mortgage rates: What’s Ahead For Mortgage Rates This Week : August 1, 2011
- 08/01/11 03:20 PM
<!-- .entry-meta --> Mortgage markets improved last week as the U.S. debt ceiling debate continued on Capitol Hill. Bonds traded in a range Monday through Thursday before breaking higher Friday morning. 30-year fixed conforming mortgage rates improved in Georgia last week, falling to levels just north the product’s all-time low set in November 2010. 5-year ARMs improved last week, too. The benchmark adjustable-rate mortgage’s average national rate is now tied with its all-time low, also set last November. This week, the direction of mortgage rates depends on two events: The resolution of the U.S. debt ceiling debate, due Tuesday The July Non-Farm Payrolls … (1 comments)
mortgage rates: Pending Home Sales Rise For 3rd Straight Month
- 07/31/11 05:19 AM
Buyers are writing contracts at a furious pace nationwide. On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month to reach its highest level since March. A “pending home sale” is a home under contract to sell, but not yet closed. The forward-looking Pending Home Sales Index is up 11 percent from its low of the year, according to the National Association of REALTORS®, and well ahead of its rolling 6-month average. Unfortunately, national data isn’t always helpful for buyers and sellers in Cary and nationwide. To help make data more relevant, therefore, the official Pending Home Sales … (1 comments)
mortgage rates: New Home Supplies Keep Shrinking; Prices Pressured Higher
- 07/27/11 03:10 AM
<!-- .entry-meta --> Home builders are slowly reducing inventory. According to Census Bureau data, the number of new homes slid 1 percent from May. On a seasonally-adjusted, annualized basis, home buyers bought 312,000 newly-built homes last month. It’s the third straight month of falling sales and the headline data casts the Cary housing market in a negative light. Upon closer inspection, however, the numbers appear quite strong. First, sales are down marginally. Total units sold have dropped just 2 percent from the highs of the year. And, second, the number of newly-built homes for sale is down markedly from last year … (1 comments)
mortgage rates: Is An FHA Mortgage Better Than A Conforming One?
- 07/26/11 02:39 AM
<!-- .entry-meta --> The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. ”Going FHA” is more common than ever before — but is it better? The answer — like most things in mortgage — depends on your circumstance. Like its conforming counterpart, an FHA-insured mortgage is available as a fixed-rate loan and as an adjustable-rate one. Payments are made monthly and come without prepayment penalties. That’s where the similarities end, however, and decision-making begins. For homeowners and buyers … (0 comments)
mortgage rates: What’s Ahead For Mortgage Rates This Week : July 25, 2011
- 07/25/11 04:39 AM
<!-- .entry-meta --> Mortgage markets worsened last week as the Greek sovereign debt situation came closer to final resolution, and as the U.S. housing market showed signs of life. After many weeks, European leaders agreed on a financial package for Greece that featured favorable loan terms designed to slow Eurozone contagion, along with a built-in, 37 billion euro “haircut” for private-sector investors. The accord pleased Wall Street. Equities rallied after the announcement. Mortgage bonds sank. Bonds also sank after a strong home builder confidence report Monday. Last week, conforming and FHA fixed mortgage rates increased in North Carolina and for the first … (0 comments)
mortgage rates: Homebuilder confidence is bouncing back.
