jupiter: Will Home Values Rise This Year?
- 01/13/12 01:29 AM
Will Home Values Rise This Year? Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there’s concrete cause for optimism. The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to others but, in general, home values are down. Mortgage rates are down, too, and that’s good news for buyers in Port St Lucie. The combination of low rates and low prices has led home affordability to an all-time high. As you’ll hear … (1 comments)
jupiter: Lock Your Mortgage Rate : New Loan Fees Expected Within Days
- 01/11/12 12:48 AM
Lock Your Mortgage Rate : New Loan Fees Expected Within Days Starting soon, nearly all home buyers and refinancing households throughout New York and nationwide will pay higher mortgage loan fees. Congress has made it law. 13 months ago, as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Congress enacted a one-year cut to FICA payroll taxes. FICA stands for Federal Insurance Contributions Act. Taxes collected under FICA fund such programs as Social Security and Medicare. The stimulus plan temporarily lowered tax rates for salaried workers from 6.2% to 4.2%; and for self-employed persons from … (1 comments)
jupiter: Housing And Mortgage : The Experts Make Their 2012 Predictions
- 01/09/12 01:32 AM
Housing And Mortgage : The Experts Make Their 2012 Predictions As the new year begins, there are no shortage of stories telling us what to expect in 2012. Housing finished 2011 with momentum and mortgage rates closed at the lowest rates of all time. Some expect those trends to continue through the first quarter and beyond. Others expect a rapid reversal. Who’s right and who’s wrong? A quick look through the newspapers, websites and business television programs reveals “experts” with opposing, well-delivered arguments views. It’s tough to know who to believe. For example, here are some “on-the-record” predictions for 2012 : … (0 comments)
jupiter: Adjustable-Rate Mortgages Are A Relative Bargain Today
- 01/06/12 06:06 AM
Adjustable-Rate Mortgages Are A Relative Bargain Today For buyers and refinancing households throughout New Jersey , adjustable-rate mortgages are a relative bargain as compared to fixed-ones. According to Freddie Mac’s weekly survey of more than 125 banks nationwide, Jupiter mortgage applicants electing for a conventional ARM over a conventional fixed-rate mortgage will save 105 basis points on their next mortgage rate. “Conventional” loans are loans backed by Fannie Mae or Freddie Mac. Today’s average, conventional 30-year fixed rate mortgage rate is 3.91% plus points and closing costs. The average rate for a comparable 5-year ARM is 2.86%, plus points and closing … (2 comments)
jupiter: Are You Locked ? Friday’s Job Report Will Make Mortgage Rates Move.
- 01/05/12 05:09 AM
Are You Locked ? Friday’s Job Report Will Make Mortgage Rates Move. If you’re floating a mortgage rate, or have yet to lock one in, today may be a good day to call your loan officer. Friday morning, the government releases its Non-Farm Payrolls report at 8:30 AM ET. The Non-Farm Payrolls report is more commonly called the “jobs report“ and, lately, it’s been Wall Street’s domestic economic metric of choice. As jobs go, so go markets. In the 12 months beginning November 2007, the economy shed 2.3 million on its way to losing more than 7 million jobs by the … (2 comments)
jupiter: Friday’s Jobs Report Represents A Big Risk To Low Mortgage Rates
- 12/05/11 06:32 AM
Friday’s Jobs Report Represents A Big Risk To Low Mortgage Rates Have you been floating a mortgage rate? It may be time to lock. At 8:30 AM ET Friday, the government’s Bureau of Labor Statistics will release its November Non-Farm Payrolls report. Better known as “the jobs report”, the monthly Non-Farm Payrolls figures provide sector-by-sector employment data, and tally the size of the current U.S. workforce size. From these two elements, the national Unemployment Rate is derived. Since topping out at 10.2% in October 2009, the Unemployment Rate has dropped to 9.0%. More than 2.3 million net new jobs have … (0 comments)
jupiter: More Housing Strength : Pending Home Sales Surged In October
- 12/02/11 01:16 AM
More Housing Strength : Pending Home Sales Surged In October If you’re waiting for home prices to reach its bottom, you may have missed your window. After 3 consecutive months of easing, the Pending Home Sales Index jumped 10 percent in October, lending credence to the belief that housing is in recovery. The Pending Home Sales Index is a monthly publication from the National Association of REALTORS®. It measures the number of homes under contract to sell nationwide. October’s reading is the highest for all of 2011, and the second-highest dating back to April 2010. April 2010 was the last … (1 comments)
jupiter: New Home Supplies Fall To An 18-Month Low
- 11/30/11 01:28 AM
New Home Supplies Fall To An 18-Month Low If you plan to buy of new construction in Florida sometime in 2012, don’t expect today’s low prices. Like everything in housing of late, the market for newly-built homes appears to be stabilizing and, in some markets, improving. As foreshadowed by this month’s strong Homebuilder Confidence survey, the Census Bureau reports that the number of new homes sold rose to a 6-month high in October, climbing to 307,000 units on a seasonally-adjusted, annualized basis. A “new home” is a home that is considered new construction. It’s the opposite of an “existing home”. … (1 comments)
jupiter: Conforming Loan Limits Unchanged For 2012
- 11/28/11 01:42 AM
Conforming Loan Limits Unchanged For 2012 A conforming mortgage is one that, literally, conforms to the mortgage guidelines as set forth by Fannie Mae and Freddie Mac. Conforming mortgage guidelines are Fannie’s and Freddie’s eligibility standards; an underwriter’s series of check-boxes to determine whether a given loan should be approved. Among the many traits of a conforming mortgage is “loan size”. Each year, the government re-assesses its maximum allowable loan size based on “typical” housing costs nationwide. Loans that fall at, or below, this amount meet conforming mortgage guidelines. Loans in excess of this limit are known as “jumbo” loans. … (0 comments)
jupiter: More Sales, Less Inventory : Home Prices Headed Higher?
