low mortgage

The Fed’s Parting Present For 2008 : Low Mortgage Rates

December 31, 2008

For its last move in an action-filled year , the Federal Reserve announced it will begin buying its pledged $500 billion in mortgage-backed securities next month . For home buyers and mortgage rate shoppers, the timing couldn’t be better.

Read the full article →

A Great Combination : Too Many Homes For Sale And Low Mortgage Rates

December 24, 2008

For the first time in over a year, the sales of “used homes” fell below the 5-million unit trendline, helping to push the total home inventory higher by 0.1 percent nationwide. Based on the rate at which homes are selling nationwide, it would take 11.2 months for the existing housing supply to be exhausted.

Read the full article →

Conforming Fixed Rate Mortgages Are Now Priced Better Than Comparable ARMs

December 11, 2008

It’s the age-old question for home buyers in need of a mortgage: Which is better: Fixed or ARM? Historically, the answer has hinged on a homebuyer’s desire to meet one of two mutually-exclusive mortgage financing goals: Get low mortgage payments for better cash flow Get long-term payment stability for better budget planning But because of government intervention and lingering questions about the economy, fixed-rate mortgages are now pricing cheaper than their adjustable-rate counterparts.

Read the full article →

You Locked In A Low Mortgage Rate — Now You’ve Got To Close On It

December 3, 2008

Each Wednesday, the Mortgage Bankers Association releases its Weekly Applications Survey, a detailed look at new mortgage applications submitted over the previous 7 days. This week’s report will reveal what most of us already know — plunging mortgage rates created a flood of mortgage activity. If you’re among the many Americans taking advantage of today’s […]

Read the full article →

Looking Back And Looking Ahead : November 17, 2008

November 17, 2008

In another week of up-and-down trading, mortgage rates ended the week slightly higher last week. Ping-pong action like this has defined mortgage markets lately. It’s increasingly common for rates to soar one day, and then come crashing down the next. In response to market volatility, mortgage lenders issued as many as 8 distinct rate sheets […]

Read the full article →

Effective December 13, 2008, Some Conforming Mortgages Will Require Larger Downpayments To Get Approved

October 21, 2008

In an effort to limit risky borrower behavior, Fannie Mae announced a new round of mortgage guideline changes last week. Unlike previous its previous 20-plus updates that raised income requirements and minimum credit scores (among other changes), Fannie’s latest guideline tweaks focus on the value of its underlying mortgage assets — home equity. Effective December […]

Read the full article →

Why Mortgage Rates Haven’t Fallen As Expected

October 10, 2008

When the government nationalized mortgage lending in September, housing analysts predicted lower mortgage rates. For a brief two-week stint, they were right — post-takeover, the 30-year, fixed rate mortgage fell below 6.000 percent nationally for the first time in 7 months. Since then, however, mortgage markets have reversed. Rates are now at pre-takeover levels. Now, […]

Read the full article →

How To Lower Your Mortgage Rate Every Time The Market Dips

September 19, 2008

Getting a great, low mortgage rate is often a combination of luck and preparation. Consider what happened in conforming mortgages this week: Monday, mortgage rates plunged to their lowest levels of the year Tuesday, they bounced back in full Wednesday, they clicked higher by a eighth-percent Thursday, they clicked higher by another eighth-percent And so, […]

Read the full article →

Making English Out Of Fed-Speak (September 2008 Edition)

September 16, 2008

For the third consecutive meeting, the Federal Open Market Committee left the Fed Funds Rate unchanged at 2.000 percent. Of interest to mortgage rate shoppers, the FOMC led its press release with comments about the health of the financial and labor markets, calling them “strained” and “weakened”, respectively.  The relative weakness in both of these […]

Read the full article →

Tuesday May Have Marked The Unofficial End Of Low Mortgage Rates

February 20, 2008

For homebuyers and homeowners expecting low mortgage rates this week, Tuesday marked the unofficial end to basement 30-year fixed mortgage rates. According to the market analysts at BestInfo, Inc., the 30-year fixed rate measured its largest one-day movement in more than 10 years Tuesday. Nationally, 30-year fixed mortgage rates increased 0.375%. Here is the “real […]

Read the full article →

Planning For A “Quick Close”? Now May Not Be A Good Time.

February 12, 2008

On the backs of surging purchase activity across the country and low mortgage rates, home loan applications have risen to a near four-year high. For people with mortgage applications in process, some patience may be required. In 2006 and 2007, mortgage volume slowed nationwide.  Narrowing mortgage guidelines restricted the number of eligible borrowers and rising […]

Read the full article →