davidson: Make A Mortgage Rate Plan BEFORE Friday's Job Report - 03/03/11 05:14 AM
Mortgage rates could move higher beginning tomorrow morning. The Bureau of Labor Statistics releases its February jobs report at 8:30 AM ET.
Home buyers and rate shoppers in Nashville would be wise to take note. The jobs report is almost always a market-mover.
Consider last month.
Although net job creation fell well-short of expectations in January - just 36,000 jobs were added - the national Unemployment Rate dropped to 9.0%, its lowest level in 2 years. The marked improvement surprised economists and sparked inflationary concerns within the investor community.
This, in turn, caused mortgage rates to rise.
In the days immediately following the … (0 comments)

davidson: Big Changes For USDA Loans Are On The Horizon - 03/03/11 04:32 AM

Well USDA Guaranteed Rural Housing just got a whamy... all in the same day!Purchasing Power is changing....
Please find attached a notice outlining two very important changes that are scheduled to take effect with loans obligated on or after October 1, 2011. The changes are as follows: (1) An annual fee of 0.3 percent will be charged on all loans obligated on or after this date (this means that USDA will now essentially be charging mortgage insurance and calling it something else); and (2) The up-front guarantee fee for purchase loans transaction will decrease from 3.5 percent to 2 percent … (0 comments)

davidson: Pending Home Sales Statistics - 03/01/11 05:06 AM
After a strong run to close out 2010, the market for home resales softened a bit in January. That is, IF you're only looking at home sales from a national perspective.  Here in the Nashville market, we are experience an INCREASE in home sales this year compared with where we were last year.  It's important that you ask your local realtor how our local market figures match up with the national figures.  Your LOCAL REALTOR is your local market EXPERT.
However, you can read more about national home sales below.  It's important to ALSO remember that all different types of reports … (1 comments)

davidson: What's Ahead For Mortgage Rates This Week: Feb 28th - 02/28/11 02:40 AM
Mortgage markets improved last week as Wall Street's concerns about the Middle East trumped its fears of inflation. Conforming and FHA mortgage rates in Tennessee fell to a 3-week low.
Last week marked the second straight week in which mortgage rates fell, a streak that follows four straight weeks of climbing mortgage rates.
It's been a bout of good fortune for rate shoppers and home buyers.
In addition, according to Freddie Mac's weekly mortgage rate survey, the average spread between conforming 30-year fixed rate mortgages and 5-year ARMs has widened further.
The two benchmark products are now separated by 1.15%. It's … (0 comments)

davidson: Existing Home Supply Down 40% In Last 6 Months - 02/24/11 03:17 AM
Home resales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report.
An "existing home" is a home that's been previously occupied and is not considered new construction.
The number of existing homes sold on a rolling 12-month basis is now at its highest point since May 2010, the month before the federal homebuyer tax credit ended. It's also up some 40% since July 2010, the month after the tax credit ended.
But that's not the biggest story in the Existing Home Sales report. The precipitous decline in home inventory deserves more … (0 comments)

davidson: The Complete FHA Streamline Refinance Guidelines - 02/21/11 09:26 AM

This FHA Streamline information is accurate as of today, February 21, 2011. Mortgage guidelines change all the time. If you get your FHA information somewhere else, double-check the article's publish date first.
The FHA Streamline Refinance Returns To Its Roots
The FHA-insured mortgage market share has increased nearly 10-fold since 2006, creating a huge class of first-time FHA borrowers around the country.
FHA mortgages are identical to conventional mortgages in most ways -- they're offered as fixed rate or adjustable,they're available with 15- or 30-year terms, and they don't have a prepayment penalty.
But, because FHA mortgages are insured by … (0 comments)

Christina Livingston

Christina Livingston

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