- 11/25/11 01:12 AM
More Sales, Less Inventory : Home Prices Headed Higher? The housing market continues to signal that a broad rebound is underway. In October, despite sparse home inventory, the number of properties sold increased 1.4% nationwide. According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, October Existing Home Sales gained 70,000 units as compared to September, registering 4.97 million existing homes sold overall. An “existing home” is a home that has been previously occupied and, as compared to prior months, the stock of homes for sale is depleted. Just 3.3 million homes were listed for sale last … (0 comments)
jupiter: Housing Starts Rising; New Construction Turns The Corner?
- 11/21/11 01:53 AM
Housing Starts Rising; New Construction Turns The Corner? Another day, another signal that the market for newly-built homes is improving. Single-Family Housing Starts rose to a seasonally-adjusted, annualized 430,000 units in October — a 4 percent increase from September and the highest reading in 3 months. A “Housing Start” is a home on which ground has been broken. The increase in surprised Wall Street analysts, although it shouldn’t have. Earlier this week, the National Association of Homebuilders showed that Homebuilder Confidence is at its highest point since May 2010, the effect of better market conditions and more sold units. Rising housing … (0 comments)
jupiter: Homebuilders Getting Optimistic; Higher Home Prices Ahead?
- 11/18/11 01:06 AM
Homebuilders Getting Optimistic; Higher Home Prices Ahead? Homebuilder confidence continues to rise. Just two months after falling to a multi-month low, the Housing Market Index surged again in November, climbing another three points to 21. It’s the second straight month that the HMI posted a 3-point gain, catapulting the index to an 18-month. The Housing Market Index is monthly report from the National Association of Homebuilders. It’s meant to measure confidence among the nation’s homebuilders, scored on a scale of 1-100. When homebuilder confidence reads 50 or better, it reflects favorable conditions for homebuilders. Readings below 50 reflect unfavorable conditions. The … (0 comments)
jupiter: Government Releases Additional HARP Guidance For Underwater Homeowners
- 11/16/11 03:11 AM
Government Releases Additional HARP Guidance For Underwater Homeowners Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government’s revamped HARP program, kick-starting a potential refinance frenzy across New Jersey and nationwide. HARP stands for Home Affordable Refinance Program. The updated program is meant to give “underwater homeowners” an opportunity to refinance at today’s low mortgage rates. In the two-plus years since its launch, HARP’s first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is expected to reach millions. Lenders begin taking HARP II loan applications December 1, 2011. To apply for HARP, applicants must first meet … (1 comments)
jupiter: This Holiday Season, Think Twice Before Saving 15 Percent At The Register
- 11/14/11 02:16 AM
This Holiday Season, Think Twice Before Saving 15 Percent At The Register With Halloween behind us, retailers are in the Holiday Spirit. Businesses know that consumers spent a median $556 on holiday gifts last year and they want this year to be just as strong. That’s why it’s barely November and, already, Black Friday ads clog our mailboxes and the airwaves. Retailers want our dollars and they’re offering great deals to early shoppers. There’s one discount a smart shopper should think twice, however — the ever-present ”Open A Charge Card Today And Save 15%” promotion. In the short-term, deals like this … (0 comments)
jupiter: Banks Resume Tightening Mortgage Guidelines
- 11/11/11 05:38 AM
Banks Resume Tightening Mortgage Guidelines As part of its quarterly survey to member banks nationwide, the Federal Reserve asked senior loan officers whether last quarter’s “prime” residential mortgage guidelines have tightened, loosened, or remained as-is. A “prime” borrower is defined as one with a well-documented, high-performance credit history; with low debt-to-income ratios; and who chooses to finance a home via a traditional fixed-rate or adjustable-rate mortgage product. After a 2-year easing cycle, the nation’s biggest bank banks report that they’ve reversed course, and are raising the bar on mortgage approvals. For the period July-September 2010, 88% of responding loan officers … (0 comments)
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