Shopping multiple lenders for a "good mortgage rate" can sometimes save you 1/8 percent on your rate and/or a few hundred dollars in fees. However, when it comes to getting the best mortgage rate, you're going to more than good research skills. You're going to need some luck. Mortgage rates for p
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05/21/2010
Mortgage markets improved to their best levels of 2010 last week, aided by events half a world away and ongoing safe haven buying. Greece's debt problems continue to help mortgage rate shoppers in Minneapolis and around the country. Conventional mortgage rates dropped last week, ARMs falling mor
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05/21/2010
The Federal Reserve says that financial markets "remain supportive of economic growth". Residential mortgage guidelines, however, continue to tighten. If you've applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard
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05/06/2010
The Pending Home Sales Index moved higher in March as home sales were spurred by low mortgage rates and an expiring tax credit. A "pending home" is a property that is under contract to sell, but not yet closed. March marks the second straight month in which the Pending Home Sales Index improved a
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05/06/2010
For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages. Fannie Mae made its offic
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05/06/2010
Mortgage markets improved last week on tame inflation data, a benign statement from the Federal Reserve, and ongoing credit problems in Greece. The factors combined to drop conforming mortgage rates in Plymouth to their lowest levels in 6 weeks. It's an unexpected development considering that mor
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05/03/2010
Earlier this week, Standard & Poors released its February Case-Shiller Index, a home price tracker for select metropolitan areas. Overwhelmingly, home values fell in the 20 markets tracked by the Case-Shiller. Only San Diego showed a modest increase. The other 19 markets averaged a 1.23 percent
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05/03/2010
The Federal Reserve adjourns from a scheduled, 2-day meeting today. It's one of 8 scheduled Fed meetings for 2010. Upon adjournment, Fed Chairman Ben Bernanke & Co. will release a formal statement to the market. In it, the Fed is expected to announce "no change" in the Fed Funds Rate. The Fed Fun
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05/03/2010
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its current target range of 0.000-0.250 percent. In its press release, the FOMC noted that, since March, the U.S. economy "has continued to strengthen" and that the jobs markets "is beginning to
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05/03/2010
The sales of newly-built homes soared in March. Even more than what was expected. But the news may not be as glowing as what the media is telling us. Take a look at the headlines from last Friday: Sales of new homes rocketed up 27 percent in March. (WaPo) New-home sales rise fastest in 47 years.
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05/03/2010
