mortgage lender: What’s Ahead For Mortgage Rates This Week – May 20, 2014
- 05/19/14 08:51 PM
Last week’s economic news was relatively flat, but highlights include the NAHB Housing Market Index for May, which posted its lowest reading since May 2013. Although analysts expected a May reading of 48, the May 2014 index reading was 45 as compared to April’s reading of 46. The NAHB reported that rising home prices and unpredictable job markets were factors in builders’ loss of confidence. Although the economy is growing stronger, many would-be homebuyers remain skeptical of economic conditions and remain on the sidelines. NAHB: Stronger Builder Confidence Expected in Coming Months Builder confidence in market conditions for single family homes … (1 comments)
mortgage lender: Today's Economics in a Nutshell - 05/20/2014
- 05/19/14 08:47 PM
The Bureau of Labor Statistics recently reported that there are 3.5 million people who have been unemployed for six months or longer. That is one million fewer than a year ago, but still an alarmingly high number compared to historical data. Since records began in 1948, there's never been this many long-term unemployment. Statistically, 35% of all unemployed have been out of work for at least six months. The all-time high is 48% in 2010. A massive $48.5 billion deal was announced Monday as AT&T has offered that sum to purchase DirecTV and its 20 million customers. The deal would provide AT&T … (0 comments)
mortgage lender: 3 DIY Kitchen Upgrades That Will Boost Your Home Selling Price
- 05/17/14 08:25 PM
Homeowners who want to increase the appeal of their residence before putting it up for sale can, within a few hours and with a little elbow grease, perform some do-it-yourself (DIY) kitchen upgrades that are sure to pique the interest of would-be buyers. Many people either have or are in the process of listing their home, so it makes sense to do as much as possible to attract the interest of prospective purchasers. It need not cost a proverbial arm and a leg to boost the selling price of a home. Here are three DIY kitchen upgrades that will help homeowners … (5 comments)
mortgage lender: Mortgage Rates: Float or Lock? 05/17/2014
- 05/16/14 10:48 PM
We will continue to float headed into the weekend, but as we have been saying, Mortgage Bond prices are near the October resistance highs. Each time we have hit these levels, prices have dropped. MARKET WRAP: Into the 5th month of tapering, Mortgage Bond prices are at their best levels since the pullback in buying began. Home loan rates are the lowest since November. The 4% coupon continues to hover near the October highs, but did experience some selling in today's session with the better than expected housing data. The 4% closed at 105.31, down 12bp, but up nearly 50bp … (0 comments)
mortgage lender: Today's Economics in a Nutshell - 05/17/2014
- 05/16/14 10:45 PM
Construction of new homes surged in April from March, as the warmer weather ushered in builders to break ground on new homes at the fastest pace in 2014. The Commerce Department reported that Housing Starts jumped 13.2% in April to an annual rate of 1.07 million units, above the 975,000 that was expected. The gains were largely due to a big surge in multi-family dwellings, up 43%, while single-family starts were up less than 1%. The labor market continues to improve across the country as the weather related issues have thawed out. The Bureau of Labor Statistics reported today that unemployment … (0 comments)
mortgage lender: Magic Number:Does Your Credit Score Need To Be 760 For A Mortgage?
- 05/07/14 11:06 PM
Over the course of a lifetime, financial development can lead to some wonderful opportunities. A person’s financial development and state of affairs is something that is particularly important when it comes to taking out a bank loan to further progress in life, and the largest loan most people will require is a mortgage for a home purchase. Since the process of getting approved for a mortgage is heavily dependent on credit history and that three-digit credit score that reflects reliability as a borrower, you should always put forth practices to keep that number healthy and growing. However, how much importance does … (0 comments)
mortgage lender: Today's Economics in a Nutshell - 05/08/2014
- 05/07/14 10:20 PM
The spring home buying season is in full bloom and with home loan rates near historically attractive levels, mortgage application activity picked up last week. The Mortgage Bankers Association reported that its Market Composite Index, a measure of total loan application volume, rose by 5.3% in the latest week. The refinance index increased by 2%, while the purchase index jumped 9%. Federal Reserve Chair Janet Yellen was on Capitol Hill Wednesday testifying on the state of the U.S. economy today in front of the Joint Economic Committee. Ms. Yellen said that due to the fact that inflation remains stable, the labor markets … (0 comments)
mortgage lender: Put Down A Large Down Payment, Or Be Agile With Your Savings?
