In its official announcement, Fannie Mae says the updates will minimize long-term lending concerns. If that's the case, this won't be the last guideline change Fannie Mae makes -- especially with loans defaulting at an above-normal clip.
The Initial changes are major. The first pertains to credit ratings.
Effective December 13, 2009, the mass of Fannie Mae's loans require a 620 credit score minimum. There are some exceptions.
A second relates to loans with private mortgage insurance. … (3 comments)
mortgage rates: Falling Unemployment Rate Leads To Higher Mortgage Rates
- 12/08/09 05:05 AM
This morning's jobs report is causing mortgage rates to rise, capping a week during which rates have already jumped 3/8 percent off all-time lows. The government's November Non-Farm Payrolls report reinforced the notion that the recession is nearly over, if not over already. Just 11,000 jobs were lost last month -- much fewer than analysts had expected -- as the Unemployment Rate fell to 10.0%. If it seems strange to be talking economic recovery while Americans are still losing jobs -- 7.2 million since 2008 -- remember that data always needs context. See, analysts view employment figures as a lagging indicator for the economy. This is because business … (1 comments)
mortgage rates: How To Increase Your 2009 Mortgage Interest Tax Deduction
- 12/08/09 05:02 AM
For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid. Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year. By paying in 2009, the mortgage interest paid can be applied against 2009's itemized tax deductions even though the payment isn't technically due until 2010. It can reduce your tax burden come Thursday, April 15, 2010. And lest you think you're paying the mortgage "in advance", remember that mortgage interest is paid in arrears; a payment due January 1 accounts for interest that … (0 comments)
mortgage rates: Falling Unemployment Rate Leads To Higher Mortgage Rates Today
- 12/04/09 02:05 AM
This morning's jobs report is causing mortgage rates to rise, cappinga week during which rates have already jumped 3/8 percent off all-time lows. The government's November Non-Farm Payrolls report reinforced the notion that the recession is nearly over, if not over already. Just 11,000 jobs were lost last month -- much fewer than analysts had expected -- as the Unemployment Rate fell to 10.0%. If it seems strange to be talking economic recovery while Americans are still losing jobs -- 7.2 million since 2008 -- remember that data always needs context. See, analysts view employment figures as a lagging indicator for the economy. This is because business owners tend … (2 comments)
mortgage rates: What's Ahead For Mortgage Rates This Week : November 23, 2009
- 11/23/09 02:01 AM
Mortgage markets worsened last week on a mixed bag of economic data. Inflation data came in soft, but so did the start of the holiday shopping season. For the first time in a month, mortgage rates worsened last week, adding roughly 0.125 percent on conforming fixed-rate products, and a little bit more on ARMs. Despite rates worsening, there was still some good news for home buyers and would-be refinancers. Mortgage rate volatility was markedly lower than in recent weeks. You could shop for mortgage rate last week and actually take your time about it. This is in stark contrast to the last month … (0 comments)
mortgage rates: Should You Consider A 15-Year Fixed Mortgage?
- 11/20/09 02:46 AM
For today's home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products. The 15-year/30-year interest rate spread is near its 5-year high. Despite lower rates, however, homeowners opting for a 15-year fixed mortgage should be prepared for its higher monthly payments. This is because the principal balance of a 15-year fixed is repaid in half the years as with a standard, 30-year amortizing product. As compared to 30-year terms, 15-year products repay 3 times as much principal each month. Versus a 30-year, 15-year fixed mortgages have a few downsides … (4 comments)
mortgage rates: Banks are they the Wicked Servant
- 11/17/09 04:01 AM
Matthew Chap 18 24 And when he had begun to reckon, one was brought unto him, which owed him ten thousand talents. 25 But forasmuch as he had not to pay, his lord commanded him to be sold, and his wife, and children, and all that he had, and payment to be made. 26 The servant therefore fell down, and worshipped him, saying, Lord, have patience with me, and I will pay thee all. 27 Then the lord of that servant was moved with compassion, and loosed him, and forgave him the debt. 28 But the same servant went out, … (0 comments)
mortgage rates: What's Ahead For Mortgage Rates This Week : November 16, 2009
- 11/16/09 05:38 AM
Mortgage markets improved last week as foreign buyers of mortgage debt helped to push mortgage rates to a 4-week low. It marked the 3rd consecutive week that rates improved, breathing extra life into this year's ongoing Refi Boom. Fixed-rate, conforming mortgage rates fell about 0.125 percent on the week. ARMs did about the same. There wasn't much data to move mortgage rates last week; investors worked mostly on momentum and trends. However, the Friday University of Michigan Consumer Sentiment survey release garnered some attention. After worsening in August and September, consumer sentiment fell for the third straight month in October. Analysts … (2 comments)
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