mortgage rates: Top 10 Real Estate Market Myths Debunked
- 11/13/08 02:55 AM
Many people are wary of today's housing market due to high foreclosure rates, plummeting home prices and the mortgage crisis. Lawrence Yun, chief economist of the National Association of Realtors says that things are not as gloomy as they seem. The following demonstrates the top ten misconceptions in our real estate market. Peak-to-trough home prices declines to date have been about twenty percent. WRONG: The Case-Shiller Index that indicates home prices are down twenty percent is heavily representing homes with subprime loans and other distressed home sales. Home price declines can be skewed depending on which market is being measured. … (1 comments)
mortgage rates: Mortgage Rates Ease
- 10/16/08 11:08 AM
Freddie Mac's Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 6.52% for the week ending July 31, 2008, which is down from the prior week when it averaged 6.63%. Last year's FRM at this time of year averaged 6.68%. The 15-year FRM averaged 6.07%, down last weeks' 6.18% average, and it averaged 6.32% a year ago. Freddie Mac vice president and chief economist Frank Nothaft states, "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures. For instance, the Department of Energy reported that gasoline prices were … (0 comments)
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