mn: Rising Sales Prices Are Excellent News For Homeowners Across America - 03/27/13 08:23 AM
Rising Sales Prices Are Excellent News For Homeowners Across America The National Association of REALTORS® released its monthly Existing Home Sales report on March 21 and gave investors and home sellers something to cheer about. 
While February sales of existing homes didn’t meet investor forecasts of 5.00 million homes sold on a seasonally adjusted annual basis, the actual number of existing (previously owned) homes came close at 4.98 million homes sold.
This number surpassed January’s revised reading of 4.94 million homes sold by 0.8 percent.
Sales of existing homes comprise approximately 85 to 90 percent of homes sold in the U.S.
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mn: What’s Ahead For Mortgage Rates This Week : September 4, 2012 - 09/04/12 02:30 AM
What’s Ahead For Mortgage Rates This Week : September 4, 2012   Mortgage markets improved last week for the second consecutive week.
With no news coming from Europe, Wall Street was focused U.S. economic data and Federal Reserve Chairman Ben Bernanke’s planned public speech from the Fed’s annual retreat in Jackson Hole, Wyoming.
Rate shoppers and home buyers in Cambridge caught a break.
The housing market was shown to be improving last week, as was the average household income nationwide — two events which would have typically moved Minnesota mortgage rates higher. But, because the Fed Chairman used his speech to … (1 comments)

mn: What’s Ahead For Mortgage Rates This Week : August 27, 2012 - 08/27/12 01:55 AM
What’s Ahead For Mortgage Rates This Week August 27, 2012   Mortgage markets improved last week. Mixed data highlighted the U.S. economy’s slow, steady expansion; the Federal Reserve changed market expectations for the new stimulus; and, sovereign debt concerns moved back to the forefront in Europe.
Conforming mortgage rates fell last week for the first time this month, breaking a 4-week losing streak that had stymied would-be refinancing households in Wisconsin and nationwide.
Mortgage rates had been higher since the start of August.
In published minutes from its July 31-August 1, 2012 Federal Open Market Committee meeting, the Federal Reserve revealed … (0 comments)

mn: What’s Ahead For Mortgage Rates This Week : August 20, 2012 - 08/20/12 02:22 AM
What’s Ahead For Mortgage Rates This Week : August 20, 2012   Mortgage markets worsened for the third straight week last week as the U.S. economy showed new signs of expansion, and as little new news came from Europe.
August has been a rough month for rate shoppers. Since the start of the month, mortgage rates in Isanti have climbed steadily and are now at a 7-week high.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage is 3.62% nationwide, on average, for homeowners willing to pay 0.6 discount points plus a full set of closing … (0 comments)

mn: Improving Market Index Spans 32 States, District Of Columbia - 08/14/12 03:16 AM
Improving Market Index Spans 32 States, District Of Columbia  
80 U.S. metropolitan markets are showing “measurable and sustained growth” this month, according to the National Association of Homebuilders’ Improving Market Index. It’s good news for the economy and good news for housing.
The NAHB’s Improving Market Index is meant to identify U.S. markets in expansion. It’s a composite of the three distinct data sets which, as a group, present a more holistic view of a given city’s growth :
From the Bureau of Labor Statistics, the IMI tracks employment figures From Freddie Mac, the IMI tracks home price data From … (3 comments)

mn: Mortgage Standards Stop Tightening; Lending Soon To Loosen? - 08/14/12 03:13 AM
Mortgage Standards Stop Tightening; Lending Soon To Loosen?   As another signal of an improving U.S. economy, the nation’s biggest banks have started to loosen mortgage lending guidelines.
As reported by the Federal Reserve, last quarter, no “big banks” reported stricter mortgage standards as compared to the quarter prior and “modest fractions” of banks reported easier mortgage standards.
The data comes from the Fed’s quarterly Senior Loan Officer Survey, a questionnaire sent to 64 domestic banks and 23 U.S. branches of foreign banks. The survey is meant to gauge, among other things, direct demand for consumer loans and banks’ willingness to … (0 comments)

