If your debt is out of control but you have equity in your home, you might consider consolidating your debt with a home equity line of credit. Debt consolidation comes with the possibility of a single payment, and a low interest rate that allows you to pay off your indebtedness in less time for less…
The big “will-they or won’t they” ended last month with the Fed’s mid-December announcement that it would begin tapering its economic stimulus efforts. Federal Reserve Chairman Ben Bernanke’s decision to scale back on Bond and Treasury purchases by $10 billion signaled that the economy has showed sufficient ability to play on its own, albeit, on…
Mortgage rates in the U.S. saw a tiny increase this week, but most popular loans remain under 4.5 percent as 2013 comes to a close. The average rate on a 30-year fixed mortgage inched upward to 4.48 percent, according to the latest survey from mortgage buyer Freddie Mac. Last week, the 30-year fixed average was…
Private mortgage insurance is slowly starting to creep back into large home loans, adding a new fee for some wealthy borrowers. Traditionally, this insurance is sold to buyers who make small down payments, typically less than 20%, and is designed to protect lenders if a borrower defaults. The policies were widely used during the housing…
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…
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,…