Purchases of new U.S. homes exceeded projections in November, holding near a five-year high and showing the housing recovery was gaining momentum even as mortgage rates climbed. Michael McKee reports on Bloomberg Television’s “Market Makers.” Source: Bloomberg
Mortgage rates began to wander upward again just as the Federal Reserve announced that it would start winding down its stimulus program early next year. Before Wednesday’s announcement, mortgage rates already had started to climb, according to the latest data released Thursday by Freddie Mac. The 30-year fixed-rate average rose to 4.47 percent with an…
Sales of existing homes in November fell to the slowest pace in almost a year, hit by higher mortgage rates and low inventory, according to data released Thursday. The National Association of Realtors reported that sales of existing homes slumped 4.3% in November, a third month of declines, to a seasonally adjusted annual rate of…
The Federal Housing Administration (FHA) relaxed its guidelines for borrowers who “experienced periods of financial difficulty due to extenuating circumstances. Known as the “Back To Work — Extenuating Circumstances Program” or simply the “FHA Back to Work Program,” borrowers with a recent history of bankruptcy (Chapter 7 or Chapter 13), foreclosure, judgment, short sale, loan…
Federal Reserve announced this week it would begin pulling back on it’s bond-buying program Average 15-year mortgage rate rose to 3.51% Five-year adjustable mortgage rose to 2.96% Average U.S. rates for fixed mortgages rose slightly this week but remained near historically low levels. Mortgage buyer Freddie Mac said Thursday the rate on the 30-year loan…
Home mortgage debt rose in the third quarter of this year for the first time since the end of 2008, according to a new report from the Federal Reserve. It is a healthy sign for the housing market, arguably, but it is not exactly what it seems at face value. Mortgage debt is growing largely…
Both commercial and residential mortgage-backed securities will be great investments in 2014 as the Fed starts tapering and long-term interest rates rise, says a top hedge fund manager. Deepak Narula, founder and head of top-performing hedge fund Metacapital Management, says his firm is betting commercial mortgage-backed securities will be top performers in 2014, he told…
The housing market may quite return to normal next year, but it’s getting there. Dusting off their crystal balls, real estate experts can at least spy the path toward for the sector in 2014. According to real estate listing and research site Trulia, sales and prices of of non-distressed homes are almost back to normal,…
Single-family new-home sales posted a sharp rise in October, up 25.4 percent from September, according to newly released Census Bureau data. That was a similar rate to last spring when the new-home market was taking off in recovery mode. Across the country, all regions posted double-digit gains in new-home sales in October. In the Midwest,…
Private-sector employment increased by 215,000 from October to November, on a seasonally adjusted basis. Read the full report here.