mn: Closing At The End Of August? Plan Ahead For Labor Day Weekend - 08/07/12 03:21 AM
Closing At The End Of August? Plan Ahead For Labor Day Weekend. Planning to make a late-August purchase closing? Keep an eye on your calendar. The last Friday of this month coincides with Labor Day Weekend, which may make for a complicated, end-of-month closing. If you’re planning to close on, or around, August 31, 2012, plan ahead. Leaving anything to the proverbial last minute could delay your closing by hours in a best-case scenario, and by days in a worst-case.
This is because Labor Day is among the most popular vacation times of the year in the real estate, title and … (0 comments)

mn: What’s Ahead For Mortgage Rates This Week : August 6, 2012 - 08/06/12 02:02 AM
What’s Ahead For Mortgage Rates This Week : August 6, 2012   Mortgage bonds worsened last week in a news- and event-heavy week. A series of non-action from the world’s central banks — including the Federal Reserve — plus a better-than-expected jobs report pushed mortgage rates to their highest levels in more than a month.
Conforming mortgage rates rose in Cambridge and nationwide last week.
The week wasn’t without drama, however. Mortgage rates carved out a wide range.
When the week opened, mortgage markets were in a rally mode. The European Central Bank had previously said that it would do whatever … (2 comments)

mn: Homebuilder Confidence Doubles In 12 Months - 07/18/12 01:08 AM
Homebuilder Confidence Doubles In 12 Months   Homebuilder confidence is soaring.
For the second time in three months, the National Association of Homebuilders reports that the Housing Market Index made sizable gains.
The Housing Market Index measures homebuilder confidence in the new construction market and is scored between 1-100. Readings above 50 indicate favorable conditions in the single-family new home market. Readings below 50 indicate poor conditions.
The Housing Market Index leaped to 35 in July, a 6-point improvement and the index’s biggest one-month gain since September 2002.
The HMI is now up 14 points this year and is more than … (0 comments)

mn: 84 U.S. Markets Improving In July - 07/11/12 01:29 AM
84 U.S. Markets Improving In July  
Where economic growth goes, housing growth often follows.
That’s why it’s good news for homeowners that 84 U.S. metropolitan areas are showing “measurable and sustained growth” this month, according to the National Association of Homebuilders’ Improving Market Index.
The Improving Market Index is a derivative report, based on the results of three separate data series which examine a city’s local economy.
The data series used in the IMI are :
Employment data from the Bureau of Labor Statistics Home price data from Freddie Mac One-unit building permits from the Census Bureau The NAHB … (1 comments)

mn: What’s Ahead For Mortgage Rates This Week : July 9, 2012 - 07/09/12 03:36 AM
What’s Ahead For Mortgage Rates This Week : July 9, 2012   Mortgage markets improved last week as concerns for U.S. economic growth wrestled attention away, albeit temporarily, from the Eurozone. Mortgage bonds improved to record prices, lowering mortgage rates across Minnesota and nationwide.
The biggest news of last week’s holiday-shortened trading week was the Friday release of last month’s Non-Farm Payrolls report.
In it, the Bureau of Labor Statistics showed that the economy added 80,000 net new jobs in June, and that the initial tallies for April and May were overstated by a combined two thousand jobs. Wall Street had … (0 comments)

mn: 30-Year Fixed Rate Mortgage Rates Fall To 3.62% Nationwide - 07/09/12 12:26 AM
30-Year Fixed Rate Mortgage Rates Fall To 3.62% Nationwide   30-year fixed rate mortgage rates made new, all-time lows once again this week.
According to Freddie Mac’s weekly mortgage rate survey of more than 125 banks nationwide, the average 30-year fixed rate mortgage rate fell 4 basis point to 3.62% nationwide.
The rate is available to conforming, prime borrowers willing to pay an accompanying 0.8 discount points plus a full set of closing costs. A ”prime” mortgage applicant typically has excellent credit, verifiable income, and at least 25% equity in their home.
And, it’s not just the 30-year fixed rate mortgage … (2 comments)

