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%. [...]
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 [...]
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 [...]
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%, [...]
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 Rise as Foreclosures Increase
The Federal Reserve announced that the average rate of a 30 year fixed rate mortgage rose to 5.38%, up from 5.17% the week before. The average rate for a 15 year fixed rate mortgage is now at 4.71%, up from 4.6%. Real estate research firm Zillow reported on Tuesday that, while home values continue to fall, [...]
Refinancing Boom Ending
The recent run-up in mortgage rates has cooled the recent refinancing boom. Refinancing applications fell 12% last week. Mortgage applications fell 7.2%. Freddie Mac reports 30-year mortgages averaged 5.59% this week, the highest since November 2008. Adjustable rate mortgages rose to 5.04%. The Federal Reserve had been buying up Mortgage Backed Securities in order to [...]
Mortgage Rates Jump
Thirty-year fixed mortgages jumped to 5.45 % last week, up from a low of 4.85 % in April and threatening to derail any economic recovery. The yield on10-year Treasury notes jumped to 3.9% last week as inflation leary investors demanded higher yields. In March, the Fed pledged to use up to $1.25 trillion to buy [...]
Freddie Mac Chief Says Mortgage Rates Near Bottom
John Koskinen, Freddie Mac’s interim CEO, said that mortgage rates are near their bottom on friday. Any further rate decreases will be small. Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed mortgages averaged 4.85 % for the week, down drom 4.98 % the week before and 5.85 % last year at this time. [...]
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