economy: For the Fifth Week In A Row - Mortgage Rates Hit A New All Time Low - 08/29/10 04:58 PM
The 30 year rate fell from 4.42 to 4.36 this week. This is the 6th week in a row where rates have fallen. But more importantly this is the 5th week where we have hit a new all time low. In that time the 30 year rate has dropped from 4.57 to 4.36. Considering that 4.57 was an all time low this is a decent drop.

The 15 year dropped from 3.90 to 3.86. The 5 year arm stayed even at 3.56 and the 1 year arm dropped from 3.53 to 3.52. These were all time lows for the respective … (4 comments)

economy: Mortgage Rates Hit A New All Time Low (For the Fourth Time This Month) - 08/18/10 05:02 PM
The 30 year rate fell from 4.49 to 4.44 this week. This is the 4th week in a row where rates have fallen. What's interesting is not only is 4.44 an all time low. But we have been hitting new all time lows for the last 4 weeks in a row. What is even more interesting is no one cares. The market is hardly reacting to bizarrely low interest rates. It's also gotten very little play in the press which might be a contributing factor.

The 15 year dropped from 3.95 to 3.92. The 5 and 1 year arms dropped … (1 comments)

economy: Find a Good Deal on an East Coast Vacation Home - 08/06/10 05:01 PM
Whether you're looking for a condominium, multi-family unit or a single-family home, you'll find an abundance available in the housing market in almost every major city in the U.S.

Florida's slumping home market has targeted this state for some sweet deals on real estate. You'll even find beach front property at astounding prices. Check out Cutler Bay, Fisher Island or Homestead, all in Miami-Dade County.

Nassau County has some great offerings, too, on Amelia Island. Right now you can get a beautiful condominium on Sea Marsh Road right next to Oak Marsh Golf Course listed at $100,000. It's … (2 comments)

economy: Mortgage Rates Hit An All Time Low: Again - 08/06/10 04:55 PM
In what has become an almost weekly occurrence mortgage rates hit new all time lows. The 30 year rate fell from 4.56 to 4.54 this week. Rates have either reached new lows or matched old lows for 5 consecutive weeks.

The 15 year also reached an all time low dropping from 4.03 to 4.00. It will be interesting to see if the 15 year fixed will fall below 4.0 in the next few weeks. The 5 year arm dropped from 3.79 to 3.76 just .01 points above the all time low. The 1 year arm dropped from 3.70 to … (4 comments)

economy: Mortgage Rates Hold At All Time Historic Low - 08/06/10 04:51 PM
Last week the 30 year rate fell to an all time low of 4.57. This week mortgage rates held at 4.57 so we are still sitting on all time historic lows. This is also the 4th week in a row where mortgage rates have either held steady or fallen. The expectation has been that rates were going to rise. Since the economic recovery has kind of sputtered their has been some downward pressure on mortgage rates. If the economy starts to recover we could expect rates to increase. In the meantime I would expect rates to hold steady or fall a … (1 comments)

economy: Interested in a Condominium? Get a FHA-Insured Loan - 07/17/10 06:44 PM
Mortgage Insurance for Condominium Units (Section 234(c)) program assists potential homeowners in purchasing a home in a condominium development. The prospective condominium must be the potential homeowner's primary residence.

The intent of this federal program managed under the U.S. Department of Housing and Urban Development (HUD) is to insure the loan of a borrower who buys a unit in a condominium property. HUD does not directly provide loans to borrowers. Instead, HUD insures loans through FHA-approved lenders. Some of those who take advantage of the program are low- to moderate-income renters who want to buy their unit in order to … (1 comments)

economy: Recipe for a Successful Real Estate Investment - 07/05/10 06:53 PM
There are a few wants that home buyers perceive as needs when shopping around for a home. As you're shopping for your next home, you may not have any idea how long you will live there as you may need to sell at some point. With that in mind, consider some practical features potential home buyers look for when buying their next home. That way yours will be positioned for quick sale if or when you decide to put it on the market in the future.

Basic Functions

When you bought your first home, things like central air, a … (1 comments)

economy: After Hitting Record Lows Mortgage Rates Fall Again - 07/05/10 06:50 PM
The 30 year rate dropped this week from 4.69 to 4.58. This is quite a large drop for a week. What makes it even more interesting is that 4.69 from last week was already an all time historic low. We are moving into territory for mortgage rates I would have never thought possible.

While the 30 year rate is the mortgage product that is the most widely used some of the other mortgage products made records as well. The three other mortgage products all hit all time lows last week. Two of the other three mortgage products fell further this … (1 comments)

economy: Jobs in the Mortgage Industry - 06/26/10 08:35 PM
Foreclosures and short sales dominate the real estate market in many U.S. cities; although, the numbers seem to be evening out in certain areas. It takes manpower to process the increased workload for the mortgage industry and many companies are hiring. Not only does the lending industry need people to handle the new workload, there are various levels of employment required to run companies in the mortgage industry.

It is impressive how many different types of businesses are involved in the mortgage trade. Several related venues include banking and finance, mortgage and lending, credit unions, escrow companies and real estate … (0 comments)

economy: Mortgage Rates Drop to All Time Low - 06/26/10 08:20 PM
Rates have been relatively low over the last month. This week, they are in the news by falling to a new all time historical low.

The 30 year rate fell from 4.75 to 4.69 this week. Two weeks ago the 30 year rate was sitting at 4.72. What's interesting is that over the last month, when a lot of people have been talking about how rates are about to start rising, we are instead breaking records with mortgage rate lows. We mostly concentrate on the 30 year rate because it is the most widely used mortgage product. But in addition … (0 comments)

economy: Mortgage Rates Near Record Lows - 06/05/10 09:31 PM
The 30 year rate fell from 4.84 to 4.78 this week. This is the 5th week in a row where rates have fallen. Rates are now flirting with the all time historic low of 4.71 reached in 2009. If it were not for 2 weeks in 2009 today's rates would be seeing a lot more headlines than they are currently getting. Suffice it to say that rates are very very low right now.