- 07/19/11 05:46 AM
One month after an unceremonious dip highlighted by poor sales figures and dim prospects for the future, the National Association of Homebuilder's Housing Market Index rebounded two points to 15 in July. The monthly Housing Market Index is scored on a 1-100 scale. Readings above 50 indicate favorable conditions for homebuilders and the "new home" market. Readings below 50 indicate unfavorable conditions. The Housing Market Index has not read higher than 50 in more than 5 years. As a housing metric, the HMI is actually a composite of three separate surveys, self-reported by builders. The surveys ask about current single-family home … (0 comments)
mortgage rates: Retail Sales Rise For 12th Straight Month In June
- 07/15/11 08:39 AM
The American Consumer will not be deterred. Despite worsening jobless figures and an increase in the Cost of Living, Retail Sales are climbing. In June, for the 12th straight month, retail receipts rose, excluding cars and auto parts. Analysts expected no change from May. Instead, receipts topped $321 billion - an all-time record. For home buyers and would-be refinancers in Raleigh , this is a bit of unwelcome news. Mortgage rates are rising in the wake of the Retail Sales data release. This is because Retail Sales account for roughly half of consumer spending, and nearly one-third of the economy overall. A rise in … (0 comments)
mortgage rates: For The 9th Straight Month, Foreclosure Filings Fall
- 07/14/11 04:58 AM
For the 9th straight month last month, foreclosure activity slowed. According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings dropped 29 percent nationwide on an annual basis in June. The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. June marked the ninth consecutive month of sub-300,000 filings after 20 months above it - a promising signal for the housing market in Georgia and nationwide. It's also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida's 54% decline. Florida is one of … (1 comments)
mortgage rates: Fed Minutes Hint At New Economic Stimulus
- 07/13/11 07:42 AM
The Federal Reserve released its June 2011 Federal Open Market Committee meeting minutes Tuesday. It contained no surprises and, as such, mortgage rates in Georgia have idled in the hours since. The Fed Minutes is published 8 times annually, three weeks after each scheduled Federal Open Market Committee meeting. It's the official log of the meeting's conversations and debates. The Fed Minutes is the lengthier companion piece to the FOMC's more well-known, post-meeting press release. As compared to the brief-and-focused press release,by comparison, the Fed Minutes are long and detailed. June's press release was 458 words long. Its minutes totaled 6,889 words. … (0 comments)
mortgage rates: What Is Annual Percentage Rate (APR)?
- 07/12/11 11:56 AM
More commonly called APR, Annual Percentage Rate is a government-mandated mortgage comparison tool. It measures the total cost of borrowing over the life of a loan into dollars-and-cents. A loan's APR is printed in the top-left corner of the Federal Truth-In-Lending Disclosure, as shown above. When quoting an interest rate, loan officers are required by law to disclose a loan's APR, too. APR is meant to simplify the process of choosing between two or more loans. The theory is that the loan with the lowest APR is the "best deal" for the applicant because the loan's long-term costs are lowest. However, … (0 comments)
mortgage rates: What's Ahead For Mortgage Rates This Week : July 11, 2011
- 07/11/11 05:45 AM
Mortgage markets improved in roller coaster-like trading last week. And, not surprisingly, the week's two big stories were the same two stories roiling mortgage markets since March - Greece and Jobs. In both instances, rate shoppers won. Conforming mortgage rates in Florida improved for the first time in 3 weeks last week. Early in the week, mortgage rates fell as doubts resurfaced on the just-completed Greece aid package. Although an agreement had been reached by the Greek Parliament, investors are wondering if it's a bona fide solution, or delaying an inevitable default. Talk like this triggers a flight-to-quality, and last week, … (0 comments)
mortgage rates: Mid-Year Review : Were The Experts Right About The Market?
