| From : myequitypro.com
Published to mortgage industry
The outlook for the U.S. economy improved last week, taking the mortgage bond market with it. For the first time this year, conforming mortgage rates rose throughout Washington from one week to the next.
Data was strong across all categories last week.
Home Resales :Existing Home Sales rose 5%
New Homes : Single-Family Housing Starts rose 4%
Builders : Home Builder Confidence rose to a 5-year high
Jobs : Jobless claims fell to lowest level since April 2008
Inflation : CPI... Read Full Story
| From : myequitypro.com
Not yet published.
Homebuilder confidence is soaring.
For the fourth straight month, the National Association of Homebuilders reports an increase in its Housing Market Index. The index climbed 4 points to 25 this month – its second four-point gain since October.
With home sales activity increasing across all four regions, the monthly HMI has now nearly doubled in value since June 2011.
The HMI is now at a 55-month high.
The Housing Market Index itself is a composite reading; the result of three home... Read Full Story
| From : myequitypro.com
Not yet published.
Foreclosure filings are fewer these days, according to foreclosure-tracking firm RealtyTrac.
In December 2011, the number of foreclosure filings nationwide fell 9 percent from the month prior . Not since November 2007 has foreclosure activity been this sparse across the country.
The drop does not appear to be seasonal, either.
Last month’s foreclosure filings were down 20 percent from December 2010 with “foreclosure filing” defined to include any one of the following foreclosure... Read Full Story
| From : myequitypro.com
Not yet published.
Mortgage markets gained last week, picking up momentum into the weekend. Global demand for mortgage-backed bonds helped push mortgage rates to new lows, and closing costs eased somewhat, too.
According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage rate fell to 3.89% nationwide. In order to get access to 3.89% mortgage rates, Freddie Mac said, mortgage applicants should expect to pay a full set of closing costs plus 0.7 discount points.
1 discount... Read Full Story
| From : myequitypro.com
Not yet published.
Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there’s concrete cause for optimism.
The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to others but, in general, home values are down.
Mortgage rates are down, too, and that’s good news for buyers in Gig Harbor. The combination of low rates and low prices has led... Read Full Story
| From : myequitypro.com
Published to Ben Bernanke
The Federal Reserve has released the minutes from its most recent Federal Open Market Committee meeting . The Fed Minutes are a detailed meeting recap; the companion piece to the more brief, more well-known press release.
As a comparison, the minutes of the last FOMC meeting contained 60 paragraphs and 7,027 words. The post-meeting press release was just 5 paragraphs and 382 words.
December’s Fed Minutes shows Fed members with a positive, cautious, take on the economy.
Recent data... Read Full Story
| From : myequitypro.com
Not yet published.
Consumer spending continues to rise nationwide, fueled by jobs growth and a rosier outlook for the U.S. economy. Unfortunately for mortgage rate shoppers |*STATE in % STATE**|, it may also lead to higher mortgage rates later this week.
Thursday morning, the Census Bureau will release its U.S. Retail Sales data for December. The report is expected to show an 18th consecutive monthly increase, with analysts projecting sales volume higher by 0.4 percent from November.
This would be double... Read Full Story
| From : myequitypro.com
Published to mortgage industry
Starting soon, nearly all home buyers and refinancing households throughout Washington and nationwide will pay higher mortgage loan fees. Congress has made it law.
13 months ago, as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Congress enacted a one-year cut to FICA payroll taxes.
FICA stands for Federal Insurance Contributions Act. Taxes collected under FICA fund such programs as Social Security and Medicare.
The stimulus plan... Read Full Story
| From : myequitypro.com
Published to mortgage industry
Mortgage markets improved last week, pushing mortgage rates in Washington lower for the second straight week. Conforming fixed and adjustable-rate mortgage cut new, all-time lows, and FHA mortgage rates did the same.
In a holiday-shortened trading week, stronger-than-expected U.S. economic data and ongoing weakness within Europe drove investors into the U.S. mortgage-backed bond market. When demand for bonds is high, mortgage rates improve.
The Refi Boom continues.
Since beginning their... Read Full Story
| From : myequitypro.com
Published to mortgage industry
For buyers and refinancing households throughout Washington , adjustable-rate mortgages are a relative bargain as compared to fixed-ones.
According to Freddie Mac’s weekly survey of more than 125 banks nationwide, Tacoma mortgage applicants electing for a conventional ARM over a conventional fixed-rate mortgage will save 105 basis points on their next mortgage rate.
“Conventional” loans are loans backed by Fannie Mae or Freddie Mac.
Today’s average, conventional 30-year fixed rate... Read Full Story
