tennessee: 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)
tennessee: Building Permits Surge in December; Signals a Strong Spring Housing Market
- 02/18/11 04:59 AM
Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have "broken ground" nationwide. They're called "Housing Starts" and, by most measures, they faded quickly as 2010 came to a close. According to the Census Bureau's report, Housing Starts of single-family homes fell to 417,000 units on a seasonally-adjusted, annual basis. The figure marks a 9 percent drop-off from November, and is the lowest reading since May 2009. Not surprisingly, the press went bearish … (0 comments)
tennessee: Mortgage Guidelines Starting to Loosen?
- 02/18/11 04:47 AM
Mortgage lending appears to be loosening. That is, IF you're only looking at certain data. In its quarterly survey of member banks, the Federal Reserve asks senior loan officers around the country whether their "prime" residential mortgage guidelines had tightened within the last 3 months. A prime borrower is one with a well-documented credit history, high credit scores, and a low debt-to-income ratio. Of the 54 responding banks, just 2 said its guidelines had tightened during the period October-December 2010. That's less than 4 percent. And, by comparison, 95 percent of banks said guidelines remained "basically unchanged". The remaining banks … (4 comments)
tennessee: Foreclosure Activity Drops
- 02/18/11 04:17 AM
Foreclosures in Tennessee are still a popular choice for homebuyers here locally as residents in Rutherford, Davidson, and Williamson county seek to find a 'hidden gem' in the sea of inventory available . However, foreclosure activity is slowing nationally. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010. The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. January marked the third straight month of sub-300,000 filings after 20 straight months above … (0 comments)
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.
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