- 07/08/11 06:51 AM
The year is half-over. It's an opportune time to take stock of analyst predictions made at the start of the year, and to recognize that the "experts" can be wrong as often as they are right. For as much experience and authority an expert brings to the conversation, though, nobody can accurately predict the future. As such, there's often disagreement. Looking back to December, some housing analysts called for a market rebound this year; while others called for a fall. With respect to mortgages, some said rates had nowhere to go but up; while others expected more dips. As a layperson, how do you know who will be right? … (1 comments)
mortgage rates: Economy Expected To Have Added 80,000 Jobs In June
- 07/07/11 05:50 AM
Friday morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its June Non-Farm Payrolls report. If you're currently shopping for a mortgage, or floating a mortgage rate, be prepared. Mortgage rates can change following the monthly report's release. Often, by a lot. More commonly called "the jobs report", Non-Farm Payrolls reports on the U.S. workforce by sector, summarizing its findings in terms of total workforce size, and as a national Unemployment Rate. Jobs are considered a keystone in the continuing U.S. economic recovery. More working Americans means: More consumer spending, a boost to businesses More tax collection, a boost … (3 comments)
mortgage rates: What's Ahead For Mortgage Rates : Week Of July 5, 2011
- 07/05/11 05:07 AM
Mortgage markets worsened last week as Wall Street's renewed optimism pushed equities to their best one-week gain in 2 years. The change in sentiment was bad news for rate shoppers, however, as investors pored into stocks at the expense of bonds. Last week, for the first time since February, mortgage rates rose 5 days in a row. By the time bond markets closed for the 3-day weekend, conforming fixed mortgage rates in Florida had climbed to their worst levels since mid-May. Mortgage rates are now at 7-week highs. The biggest reason for last week's mortgage rate turnaround is that lawmakers in … (0 comments)
mortgage rates: What's Ahead For Mortgage Rates This Week : June 27, 2011
- 06/27/11 05:57 AM
Mortgage markets improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt. Conforming mortgage rates in North Carolina fell last week and now hover near the all-time lows set last November. Adjustable-rate mortgages are especially low. There were three big stories last week that will carry forward into this week. First, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged in its current target range of 0.000-0.250 percent. This was expected. However, the Fed revised its growth estimates for the U.S. economy lower. This was … (0 comments)
mortgage rates: New Home Supplies Drop, And So Does Homebuilder Confidence
- 06/24/11 10:03 AM
On paper, the market for newly-built, single-family homes looks healthy. Last month, the number of new homes sold on an annualized, seasonally-adjusted basis tallied 319,000. The May reading is the second-highest of the year, and 6 percent above the current 12-month average. These are strong numbers in isolation. However, after accounting for the dwindling supply of new homes for sale as well, the figures look even stronger. In May, at the current pace of sales, the complete, national inventory of new homes for sale would have been sold in just 6.2 months. That’s the quickest pace in a year and … (0 comments)
mortgage rates: A Simple Explanation Of The Federal Reserve Statement (June 22, 2011 Edition)
- 06/23/11 08:00 AM
Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. The vote was 10-0 — the fourth straight unanimous vote for the nation’s Central Bank. In its press release, the FOMC said that the economy is recovering, although “somewhat more slowly” than what was expected. Labor markets have been weaker than anticipated and the Fed believes that is, in part, a result of higher food and energy costs, and supply chain disruptions as a result of “tragic events in Japan”. Some economic bright spots identified by the Fed include … (0 comments)
mortgage rates: Existing Homes Sales Slip In May
- 06/22/11 05:09 AM
Home resales slipped 4 percent in May, falling below the 5,000,000-unit mark on a seasonally-adjusted, annualized basis for the first time since February. April’s resales were revised lower, too. Analysts were surprised by the figures because it runs counter to the National Association of REALTORS® monthly Pending Home Sales reports. The association’s Pending Home Sales Index is purported to be a forward-looking indicator for the housing market because 80% of homes under contract close within 60 days and recent Pending Home Sales readings show an increase in “pending” homes. This month’s Existing Home Sales, however, fell flat. May’s drop in home resales wasn’t … (2 comments)
mortgage rates: What’s Ahead For Mortgage Rates : Week of June 20, 2011
- 06/20/11 08:13 AM
Mortgage markets improved last week as Wall Street managed news on both sides of the economic coin. There were several instances of higher-than-expected inflation – an event that tends to lead rates higher — but weak domestic jobs data and a soft manufacturing report suppressed the damage. Rates were also held low by ongoing issues in Greece. In Greece, the government is currently struggling to meet its debt obligations — despite a restructuring of existing debt negotiated in 2010. Without a plan for its new debt, though, Greece will likely to default on what it owes. Eurozone and international banking leaders … (1 comments)
mortgage rates: Understanding Credit Scoring & Credit Repair
- 06/18/11 03:47 AM
Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.
The first step in the process is making sure that you have … (4 comments)
<!-- .entry-meta --> Mortgage markets improved last week as the U.S. debt ceiling debate continued on Capitol Hill. Bonds traded in a range Monday through Thursday before breaking higher Friday morning.
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