- 05/07/14 12:09 AM
Putting down the largest sum of money at your disposal might seem like the best way to go when it comes to your mortgage down payment. There is a certain amount of truth to this, but the reality is bigger is not always better. Ideally, the amount of money you settle on for your mortgage down payment will take into account your monthly budgeting requirements. The Big Advantages Of A Large Down Payment Fewer Mortgage Payments?: The larger the down payment, the higher the likelihood that you will be able to afford a shorter mortgage term. Ensuring this perk is available … (0 comments)
mortgage lender: Today's Economics in a Nutshell - 05/07/2014
- 05/06/14 11:56 PM
Home prices continue to rise across the U.S., but the year-over-year gains are somewhat declining after the big gains seen in 2013. Corelogic reported that home prices, including distressed sales, rose by 11.13% year-over-year in March after a 11.81% increase in February. That is the 25th straight year-on-year gain. From February to March, prices rose by 1.4%. However, affordability, tight credit and supply concerns are becoming an increasing drag on purchase market activity, said CoreLogic. Legendary fund manager Jeffery Gundlach, whose $32B Total Return Fund (DBLTX), which specializes in mortgage bonds and has beaten 97% of similarly managed funds, has recommended … (0 comments)
mortgage lender: Today's Economics in a Nutshell - 05/06/2014
- 05/05/14 08:40 PM
The economic calendar is on the light side this week. The only report released Monday was the ISM Service Index, which came in at 55.2 in April. The 55.2 was above the expectation of 54.0 and up from the 53.1 registered in March. Within the report it showed that the employment component fell 2.3 points to 51.3. Readings above 50 signal expansion, below 50, contraction. The US economy grew by just +0.1% in the 1st quarter 2014 (i.e., quarter-over-quarter change expressed as an annualized number), the slowest quarterly growth in America since the 4th quarter of 2012. At $15.9 trillion … (1 comments)
mortgage lender: What’s Ahead For Mortgage Rates This Week – May 5, 2014
- 05/04/14 11:11 PM
Last week’s economic news included several reports related to housing and mortgages. The NAR started the week on a positive note with its Pending Home Sales Index released Monday. Pending home sales in March were higher with an unexpected increase of 3.40 percent over February for an index reading of 97.40. This is encouraging news for home sales that were severely affected by a hard winter in many areas, and suggests that as warmer weather approaches, home sales will pick up. Analysts do not expect the rapid rate of price appreciation seen in 2013. The Fed’s tapering of its “quantitative easing” … (0 comments)
mortgage lender: What’s in a Color? 6 Paint Colors That Will Affect Your Mood
- 05/04/14 02:30 AM
Believe it or not, paint colors can affect your mood. When remodeling your home, the color you use on the walls can end up being just as critical to the thematic consistency of your home as the furniture you use to decorate it. Before you slap any old color on the walls, take some time to consider what mood you’d like each room to inspire. Red, Yellow And Orange: The Colors Of Excitement, Hunger And Happiness Ever wonder why the dining rooms, kitchens and entertainment rooms you see in magazines always seem come in every shade of red? It’s because these … (4 comments)
mortgage lender: Mortgage Rates: Float or Lock? 05/03/2014
- 05/03/14 01:05 AM
After the jobs report, we will recommend to float into the weekend. However, remember that the 4% coupon is again at the year highs and highs seen in June '13 and November '13, which has been a tough resistance level. If your rate sheet makes sense and you can't afford to lose pricing, then it is prudent to lock. MARKET WRAP: The better than expected April Jobs Report sent Bond prices plunging at 8:30am ET Friday, but the safe haven trade emerged in a big way on escalated tensions between Russia and Ukraine around 10:00am ET. Non-farm payrolls came … (0 comments)
mortgage lender: Today's Economics in a Nutshell - 05/03/2014
- 05/03/14 01:01 AM
Employers across the nation ramped up hiring new workers in April after the severe winter weather curtailed job creations. The Bureau of Labor Statistics reported that employers added 288,000 jobs last month, well above the 210,000 expected, while February and March were revised higher by a total of 36,000. The Unemployment Rate fell to 6.3%, the lowest level since September 2008 as the job market comes out of hibernation after the severe winter weather. The Jobs Report did have some negative components. Within the data it revealed that the Labor Force Participation Rate (LFPR) fell to 62.8%, matching a 35-year low. … (1 comments)
