Existing Home Sales Decline
A real-estate industry report released this week showed existing home sales fell in the month of December. According to the National Association of Realtors, existing home sales dropped 16.7% nationally. This is the largest monthly drop on record in 40 years.
Existing home sales totaled 5,156,000 in 2009, higher than the previous year by 4.9%. Sales [...]
Higher Mortgage Rates Possible
Economist believe mortgage rates will increase, predicting the average 30 year rate will move closer to 5.75% over the next six months. Such forecasts force homeowners with adjustable rate mortgages to consider refinancing their loans to avoid an increase in their monthly payments. An increase that few are prepared to handle when we consider the [...]
Pending Home Sales Drop, Market Looks Bleak
The National Association of Realtors’ index on pending home sales dropped by 16% in November. This is more than three times what economists expected to see. The pending home sales index showed a decline in every region, 26% in the northeast and mid-west, 15% in the south and 3% in the west.
The drop-off was initiated [...]
Fed Purchases Of Mortgage Backed Securities To End
The Federal Reserve Bank will discontinue buying mortgage backed securities in March 2010. The Federal Reserve has been actively supporting the treasury and mortgage markets with purchases of treasuries and mortgage backed securities since fall 2008.
This could have an impact on the mortgage climate for the foreseeable future. A Morgan Stanley chief economist feels treasury [...]
Mortgage Rates Drop as Unemployment Rises
According to Freddie Mac, the average rate on a 30 year fixed rate mortgage, as reported on Nov. 12, is now at 4.83%, perilously close to the all time low of 4.71% set back in April of this year.
For those who can afford higher payments, a 15 year fixed rate mortgages now average 4.32%, which [...]
More Mortgage Woes Ahead
When the Obama administration established programs in March to help home owners modify mortgage payments or refinance for a lower interest rate, the intent was to curb the foreclosure crisis and keep families in their homes.
Now, seven months later, rates are ticking up, programs are expiring and foreclosure numbers are still on the increase.
Mortgage rates [...]
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