5 questions to help you choose! 15-year mortgage may be popular, but it’s not necessarily for everyone Borrowers must understand how payments will be structured Some disciplined savers may benefit from carrying their mortgages into retirement These are the questions to ask when deciding between and 15 and 30-year mortgage. 1. Can you afford to…
Many people who lost their homes in the financial crisis have had to wait at least three years to buy again. However, the Federal Housing Administration (FHA) has created the “Back to Work” loan program, which waives its three year foreclosure waiting period. You may qualify for this program if you have a recent history…
As interest rates rose in early fall, housing in some areas began to slow and applications for refinance loans became a trickle. Now, with interest rates at their lowest since June, we may see a boost in the lending market and in housing sales. Nearly everyone agrees that rates this low cannot last forever and…
Fixed mortgage rates sank to their lowest levels since June, according to the latest data released Thursday by Freddie Mac. For the second week in a row, mortgage rates tumbled among concerns about a softening housing market. The 30-year fixed-rate average slid to 4.1 percent with an average 0.7 point. It was down from 4.13…
As the Government Shutdown stretched into mid-October, a last minute deal by House Republicans and Democrats was reached just before the debt ceiling deadline on October 17. End of Shutdown The deal ended the shutdown and equities markets rallied on the news. Home loan rates, which are tied to Mortgage bonds, did move a bit…
Realtor.com® National Housing Trend Report for September 2013 highlights a strong continuation of equilibrium-oriented trends identified last month. While key indicators show a relatively consistent pace with August figures, the year-over-year perspective shows a strong performance in median list price, decline in days on market and a return to year-ago inventory levels that signal a…
Mortgage lenders are starting to accept lower credit scores and smaller down payments. – Average FICO scores and down payments drop for home loans – Lenders compete harder for new business as interest rates rise – No big changes likely for lending standards, which some say are still too tight More people are getting home…
Mortgage rates are now at four-month lows nationwide. Average U.S. rates on fixed mortgages dropped this week to their lowest levels in four months, a positive sign for the housing recovery. Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 4.13%. That’s down from 4.28%. The average on the 15-year…
Weak U.S. jobs figures shored up stock markets Tuesday but weighed on the dollar, which fell to its lowest level against the euro in nearly two years, as investors concluded that the Federal Reserve may hold off reducing its monetary stimulus until 2014. The Labor Department reported that 148,000 jobs were created in September, below…
Despite a slight rise in interest rates, mortgage applications in the United States managed to climb higher last week. However, the government shutdown is not helping the real estate market, as some loan processing functions are delayed. According to the Mortgage Bankers Association’s latest report, for the week ended October 11, loan applications increased 0.3…
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