mortgage lender: Today's Economics in a Nutshell - 05/02/2014
- 05/01/14 08:58 PM
Americans filing for unemployment benefits jumped in the latest week as claims usually rise around Easter, due to the holiday falling on different dates each year. Weekly Initial Jobless Claims rose by 14,000 in the latest week to 344,000, above the 315K expected. The four-week moving average, which irons out seasonal abnormalities, rose by 3,000 to 320,000. The report comes ahead of today's April Jobs Report, where it is expected that employers added 210,000 new workers in April. American companies across the nation planned more job cuts in April than in March as the job markets continues to work through the … (0 comments)
mortgage lender: Sales In March Reached Highest Level Since September 2012
- 05/01/14 12:15 AM
The FOMC of the Federal Reserve released its customary statement after its meeting concluded April 30. FOMC members said that the economy is improving after a winter lull caused by poor weather. The national unemployment rate remains high, although some improvement in labor markets was reported. Fiscal policy is restraining economic growth, although FOMC said that the restraint is diminishing. FOMC Monitors Inflation, Further Reduces Asset Purchases The FOMC statement reflected members’ concerns about the inflation rate remaining below its goal of two percent, and said that this could eventually impact economic recovery. The Fed expects inflation to approach its goal … (1 comments)
mortgage lender: Today's Economics in a Nutshell - 05/01/2014
- 05/01/14 12:06 AM
Economic growth in the U.S. was anemic in the first quarter of 2014 due to a decline in exports, business inventory investment, nonresidential fixed investment, residential fixed investment and government spending. The Commerce Department reported that the first reading on Gross Domestic Product in the first quarter of 2014 was at 0.1%, which was below the 1% expected and down from the 2.6% recorded in the final quarter of 2013. The Mortgage Bankers Association reported that its Market Composite Index, a measure of total loan application volume, fell nearly 6% in the latest week to its lowest level since December 2000. … (1 comments)
mortgage lender: 4 Questions To Ask Before You Refinance Your Home
- 04/29/14 10:33 PM
There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Here are 4 essential questions that you should ask before signing on the dotted line. 1. How Much Equity Do I Have In My Home? Equity is the difference between what your home is currently worth and what you owe on it. A Home worth $250,000 and you have a mortgage for $225,000 means you have $25,000 in equity. It also means that will need a loan for approx. 90% … (2 comments)
mortgage lender: Today's Economics in a Nutshell - 04/30/2014
- 04/29/14 09:45 PM
Annual home price gains are beginning to slow due to rising mortgage rates along with difficulties in qualifying for a mortgage, reports the Case Shiller 20-city Index in February. The Index fell to 12.9%, just below the 13% expected and down from the 13.2% recorded year-over-year in January. The 12.9% is down from a recent high of 13.7% with 13 of the 20 tracked cities posting lower annual rates. The Conference Board reported Tuesday that its Consumer Confidence Index fell in April to 82.3, down from the 83.9 registered in March. The 82.3 missed expectations of 83.2. The Conference Board said … (0 comments)
mortgage lender: Today's Economics in a Nutshell - 04/29/2014
- 04/28/14 08:35 PM
Home prices continue to improve as the housing markets recovers. Black Knight Financial Services reported that prices were up 7.6% in February from the year ago period and up 0.7% from January. U.S. home prices are now off 13.5% from the June 2006 peak. The Black Knight Home Price Index represents the prices of non-distressed sales by taking into account price discounts for Real Estate Owned and short sales. The National Association of REALTORS® (NAR) reported Monday that its March Pending Home Sales Index unexpectedly rose by 3.4% to 97.4, above the 1% expected and well above the -0.8% recorded in … (0 comments)
Last week’s economic news was relatively flat, but highlights include the NAHB Housing Market Index for May, which posted its lowest reading since May 2013. Although analysts expected a May reading of 48, the May 2014 index reading was 45 as compared to April’s reading of 46.
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