bring the blog: Mortgage Rates Are Falling But Loans Require More "Points" - 01/16/09 09:39 AM
Another week, another screaming headline about mortgage rates falling to an all-time low.
Freddie Mac published its weekly mortgage rate survey Thursday and found that the "average" mortgage rate is now 4.96 percent, the lowest since the survey started in 1971.
But, if we look beyond the headline, we find that there's … (0 comments)
bring the blog: When Is A 5.000 Percent Mortgage Rate Really 3.600 Percent? - 01/14/09 10:37 AM
An oft-touted benefit of homeownership is its tax benefits. However, like most IRS-related items, understanding how the benefits work is not always clear.
In general, homeowners are entitled to two home-related tax deductions -- one for annual mortgage interest paid, and one for real estate tax bills paid.
Not everyone … (1 comments)
bring the blog: Half The Story : The National Housing Inventory Fell In December - 01/13/09 10:38 AM
Home prices are largely based on Supply and Demand.
If demand outweighs supply, home prices rise
If supply outweighs demand, home prices fall
It's good news for home sellers, therefore, that "used" homes for sale fell 6 percent nationally last month. Less supply often means higher prices.
Of the 29 metropolitan … (0 comments)
bring the blog: Mortgage Markets In Review : January 12, 2008 - 01/12/09 09:18 AM
In 2009's first full week of trading, mortgage bond markets traded back-and-forth, eventually closing the week improved overall.
Weekly mortgage rates fell for the first time since mid-December.
The most anticipated news of last week was Friday's jobs report. According to government's press release, the economy shed another 524,000 jobs in … (0 comments)
bring the blog: It's Semi-Official : New Conforming Mortgage Fees Go Into Effect Monday - 01/09/09 10:02 AM
Even though its effective date is April 1, 2009, mortgage applicants should start seeing Fannie Mae's new fee structure from lenders beginning this Monday, January 12.
The reason why Fannie Mae's mandatory loan fees are hitting lender pricing so far in advance is because lenders can take up to 30 days to package … (2 comments)
bring the blog: New Fannie Mae Loan Fees Target Condo Buyers, Among Others - 01/08/09 09:18 AM
When conforming mortgages started defaulting en masse in late-2007, mortgage guarantor Fannie Mae created a loss-offsetting, fee-generating scheme dubbed "loan-level pricing adjustments".
The concept was basic: For mortgage applicants with high-risk profiles, collect up-front payments to offset potential long-term losses.
Similar to the auto insurance model in which younger drivers pay … (2 comments)
bring the blog: Sure, Mortgage Rates Are Lower, But Mandatory Fees Are Not - 01/07/09 02:48 PM
With respect to mortgage rates, you can't always believe what you read in the papers. Or what you see.
A terrific example is the chart at right.
Published by Freddie Mac, it shows the 30-year fixed mortgage's "going rate" as reported by the nation's mortgage lenders. On December 30, 2008, that rate … (0 comments)
The calls on housing and mortgage rates run the gamut:
Home prices have farther to fall
Home prices have touched bottom
Mortgage rates will dip
Mortgage rates will … (0 comments)
bring the blog: Mortgage Markets In Review : January 5, 2008 - 01/05/09 10:35 AM
Like the rest of the country, mortgage markets were on semi-vacation last week. The low trading volume led to wild rate swings.
After beginning the week vastly improved, and capped by a terrible late-Friday run, mortgage rates ended the week unchanged for the second week in a row.
This week, though, … (0 comments)
bring the blog: The Fed's Parting Present For 2008 : Low Mortgage Rates - 12/31/08 09:52 AM
For its last move in an action-filled year, the Federal Reserve announced it will begin buying its pledged $500 billion in mortgage-backed securities next month.
For home buyers and mortgage rate shoppers, the timing couldn't be better.
