mortgage rates: Housing Gains Flatten
- 01/06/10 02:09 AM
Following four straight months of housing gains, the S&P/Case-Shiller Home Price Indices indicated this morning that previous gains from earlier in the year had leveled off in October. The S&P/Case-Shiller Home Price Indices covers 20 of the nation's largest metropolitan regions, while measuring the residential housing market by tracking the changes in home values. From one year earlier, the index is down 7.3%, while only 7 of the 20 regions recorded gains from the previous month. "Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip," said … (0 comments)
mortgage rates: Reasons to Refinance
- 12/28/09 07:32 AM
According to the Mortgage Bankers Association, refinance mortgage applications accounted or approximately 66% of all mortgage applications in early October. With near-historic current mortgage rates, the lure of lowering their monthly mortgage payments in order to save hundreds of dollars per month, thousands of dollars per year, and hundreds of thousands of dollars over the life of a mortgage loan, homeowners in mass raced to refinance their existing mortgages with significantly lower mortgage rates. However, refinancing costs time and money. Mortgage lenders have tightened their belts over the past couple of years, so obtaining a new mortgage is not as easy … (0 comments)
mortgage rates: Fannie Mae, Freddie Mac Suspend Foreclosure Evictions through Holiday Season
- 12/24/09 02:39 AM
Last week, government-sponsored enterprises Fannie Mae and Freddie Mac announced the suspension of foreclosure evictions through January 3, 2010. During the holidays, homeowners and any tenants living in foreclosed properties owned by Fannie Mae and Freddie Mac will not be subjected to eviction. Michael J. Williams, President and CEO of Fannie Mae said, "We're taking this step in support of struggling families who have unfortunately found themselves facing foreclosure. No family should have to face the prospect of being evicted during the holiday season." Freddie Mac CEO Ed Haldeman added, "If the property is occupied, our attorneys will halt the … (0 comments)
mortgage rates: Current Mortgage Rates to Rise in 2010
- 12/21/09 06:30 AM
With a mortgage rate of 5.5% on a 30-year fixed-rate mortgage being hailed as a 40-year low just a few short years ago, current mortgage rates continue to flirt with record lows today. It has been said time and time again that if you're considering refinancing or delving into the world of homeownership, the time is now. Well, if it's been said time and time again, why is there such urgency now? In an extended interview with Time magazine, Federal Reserve Chairman Ben Bernanke briefly discussed his own personal refinance a few months ago. So if the man who controls mortgage … (0 comments)
mortgage rates: Current Mortgage Rates Are Still Low Thanks to Ben Bernanke
- 12/21/09 06:21 AM
As the Chairman of the Federal Reserve, Ben Bernanke is perhaps the most influential person on the planet in terms reshaping not only the American economy, but the global economy as a whole. The 56-year-old former economics professor at Princeton has been tabbed by Time magazine as the "Person of the Year 2009." Highly criticized by many, Michael Grunwald of Time said it best: "His arguments aren't partisan or ideological; they're methodical, grounded in data and the latest academic literature. When he doesn't know something, he doesn't bluster or bluff. He's professorial ..." In other words, Bernanke is not a typical … (0 comments)
mortgage rates: 2010 Originations to Slump While Mortgage Rates Climb
- 12/16/09 05:57 AM
According to a report by Keefe, Bruyette & Woods (KBW), the nation's largest full-service investment bank specializing exclusively in the financial services sector, mortgage originations are expected to decline by at least 16% in 2010. There are two major reasons for this prediction: the $8,000 first-time homebuyer tax credit and the $6,500 "move up" homebuyer tax credit will expire at the end of April, and the Federal Reserve will have completed its purchase commitment of $1.25 trillion in mortgage-back securities around the end of the first quarter. When the Federal Reserve completes their purchase pledge, refinance mortgage applications will decline … (0 comments)
mortgage rates: Current Mortgage Rates, Treasury Yields Rising
- 12/16/09 05:38 AM
