mortgage update: March Pending Home Sales Point To Stronger Spring Market
- 05/05/10 06:25 AM
The Pending Home Sales Index moved higher in March as home sales were spurred by low mortgage rates and an expiring tax credit. A "pending home" is a property that is under contract to sell, but not yet closed. March marks the second straight month in which the Pending Home Sales Index improved after a series of weak showings this past winter. March showed a 5 percent increase over the month, but the Pending Home Sales Index is still off its October 2009's peak. October 2009 is a comparable period to March 2010 in that it marked the 1-month deadline before … (0 comments)
mortgage update: What's Ahead For Mortgage Rates This Week : April 19, 2010
- 04/19/10 05:22 AM
Mortgage markets improved last week for the second week in a row. And, also for the second week in a row, rates were down on "safe haven" buying -- just not for the same safe haven reasons as before. If you'll remember, safe haven buying is when investors sense market risk, then move money toward less risky investments. Well, because the U.S. government backs the bonds of Fannie Mae and Freddie Mac, mortgage bonds tend to fit the "less risky" description and as Iceland's volcanoes shut down air traffic in Europe, mortgage bonds benefited. That was early in the week. Then, … (0 comments)
mortgage update: For Clues About The Future Of Mortgage Rates, Watch For Inflation
- 03/19/10 04:38 AM
Homes are more affordable across the nation as the housing market emerges from a slow winter season with mortgage rates still near 5 percent. Soft housing and low rates are an excellent combination for home buyers but whereas home values rise with a gradual pace, mortgage rates change in an instant. It's something worth watching. Each 0.25% increase to conventional or FHA rates adds approximately $16 per month for each $100,000 borrowed. Mortgage rate volatility can change your household budget. If you're trying to gauge whether rates will be rising or falling, one keyword for which to listen is "inflation". Mortgage … (0 comments)
mortgage update: A Simple Explanation Of The Federal Reserve Statement (March 16, 2010 Edition)
- 03/16/10 08:19 AM
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged, in its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy "has continued to strengthen" and that the jobs markets "is stabilizing". It also said that business spending has "has risen significantly". This is a slight departure from the Fed's January statement in which housing was not mentioned and business spending was said to be "picking up". It's also the sixth straight statement from the FOMC in which the Fed described the economy with optimism. This is a signal … (0 comments)
mortgage update: What's Ahead For Mortgage Rates This Week : March 15, 2010
- 03/15/10 04:51 AM
Mortgage markets worsened last week with little economic news to push markets in either direction. Momentum trading and rebalancing of portfolios drove mortgage rates higher, on average. FHA and conventional mortgage rates rose last week, marking the first time that's happened this month. Mortgage rates have been on impressive run lately and mortgages are priced far better than what most experts predicted. Weaker-than-expected economic data is one reason why. Lack of economic data may be another. This week, however, data returns. Monday : Industrial Production and Home Builder Index Tuesday : Housing Starts and Building Permits Wednesday: Consumer Confidence Thursday : … (0 comments)
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