Because December 31 is one of Wall Street's most thinly-traded days of the year, … (1 comments)
bring the blog: A Great Combination : Too Many Homes For Sale And Low Mortgage Rates - 12/24/08 09:50 AM
For the first time in over a year, the sales of "used homes" fell below the 5-million unit trendline, helping to push the total home inventory higher by 0.1 percent nationwide.
Based on the rate at which homes are selling nationwide, it would take 11.2 months for the existing housing supply … (2 comments)
bring the blog: STOP! Before You Open That Store Charge Card To Save 15 Percent... - 12/19/08 09:47 AM
During the holiday season, retailers bombard shoppers with at-the-register offers to "open a charge card and save 15%".
It's an immediate money-saver, but for Americans in the market for a new home loan, taking advantage of the in-store savings could be a long-term loser.
This is because new credit card applications are damaging to credit … (5 comments)
bring the blog: You'll Get The Best Mortgage Rates If You Watch Certain Patterns - 12/18/08 09:47 AM
When it comes to mortgage rates, sometimes it's better to "act now".
On Tuesday, mortgage rates fell to their lowest levels in 4 years. It happened because the Fed said it would "employ all available tools" to resuscitate the economy.
On Wednesday, however, the markets had second thoughts.
After considering the … (1 comments)
bring the blog: Conforming Fixed Rate Mortgages Are Now Priced Better Than Comparable ARMs - 12/11/08 10:15 AM
It's the age-old question for home buyers in need of a mortgage:
Which is better: Fixed or ARM?
Historically, the answer has hinged on a homebuyer's desire to meet one of two mutually-exclusive mortgage financing goals:
Get low mortgage payments for better cash flow
Get long-term payment stability for better budget … (1 comments)
bring the blog: What It Means When More Than Half Of The Delinquent Homeowners Go Delinquent Again - 12/09/08 10:05 AM
Earlier this year and under pressure from the government, mortgage lenders made more than 200,000 loan modifications to delinquent homeowners.
The modifications came in one of three forms, or a combination:
Interest rate reduction
Loan term extension
Principal forgiveness
But despite the modifications, as of October 1, more than half of … (1 comments)
bring the blog: How 78 Consecutive Days Of Falling Gas Prices Helps Sell Real Estate - 12/03/08 09:29 AM
For the 78th consecutive day, gas prices fell nationwide yesterday. At $1.81 per gallon, the average price at the pump is less than half what it was at its peak in July.
And although gas prices vary by locale, the cost of a fill-up is worthy of national news.
The main … (6 comments)
bring the blog: You Locked In A Low Mortgage Rate -- Now You've Got To Close On It - 12/02/08 03:04 PM
You Locked In A Low Mortgage Rate -- Now You've Got To Close On It
Each Wednesday, the Mortgage Bankers Association releases its Weekly Applications Survey, a detailed look at new mortgage applications submitted over the previous 7 days.
This week's report will reveal what most of us already know -- … (0 comments)
bring the blog: "Franksgiving" And Other Black Friday Facts - 12/01/08 08:38 AM
The day after Thanksgiving is a busy shopping day nationwide and, this year, analysts are paying extra attention to sales figures.
Dubbed "Black Friday" in reference to red ink representing loss and black ink representing gain, today's start to the Holiday Shopping season is believed to be the day that retailer balance … (1 comments)
bring the blog: Deflation And What It Means To Americans - 11/21/08 09:58 AM
Business television and newspapers have made deflation a hot topic this week and, since Monday, Google has tracked 13,000 mentions of it.
Deflation is a recurring cycle in which the prices of goods and services fall. Isolated to one industry or sector, falling prices is the natural result of competition.
For example, … (1 comments)
bring the blog: Looking Back And Looking Ahead : November 17, 2008 - 11/17/08 09:11 AM
In another week of up-and-down trading, mortgage rates ended the week slightly higher last week.
Ping-pong action like this has defined mortgage markets lately. It's increasingly common for rates to soar one day, and then come crashing down the next.
In response to market volatility, mortgage lenders issued as many as … (1 comments)
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Another week, another screaming headline about mortgage rates falling to an all-time low.
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