In just under three weeks since the end of November, the 10-year treasury yield has increased to 3.56% from 3.21%. All indications point to the 10-year treasury yield continuing to increase, so significantly higher mortgage rates are looming on the horizon. Regardless of this recent increase, current mortgage rates remain extraordinarily low. Analysts believe mortgage rates have already bottomed out. Therefore, waiting any longer to purchase or refinance will only yield - no pun intended - a higher mortgage rate. Today, borrowers can still benefit from a mortgage rate of 4.99%, or even 4.875, without paying any points, on a … (0 comments)
mortgage rates: Current Mortgage Rates: Options for Owing More Money Than Your Home Value: Part 1
- 12/16/09 05:27 AM
There are a few options if you owe more than your home is worth although not all may be preferred options. 1. Find out if Fannie Mae or Freddie Mac own your mortgage. Both of these agencies allow for refinancing your current 1st mortgage up to 125% of the value of your home. Fannie Mae has their Durefiplus program and Freddie Mac has their Relief Refinance Mortgage Open Access" program which they recently opened up to allow the borrower to refinance with a lender other than their current servicer. Originally Freddie's program was restrictive to only the current servicer of … (0 comments)
mortgage rates: Current Mortgage Rates Begin to Rise Nationally
- 12/11/09 05:16 AM
Although current mortgage rates are increasing, a 30-year fixed-rate mortgage is still available below the 5% threshold. The same 30-year fixed-rate mortgage was available between 4.5% and 4.625% less than two weeks ago. Since the end of November, mortgage rates began to rise rather steadily. However, even though analysts expect mortgage rates to remain relatively low through the first quarter of 2010, it all depends on one's interpretation of "low." Mortgage rates change daily, sometimes several times throughout the day. A major factor in keeping current mortgage rates at or near historic lows for so long has been the Treasury … (0 comments)
mortgage rates: Housing Market Causing House Flippers to Nest Instead
- 12/08/09 02:03 AM
What exactly is house flipping? House flipping is when a buyer purchases a house that is in need of some work, renovates it, then turns around and sells it - or flips it - quickly for a profit. The flipping process can be applied to any asset, but is most commonly utilized in reference to real estate transactions. However, with the housing market still in disarray, nesting is quickly replacing flipping. What exactly is nesting? Nesting, in real estate terms, refers to homeowners utilizing their money to fix up their existing home they already have and remain there rather than … (0 comments)
mortgage rates: Purchase Contracts Dramatically Increase
- 12/07/09 03:00 AM
Although they do not constitute closed deals, the impressive 3.7% increase in signed contracts to purchase homes in October certainly indicates the housing market is on the mend. If this increase is not enough proof the housing market is rebounding, then the National Association of Realtors' report of a record nine consecutive months increases in signed contracts should. Coupled with today's announcement that job losses were nearly 114,000 less than originally forecasted for November - and well below any job loss post over the last 23 months - the increase in purchase contracts is welcome news to the economy as … (0 comments)
mortgage rates: Current Mortgage Rates Stimulating Home Sales
- 11/25/09 05:53 AM
For the fourth consecutive week, current mortgage rates on 30-year fixed-rate mortgages dipped. The current mortgage rate on a 30-year fixed-rate mortgage is currently 4.78%, matching a record low set in April, while the average mortgage rate on a 15-year fixed-rate mortgage is 4.29%. As the housing market remains in a somewhat tattered state, these low mortgage rates will likely continue to support the recent increase in sales. When mortgage applications for purchases slowed prior to the extension of the $8,000 first-time homebuyer tax credit, it was a sign that Congress had to move swiftly. Along with the extension of … (0 comments)
mortgage rates: What is the Reason for the Decline in Mortgage Applications?
- 11/20/09 06:35 AM
There's no question the recent extension to the $8,000 first-time homebuyer tax credit will continue to greatly facilitate a rebound in the housing market. However, exactly how much of an impact the newly implemented $6,500 "move up" homebuyer tax credit will have remains to be seen. Although, the bigger question remains: if current mortgage rates are back to near-historic lows, why have mortgage applications declined? Believe it or not, the answer is quite simple. For the week ending Friday, November 6, mortgage applications for home purchases plummeted an astounding 11.7% from the week prior. This is during a period of … (0 comments)
mortgage rates: Current Mortgage Rates and Mortgage Applications: Where Do They Stand?
