ny mortgages: What's up with Mortgage Rates?
- 06/23/09 04:39 AM
I read an article yesterday on MarketWatch.Com that basically summed up some of what I've been telling my customers of late. Rates were very low -- below 5% for a 30 year fixed rate mortgage -- a few weeks ago. People wouldn't commit to 4.75% because they wanted 4.5%! Then, some good (albeit bogus in my opinion) news about the economy was released and interest rates spiked. Those customers who could have gotten 4.75% were now getting 5.75% or 6%. There's a lesson there somewhere! Well, rates have been bouncing around the last week or so. We're at 5.5% today for … (0 comments)
ny mortgages: NYC Real Estate Prices to Drop another 20%?
- 06/17/09 04:34 AM
I read an article this morning on Time.Com that is pretty ominous for NYC (and surrounding areas) homeowners. Deutche Bank has come out with a real estate forecast, saying they believe that home prices in the NY metropolitan area, including Westchester County and Northern NJ, will decline an additional 20% before bottoming out. NYC home prices are already down almost 20% from their 2007 high. The main ingredient for this forecast is affordability. The median house price has dropped from $552,000 in 2007 to $446,000 currently, which is still quite high. Particularly with the economic issues we're going through, and the … (0 comments)
ny mortgages: Reverse Mortgages
- 06/10/09 03:52 AM
Below is an excerpt from an article in today's Wall Street Journal about Reverse Mortgages. While it's important for seniors to be educated about the product to ensure that it's the right financial tool for them, a reverse mortgage is definitely an option that should be explored, in my opinion. "Here's one segment of the mortgage market that's still hot: federally insured reverse mortgages, which enable senior citizens to take money out of their homes. In March and April, the number of reverse mortgages backed by the government jumped nearly 20% from the same period last year. In April alone, the … (0 comments)
My blogs will contain mortgage-related information, based on my experience, that will hopefully be helpful to anyone looking to purchase a new home or refinance their existing mortgage.
I read an article yesterday on MarketWatch.Com that basically summed up some of what I've been telling my customers of late. Rates were very low -- below 5% for a 30 year fixed rate mortgage -- a few weeks ago. People wouldn't commit to 4.75% because they wanted 4.5%! Then, some good (albeit bogus in my opinion) news about the economy was released and interest rates spiked. Those customers who could have gotten 4.75% were now getting 5.75% or 6%. There's a lesson there somewhere!
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