the federal reserve: 30-Year Rates Dip Back Below 5 Percent
- 03/06/10 06:24 AM
The average rate on a 30-year, fixed-rate mortgage was 4.97 percent this week, down from 5.01 percent last week, mortgage company Freddie Mac said Thursday. Last year at this time, rates on 30-year mortgages averaged 5.16 percent. The average rate on 15-year, fixed-rate mortgages fell to 4.34 percent from 4.40 percent, Freddie Mac said. Rates on five-year, adjustable-rate mortgages averaged 4.19 percent, down from 4.27 percent a week earlier. One-year ARMs rose to 4.33 percent from 4.22 percent. Borrowers can reduce their interest rates by buying points, equal to 1 percent of the mortgage amount. The nationwide averages in Freddie Mac's … (0 comments)
the federal reserve: Fed: Interest Rates to Remain Low
- 02/26/10 02:09 AM
Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, "still requires support for recovery."Investors see these low rates as a boon to a recovery of employment and business.Bernanke's announcement also took the edge off the news Wednesday that housing sales hit a new low in January."Even though nothing he said was particularly new, it was just enough to calm the ruffled feathers that were out there," said Jim McDonald, chief investment strategist at Northern Trust in Chicago.Source: The Associated … (0 comments)
the federal reserve: Interest Rates Predicted to Reach 6%
- 12/28/09 07:18 AM
Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed."Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."Source: Washington Post, Dina ElBoghdady (12/26/2009) http://www.realtor.org/RMODaily.nsf/pages/News2009122803?OpenDocument … (0 comments)
the federal reserve: Fed Calls Housing Upturn a Good Sign
- 10/23/09 04:12 AM
The Federal Reserve's "Beige Book" report, released Wednesday, points to housing as a bright spot in the economic landscape and applauds banks that lent to first-time homebuyers.It calls commercial real estate a consistently weak sector, weighed down by business closures and the difficulty in refinancing.In a separate report Wednesday, the U.S. Labor Department said the number of jobs fell in 43 states and the District of Columbia, with the unemployment rate rising in 23 states. Industries with the strongest economic gains were residential real estate and manufacturing.Source: Washington Post, Neil Irwin (10/22/2009) http://www.realtor.org/RMODaily.nsf/pages/News2009102201?OpenDocument … (1 comments)
the federal reserve: Fed Chair Says the Worst Is Over
- 08/26/09 12:05 AM
Federal Reserve Chair Ben Bernanke said on Friday that he was optimistic the economy is about to take off. Bernanke acknowledged that credit is still tight, especially for businesses, but he told an audience of bankers, academics, and economists that the worst is over."Although we have avoided the worst, difficult challenges still lie ahead," Bernanke said. "We must work together to build on the gains already made to secure a sustained economic recovery."Bernanke called for stronger regulation of financial rules "to ensure that the enormous costs of the past two years will not be borne again."Source: The Associated Press, Jeannine Aversa … (4 comments)
the federal reserve: What Has the Housing Crash Cost Americans?
- 08/25/09 01:41 AM
How much real wealth have Americans lost so far in the real estate crash?The Federal Reserve estimates that the total market value of U.S. homes fell 18 percent from $21.9 trillion to $17.9 trillion or about $13,000 per person from the end of 2006 through March 31, 2009. The Fed also estimates that homeowner's equity has declined 40 percent from the peak and now accounts for just 41.4 percent of real estate values. By comparison, after the last slump in the 1990s, home equity levels remained in the high 50s.This collapse in equity makes it difficult for potential buyers to sell … (1 comments)
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The average rate on a 30-year, fixed-rate mortgage was 4.97 percent this week, down from 5.01 percent last week, mortgage company Freddie Mac said Thursday. Last year at this time, rates on 30-year mortgages averaged 5.16 percent.
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