For home buyers and refinancing households, low mortgage rates have presented a second opportunity to capture low housing payments. Today’s low mortgage rates can help your budget and help you save. Whether you’re buying a home or refinancing, you’ll be surprised at how low today’s rates really are. Request a quote today. It’s fast, it’s…
The government shutdown may force the housing market to a near-standstill, simply because of a clog in the paperwork. Although initially it seemed the housing market would be largely unaffected by the government shutdown, lenders are hitting a roadblock that could cause major headaches in the mortgage market. The IRS is closed, and that means…
The last quarter of 2013 is officially here, and it could prove to be another volatile one. As we head toward the new year, there are several key stories to monitor, as they could have a big impact on home loan rates. To Taper or Not to Taper One of the biggest headlines over the…
With the mortgage boom officially over, banks are closing facilities and units that have been servicing customers looking to refinance their home loans. JPMorgan laid off more than 2,000 employees in early August—about half of them in originations, according to a person familiar with the situation. The bank had said in February that it would…
There is something new and different for home mortgages: Jumbo mortgage loans are being made at lower interest rates than traditional home loans. That’s kind of like a first class airplane ticket being cheaper than riding in coach. At first this seems crazy. For as long as anybody can remember, homeowners have had to pay…
Interest rates took a wild ride this month, surging on expectations that the Federal Reserve would taper its bond buying program and the receding when the central bank stood pat. The end result was that September was much kinder to borrowers and savers than August was. Interest paid on popular savings products either rose or…
The Federal Housing Administration will take a taxpayer subsidy for the first time in its 79-year history after efforts to improve its bottom line failed to offset losses on loans backed during the housing bubble, according to three people familiar with the matter. The government mortgage insurer will draw the money from the U.S. Treasury…
Something very unusual happened with mortgage interest rates this month. The interest rate on jumbo mortgages actually fell below the interest rate of the conventional 30-year fixed-rate loan. Mortgage experts were quick to point out that this latest quirk of the housing recovery had never happened before. Conventional mortgages are 15-year and 30-year fixed-rate mortgages…
Average U.S. rates on fixed mortgages declined this week amid signs the economic recovery is slowing. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.50 percent from 4.57 percent last week. The average on the 15-year fixed mortgage dipped to 3.54 percent from 3.59 percent last week.…
The Case-Shiller Home Price Index was released this morning, showing that home prices rose 2.4% for the month of May. This nearly matched the previous monthly gain of 2.6%, which is the highest on record. On a year-over-year basis, home prices rose 12.2%. These are the best year-over-year gains we have seen since March 2006.…
Demand for existing homes continued to rise over the previous thirty days according to the National Home Sales Snapshot released by DataQuick while home values rebounded after three weeks of declines. There were 269,817 properties sold over the previous thirty-day rolling period ending September 12th, up 0.9 percent from the previous week’s total of 267,316…
WASHINGTON — Sales of existing houses climbed 1.7 percent in August to a six-and-a-half-year high, and factories grew busier in the mid-Atlantic region this month, providing signs that rising borrowing costs are weighing only modestly on the economy. The National Association of Realtors said on Thursday that existing houses were selling at an annual rate…