Shannon Odom's (smodom) Blog

Mortgage and Lending - Northeast Bank - NMLS ID 509649



Mortgage rates are low right now but pinning them down this week could be a challenge. As Labor Day Weekend nears and Wall Streeters take their head-start on the holiday, trading volume will fall, which will cause mortgage rates in Maine to get jumpy. As mortgage rates change, so does the long-t...
Mortgage markets improved last week despite a major mortgage bond sell-off Friday afternoon. Prior to the jump, conforming mortgage rates had cut new, all-time lows by Thursday, only to lose up to 0.250 percent on the last day of the week. Meanwhile, the same type of news that drove rates lower M...
With home prices holding firm and mortgage rates still dropping, home affordability is reaching new heights. According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between April-June 201...
One day after the National Association of Realtors released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report. Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government sta...
The number of home resales plunged by 1.4 million units in July, according to the National Association of Realtors®’ Existing Home Sales report. It’s a drop of 27 percent from June; single-family home resales are at the report’s lowest levels since May 1999. Furthermore, because of the sharp drop...
The tightening in mortgage-lending policies that characterized the last 3 years appears to be slowing. According to the Federal Reserve’s quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It’s a huge departure from ...
Mortgage markets stalled last week in back-and-forth trading as Wall Street grappled with weak housing data, falling builder confidence, and worsening jobs numbers nationwide. Because markets were volatile, rate shopping was challenging. Conforming mortgage rates did managed to make a new all-tim...
Another week, another new low for conforming mortgage rates.  In fact, this week marks the 9th time in a row it’s happened. Mortgage rates are (again) at their lowest levels in history. The data comes from the Freddie Mac, a government group and major loan securitizer for the U.S. mortgage marke...
How much does a mortgage cost? The answer depends on where you live. But no matter which your locale, chances are strong that you’ll pay more for a mortgage in 2010 as compared to 2009. According to and its annual Closing Cost Survey, a typical $200,000, purchase mortgage now carrie...
Sometimes, you need to look deeper than the headlines to get the news that matters. This basic truth’s latest example comes from the July Housing Starts data, as published by the U.S. Census Bureau. According to the newspapers, Housing Starts improved last month: US Housing Starts Make Modest Reb...

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