The 15 year dropped from 4.24 to 4.21. The 5 year arm rose from 3.91 to 3.97 while the 1 year arm fell from 4.00 to 3.95. … (2 comments)

economy: Mortgage Rates For The 5 and 1 Year ARM Hit All Time Lows - 05/15/10 08:07 PM
The 30 year rate fell from 5.00 to 4.93 this week. In a time where the news is filled with stories about inflation fears we are seeing mortgage rates steadily decline. This is the 5th week in a row where rates have held steady or fallen. Its also the lowest we have seen rates in 2010.

The 15 year dropped from 4.36 to 4.30. This is only slightly above the all time low of 4.27 for the 15 year fixed mortgage.

The 5 year arm dropped from 3.97 to 3.95 which is an all time low for the 5 … (1 comments)

economy: Health Insurance Puzzle - 04/30/10 09:15 PM
Providing private health insurance for a family can seem like an intimidating task. The cost of health insurance is one of the factors that can keep would-be entrepreneurs and small business owners from taking the plunge.

First, there is the search for a healthcare provider. Next, comes all the cost considerations, from monthly premiums to co-pays. Providing health care for loved ones is a necessary obligation. The reality is that it only takes one health catastrophe to cause a family's financial ruin.

A good place to start is with understanding the lingo. What is the difference between an … (0 comments)

economy: Which Home Loan Is Right for You? - 04/21/10 05:51 PM
Depending upon several factors, some of which include geographic location, credit scores, current interest rates and current income, different loans work best for different home buyers. A good example of this is West Coast borrowers who opted for different versions of an adjustable rate mortgage (ARM) for their home buying needs in recent years. At the time of many of these ARMs, the initial interest rate was significantly lower than those for traditional fixed-rate mortgages, so their payments were quite affordable at the onset of the loan.

One common theory for using an ARM is to buy a home … (0 comments)

economy: Mortgage Rates Come Back Down To Earth - 04/21/10 05:43 PM
For the last few weeks the buzz in the real estate industry has been that rates are rising and that rates are going to go up even more. So it was somewhat of a surprise to see rates plummet this week. The 30 year rate dropped from 5.21 to 5.07 this week. 5.07 marks the lowest point in March.

The 15 year dropped even more falling from 4.52 to 4.40. The 5 and 1 year arms both dropped from 4.25 to 4.08 (5 year arm) and 4.14 to 4.13 (1 year arm). For the first time in several months … (4 comments)

economy: The Current State of the Texas Economy - 04/21/10 05:38 PM
A recent Associated Press survey on the economy by economists didn't paint a pretty picture. Home values are stagnant, consumers are still cutting back and not enough jobs are being created. While all of this is true in Texas, too, the Lone Star state still seems to be weathering the economic "recovery" better than other states.

In fact, Austin was the featured city in a recent Time magazine cover story on jobs. At a time when other cities are still shedding jobs, Austin is actually creating new jobs. The article featured tech, construction and energy companies that are hiring in … (1 comments)

economy: 10 Things to Know Before Enlisting the Help of a Real Estate Agent - 04/11/10 06:53 PM
Real estate agents are great sources of information and assistance in the housing industry. Their purpose is to serve the real estate market with integrity. Under contract they have fiduciary responsibilities to their clients. Before enlisting the assistance of a real estate agent, there are 10 things to keep in mind.

1. Before a real estate agent can successfully sell your home, you need to have it in tip top shape. All colors inside and outside of the home should be in neutral colors, including wallpaper, painted walls, and the exterior. If you are a smoker or own a pet, … (4 comments)

economy: Mortgage Rates Jump - 04/11/10 06:39 PM
Mortgage rates rose substantially this week. Ever since the government stopped buying mortgage backed securities the writing had been on the wall that mortgage rates were going to increase. And the general expectation is that over the next month rates are going to continue to rise. The 30 year rate rose from 5.08 to 5.21 this week. This is the 5th week in a row where rates have risen. Although rates have been rising this week those rose as much as the last 4 weeks combined.

Looking at the other major mortgage products the 15 year rose from 4.39 to … (0 comments)

economy: Mortgage Rates : Volatility is on the Horizon - 03/28/10 08:25 PM
The 30 year rate rose from 4.96 to 4.99 this week. In the last 4 weeks 30 year mortgage rates have remained remarkably stable staying between 4.95 to 5.05. But it looks like that might change over the next few months. The economic instability in Greece and the rest of Europe could lead to instability in the mortgage markets, in addition the US government is likely to stop purchasing mortgage backed securities which could cause rates to rise. At the very least we should start seeing more volatility in mortgage rates for the rest of the year.

The 15 … (0 comments)

economy: Home Median Price Comparisons for Top 10 U.S. Cities - 03/16/10 07:06 PM
You might be surprised to find out the median price homes are selling for in the nation's top ten largest cities. Below, you'll find the median price for resale, new homes and foreclosures.


CITY Resale Median Price
+/- % New Home
Median Price
+/- % Foreclosures
Median Price
+/- %
New York, NY $625,000 -6.0% $4,500,000 0.0% $489,000 0.0%
Los Angeles, CA $449,000 -0.2% $749,900 +8.7% $344,000 +1.7%
Chicago, IL $279,900 0.0% $950,000 0.0% $190,868 -0.6%
Houston, TX $162,500 +1.6% $179,990 0.0% $96,791 +0.4%
Phoenix, AZ $175,000 -2.2% $321,465 -0.2% $161,600 -2.1%
Philadelphia, PA $167,900 … (0 comments)