- 11/20/09 01:27 AM
It's no secret the housing market continues to endure tumultuous times. Despite the Federal Reserves best efforts to keep current mortgage rates at or near historic lows, it's becoming painfully obvious we have yet to see rock bottom. With an excess of available homes amid the existing recession, foreclosures are ongoing and property values continue to decline. Some analysts predict this trend can take another year or two to correct itself. The Federal Reserve has recently slowed their pace of purchasing mortgage-backed securities in an effort to prolong low mortgage interest rates. This approach is intended to also buy time … (1 comments)
In case you haven't been noticing the current mortgage rates are threatening their all time lows. While the current mortgage rates have been at historically low levels for the most part of 2009, they are seriously threatening to break through their lows into uncharted territories.
Although no one can 100% predict how low the current mortgage rates will eventually fall, I can guarantee they will not be at these levels forever. A 30 year fixed rate at 4.75% is not out of the question without paying any points. A 5/1 adjustable rate … (0 comments)
mortgage rates: Current Mortgage Rates Hold Steady, Remain Low
- 11/17/09 05:41 AM
Due to the lowest yields on mortgage securities in nearly six months, all indications point to current mortgage rates remaining low, at least for the interim. According to statistics assembled by Bloomberg, Fannie Mae's 30-year fixed-rate mortgage rate fell yesterday from 4.12% to 4.07%, which represents a low not seen since May 21. In an effort to keep current mortgage rates low in hopes of stabilizing the slumping housing market, the Federal Reserve has purposely slowed their purchase of the $1.2 trillion in mortgage-backed securities they committed to purchasing at the beginning of the year. Having already surpassed the $1 … (0 comments)
mortgage rates: First-Time Homebuyer and Move Up Homebuyer Tax Credits: Questions and Answers
- 11/12/09 01:43 AM
By now, first-time homebuyers interested in purchasing a home are aware of the extension of the $8,000 first-time homebuyer tax credit to June 30, 2010. However, existing homeowners may not be aware of the new legislation implementing a new $6,500 tax credit for "move up" homebuyers. What is a "move up" homebuyer? A "move up" homebuyer is a homeowner who has lived in their home for five consecutive years out of the past eight, and is now looking to purchase, and "move up," to a new home. Below are some common questions that both first-time homebuyers and "move up" homebuyers … (10 comments)
It's Official: Effective for all home purchases after November 6, 2009 President Obama signs into law H.R 3548: The extension and expansion of the home buyer tax credit. Friday November 6, 2009 , as current mortgage rates still kept up their momentum of the current week of sliding lower, President Obama officially signed the HR 3548 bill after the Senate passed it unanimously on Wednesday and the House of Representatives voted to approve it by a 403-12 margin on Thursday.. In case you haven't heard the home buyers tax credit has been extended and expanded … (1 comments)
mortgage rates: Federal Tax Credit Extended
- 11/05/09 07:03 AM
As a part of the Obama administration's economic stimulus package, first-time homebuyers have been taking advantage of tax credits up to $8,000 since January. With the expiration of the initial tax credit looming on November 30, Congress just enhanced the tax incentive for a new group of homebuyers. The Senate voted unanimously (98-0) yesterday to expand the tax credit to $6,500 to include homebuyers who have owned their current homes for at least five years. For first-time homebuyers - or previous homeowners who have not owned a home in the past three years - the tax credit will remain at … (0 comments)
mortgage rates: First-time Home Buyer Tax Credit Extension Passes Senate
- 11/05/09 07:00 AM
The First-Time Home Buyer Tax Credit Extension Bill Clears The First HurdleIf you were waiting/hoping for an approval from the U.S Senate on the newest proposal for the extension and expansion of the current first-time home buyers tax credit, you're in luck, The Senate overwhelmingly passed the proposal 98-0 last night to extend and expand the home buyer tax credit as per below. House of Representatives expected to pass first-time home buyer tax creditThe House of Representatives are expected to execute their version of the 2 minute no huddle offense and approve this the extension of the first-time home buyer tax … (0 comments)
Following four straight months of housing gains, the S&P/Case-Shiller Home Price Indices indicated this morning that previous gains from earlier in the year had leveled off in October. The S&P/Case-Shiller Home Price Indices covers 20 of the nation's largest metropolitan regions, while measuring the residential housing market by tracking the changes in home values. From one year earlier, the index is down 7.3%, while only 7 of the 20 regions recorded gains from the previous month.
;)
;)
;)