mn: Mortgage Rate Risk Ahead Of Friday Morning’s Jobs Report - 07/05/12 01:35 AM
Mortgage Rate Risk Ahead Of Friday Morning’s Jobs Report<!-- This material is non-exclusively licensed to Shawn Gerhardson and may not be copied, reproduced, or sold in any form whatsoever.-->
Friday morning, the Bureau of Labor Statistics will release its Non-Farm Payrolls report. More commonly called “the jobs report”, Non-Farm Payrolls is a monthly market-mover.
Depending on the strength — or weakness — of the data, mortgage rates will change. Perhaps sharply. Unfortunately, we can’t know in which direction.
If you’re actively shopping for a mortgage in North Branch , therefore, today may be a prudent day to lock a mortgage.
… (0 comments)

mn: What's Ahead For Mortgage Rates This Week June 18, 2012 - 06/19/12 06:04 AM
What’s Ahead For Mortgage Rates This Week : June 18, 2012 Mortgage markets improved last week, moving mortgage rates back on a downward trajectory. Wall Street investors bid down mortgage bond yields on weaker-than-expected economic data from the U.S. and concern for events within the Eurozone.
Freddie Mac reports the average 30-year fixed rate mortgage rate at 3.71% for borrowers willing to pay 0.7 discount points plus accompanying closing costs.
It’s the second-lowest reading in Freddie Mac’s recorded history and, as a point of comparison, one year ago, the 30-year fixed rate mortgage averaged 4.50% nationwide.
A homeowner giving a $200,000 … (1 comments)

mn: FHA Changes Mortgage Insurnace Premium - 06/14/12 12:55 AM
FHA Changes Its Mortgage Insurance Premium  Monday, June 11, 2012   Monday, June 11, the FHA changed its mortgage insurance premium schedule for the second time this year.
Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both purchase and refinance.
The MIP update will be the 5th time in four years that the FHA has changed its mortgage insurance premium schedule.
FHA-backed homeowners who have not refinanced within the last 3 years will benefit from the new MIP. This is because, beginning with all FHA … (0 comments)

mn: TV ads for Mortgages - 05/16/12 03:22 AM
 
I think I speak for most mortgage professionals when I say that TV Internet ad's are walking a fine line with their advertisements. They seem to promise the world and have payments and interest rates that seem too good to pass up. The truth is you need to read the print.
Luckily for me I have and DVR (digital video recorder) so it is easy for me to pause and rewind things that I want to see basically anytime I need to. Most people don't have that luxury. Ever notice on some mortgage ad's the fine print is so small … (0 comments)

mn: What are some of your options when looking for a mortgage? - 05/15/12 12:45 AM
What's really your best choice when it comes to financing a home?   When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.
In order to understand the differences, let's look at how the lending process works in each case. Banks are given rates by their institutions, telling them what interest rates they can quote to their clients on any given day. There's only so much they can do with regard to interest rates, because it needs to remain … (0 comments)

mn: New HARP 2.0 Program will help some underwater homeowners - 05/08/12 04:39 AM
In an effort to help out homeowners who find themselves “underwater” (owing more money than their home is worth), President Obama announced changes to the 2009 Home Affordable Refinance Program (commonly known as HARP).
The new changes went into effect March 17, and is helping many more homeowners to be eligible to refinance their mortgages and take advantage of the record-low interest rates now being offered. Although it’s difficult to say with certainty, given current market interest rates, the best estimate is that by the end of 2013 HARP 2.0 refinances will help well over one million homeowners.
The initiative aims to address an … (0 comments)

mn: Shopping around for a mortgage lender? - 03/18/08 06:37 AM
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mn: Fed Rate Cuts by .75% (What does it mean?) - 01/22/08 01:48 AM
One of the most frustrating things for us in the mortgage industry is what I consider to be the very poor job the media does in educating the consumer on what the Federal Reserve is really about. Typically, you grab the newspaper and you see that the Fed lowered interest rates. Then the phones in my office start ringing because everybody thinks the normal and natural translation is that mortgage rates have subsequently been reduced as well. I will tell you more often than not the opposite has occurred. There are some very specific reasons for that, and I would like to share those … (1 comments)