you the personal attention you deserve and treat you as a valued customer. Get the best available mortgage interest rates for your situation in Lexington, MA!

The Mortgage Interest Rate Lock Advisory for Lexington MA for November 2, 2009

Mon, 02 Nov 2009 12:34:14 -0600

The Mortgage Interest Rate Lock Advisory for Lexington MA for November 2, 2009

Here are some of the events affecting mortgage interest rates today in Lexington, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.09 this morning - down 3/32 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 101.06 - down 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 Friday.

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:

Institute for Supply Management for October - the index increased more than 3 points from 52.6 in September to 55.7 for October. Analysts were expecting a reading of 53.0. This index measures manufacturer sentiment, on employment, production, new orders, supplier deliveries, and inventories. A reading above 50.0 indicates an expanding factory sector. This indicates that more manufacturers are reporting they are expanding rather than contracting. However, this report had no impact on the mortgage market or mortgage interest rates this morning.

In other news, construction spending jumped 0.8% in September, much more than the 0.2% decline that was expected, and follows a 0.8% increase in August. The spending increase was led by a 3.8% surge in private residential outlays. However, private nonresidential spending fell 1.8%.

The pending home sales index rose 6.1% in September to its highest level in almost three years. According to the National Association of Realtors (NAR), "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8."

According to Lawrence Yun, the chief economist at NAR, the momentum is understandable. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," he said. "Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."

What's Happening With Mortgage Interest Rates Today:

Low to moderate volatility. Overall, this week's economic reports and the FOMC meeting will cause volatility to the stock markets which in will have an impact on trading of mortgage backed securities. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional.

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.

Get the best available mortgage interest rates for your situation in Lexington, MA!

The Mortgage Market Watch for the Week of November 2, 2009

Mon, 02 Nov 2009 06:41:43 -0600

The Mortgage Market Watch for the Week of November 2, 2009

Events Affecting the Mortgage Market This Week:

The Federal Open Market Committee (FOMC) meets for two days that begins on Tuesday and adjourns early Wednesday afternoon. The FOMC is the policy-making arm of the Federal Reserve, and determines what the short-term interest rate (or federal funds rate) should be. The Fed announces whether it will change the fed funds target rate at the end of each FOMC meeting.

It's expected the Feds will leave interest rates unchanged. However, traders will be looking at the post-meeting statement for any indication of when the Fed may make a move. The meeting will adjourn at 2:15 PM ET Wednesday, so look for any market reaction to the statement to come during afternoon hours.

There is an expectation that the Fed may alter its policy statement to take away any perception that the Fed will keep interest rates low for a "considerable" period by removing the word "considerable." That will allow the Fed to have more flexibility in determining short-term interest rates the future. That could have a negative impact on the mortgage market and may lead to higher mortgage interest rates.

Economic Reports to be Released This Week:

There are four economic reports scheduled for release this week. In addition, the Federal Open Market Committee (FOMC) will be meeting this week.

Monday, November 2nd:

Institute for Supply Management - this index measures manufacturer sentiment, on employment, production, new orders, supplier deliveries, and inventories. A reading above 50.0 indicates an expanding factory sector. The ISM index is expected show a reading of 53.0. This indicates that more manufacturers are reporting they are expanding rather than contracting. A smaller than expected reading most likely will lead to lower mortgage interest rates.

Tuesday, November 3rd:

Factory Orders Report for September - this report is similar to the Durable Goods Orders released last week, except it includes orders for both durable and non-durable goods. It is expected to show 1.0% increase in new. A smaller than expected reading most likely will lead to lower mortgage interest rates while a larger than expected reading could lead to higher mortgage interest rates.

Wednesday, November 4th:

There are no economic reports scheduled for release today.

Thursday, November 5th:

3rd Quarter Productivity Reading - productivity measures the growth of labor efficiency in producing non-farm goods and services. Unit labor costs reflect the labor costs of producing each unit of output. The productivity index is expected to show a 6.3% increase while unit labor costs is expected to show a 3.9% decline. A larger increase in productivity without an increase in labor costs would be good news for the mortgage market because higher levels of productivity without an increase in labor costs allows the economy to expand without concerns of inflation.
Jobless Claims - New claims for unemployment are tabulated each week to show the number of individuals who filed for unemployment insurance for the first time. Analysts are predicting that 523,000 new claims for unemployment will have been filed last week. 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 $977 billion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through March 31st.

Friday, November 6th:

Employment Situation Report - posted by the Labor Department, this report provides the unemployment rate, the number of jobs added or lost during the month, and average hourly earnings. While job losses are expected to be less than in the past year, analysts are expecting to see a loss of approximately 175,000 jobs, a 0.1% rise in unemployment rate to 9.9%, and a 0.1% increase in average hourly earnings. Weaker than expected readings would be good news for the mortgage market and lower mortgage interest rates.

How do Economic Data Releases Affect Mortgage Interest Rates?

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:

Mortgage Interest Rate Outlook:

Home Value Update for Salem NH Through September 2009

Sun, 01 Nov 2009 15:35:40 -0600

Home Value Update for Salem NH Through September 2009

According to Zillow.com, the listing prices of single family homes have increased 5.0% in the last 3 months, while listing prices of condos have declined 0.2%. The current mean listing price of homes for sale on the market in Salem, NH, is $280,000. Below is a chart of the trend of listing prices of homes for sale in Salem, NH, in the past year through September 2009:

Median List Price

More Salem Home Values

If you're looking for a home or condo to purchase in Salem, NH, or in the surrounding area, then try this home search.

Home Value Update for Biddeford ME Through September 2009

Sun, 01 Nov 2009 15:16:04 -0600

Home Value Update for Biddeford ME Through September 2009

According to Zillow.com, the listing prices of single family homes have increased 1.9% in the last 3 months. The current mean listing price of homes for sale on the market in Biddeford, ME, is $275,000. Below is a chart of the trend of listing prices of homes for sale in Biddeford, ME, in the past year through September 2009:

Median List Price

More Biddeford Home Values

If you're looking for a home or condo to purchase in Biddeford, ME, or in the surrounding area, then try this home search.

Home Value Update for Quincy MA Through September 2009

Sun, 01 Nov 2009 15:06:17 -0600

Home Value Update for Quincy MA Through September 2009

According to Zillow.com, the listing prices of single family homes have increased 0.3% in the last 3 months, while listing prices of condos have fallen 3.8%. The current mean listing price of homes for sale on the market in Quincy, MA, is $325,000. Below is a chart of the trend of listing prices of homes for sale in Quincy, MA, in the past year through September 2009:

Median List Price

More Quincy Home Values

If you're looking for a home or condo to purchase in Quincy, MA, or in the surrounding area, then try this home search.