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Mortgage markets improved last week as foreign buyers of mortgage debt helped to push mortgage rates to a 4-week low.
It marked the 3rd consecutive week that rates improved, breathing extra life into this year’s ongoing Refi Boom.
Fixed-rate, conforming mortgage rates fell about 0.125 percent on the week. ARMs did about the same.
There wasn’t much data to move mortgage rates last week; investors worked mostly on momentum and trends. However, the Friday University of Michigan ... Read Full Story
Despite the economy’s improvement and prodding from Congress, banks don’t seem ready to open their purse strings just yet.
Nationally, mortgage approval standards are tightening.
The data comes from a quarterly survey the Federal Reserve sends to its member banks. The Fed asks senior bank loan officers around the country whether “prime” residential mortgage guidelines had tightened in the last 3 months.
For the period July-September 2009:
Roughly 1 in 4 banks sai... Read Full Story
Consider this a last call for FHA Streamline Refinances. Starting next Tuesday, the popular rate-lowering program gets strict on borrowers.
There’s 5 days left.
Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements.
FICO scores must be 620 or higher
The refinance must provide a “tangible benefit”
No mortgage lates allowed in the last 12 months
Beyond that, everything else goes, practically. There’s no income, a... Read Full Story
Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday.
Thankfully for rate shoppers, the overall momentum was positive.
Mortgage rates fell for the second time in as many weeks. Rates still sit higher versus their early-October lows.
For pure “news”, last week was a busy one:
The Federal Reserve held the Fed Funds Rate near 0.000 percent
The Unemployment Rate crossed 10 percent
The First-Time Home Buyer Tax Credit was extended to Ap... Read Full Story
Obama signed the First-Time Home Buyer Tax Credit today.
Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.
The up-to-$8000 tax credit’s expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.
The program’s basic eligibility requirements remain the same:
Buyers can’t purchase the home from a parent, spouse, or child
Buyers can&... Read Full Story
Friday morning President Barack Obama will sign the new bill extending the First Time Home Buyer Credit.
The bill also includes $6,500 credit for Buyers who are current Home Owners and have been in a principal residence for at least five of the last eight years.
Related posts:The End Of The First-Time Home Buyer Tax Credit (Video) Buyers not under contract by October 15 have little chance...First-Time Home Buyer Tax Credit expires December 1, 2009 The government's First-Time Home Buyer Tax C... Read Full Story
Please take the time to watch and try to understand!
Related posts:Join Rick Santelli’s Revolution Join Rick Santelli's Revolution...Six Tax Breaks Every Homeowner Should Know Benjamin Franklin once said, "In this world nothing can be...Rent vs. Own $70 National Spread (video) Rent vs. Own $70 National Spread (video)... Read Full Story
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.
In its press release, the FOMC noted that the U.S. economy “has continued to pick up” since the September FOMC meeting and that housing market activity has increased.
It’s the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy – a signal that the recession is likely over.
The economy isn’t with... Read Full Story
Mortgage markets improved last week after a series of hugely volatile trading sessions.
Rates carved out a wide range on the week, culminating in a late-Friday plunge that dropped rates by about 1/8 percent.
It was the first time in 5 weeks that mortgage rates fell.
Volatility like that of last week is nothing new on Wall Street; it’s been a running theme in 2009. Volatility occurs when markets don’t agree on what’s next for the economy and, this year, there’s be... Read Full Story
For August, the Case-Shiller Index showed annual home values improving across 19 of 20 U.S. markets. It’s the first time in 3-plus years that the benchmark housing index has shown such strength.
According to a Case-Shiller Index spokesperson, “The rate of annual decline in home price values continues to improve.”
It’s yet another sign that housing may have already bottomed.
However, just because the Case-Shiller Index shows a stabilization in home values, that does... Read Full Story
