October 1st, 2011. Remember this date. On this date, one of the key features of a USDA Rural Housing home loan will change. You see, currently a USDA loan carries no monthly mortgage insurance. Much like a VA loan, the USDA loan has an up front fee, called a guarantee fee, and no monthly mortgage… Continue Reading
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What’s Ahead For Mortgage Rates This Week : February 22, 2010
Mortgage markets had a terrible, holiday-shortened week last week as Wall Street responded to worse-than-expected inflation data and action from the Federal Reserve. Mortgage bonds sold off with force, causing mortgage rates to rise for the second week in a row. Last week was a bad week to float a mortgage, to say the least…. Continue Reading
What’s Ahead For Mortgage Rates This Week : February 8, 2010
Mortgage markets improved last week on domestic jobs data and international banking concerns. The news triggered buying in the bond market and, as a result, conventional, FHA and VA mortgage rates improved for the 4th consecutive week. Mortgage rates are now at a 6-week low but probably shouldn’t be. It underscores just how important global… Continue Reading
What’s Ahead For Mortgage Rates This Week : February 1, 2010
In a news-heavy week, mortgage markets improved last week, adding to a 3-week rally. But, given last week’s data and domestic story lines, it’s surprising that rates actually fell. The Federal Reserve said the economy continues to strengthen Consumer Confidence pushed to a 2-year high 4th Quarter domestic output exceeded Wall Street’s expectations Usually, events… Continue Reading
The Federal Reserve Statement: In Plain English
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy “has continued to strengthen”, that the jobs markets is getting better, and that financial markets are supportive of growth. There was no mention of the… Continue Reading
Existing Home Sales Plummet. The Reason is Simple.
Just one month after from blowing away Wall Street, December’s Existing Home Sales hit the skids, shedding nearly 17 percent and falling to a 4-month low. Don’t be alarmed, though. The plunge was expected. And not just because Pending Home Sales cratered last month. When November’s Existing Home Sales surged, it was clear to observers… Continue Reading
What’s Ahead For Mortgage Rates This Week : January 25, 2010
Conforming and FHA mortgage rates improved last week on the combination of weaker-than-expected economic data and new anti-banking rhetoric from the White House. The S&P 500 shed nearly 4 percent in its worst weekly showing since October 2009 as all 10 sectors fell. As the money left stock markets, it made its way to bonds… Continue Reading
More FHA Changes on the Horizon
Today FHA announced new policy changes in respect to a strengthening of their finances and risk. In order to provide homeownership opportunities for millions of Americans, they will need to increase their capital reserves. They will also need to change their risk model in order to continue to provide homeownership possibilities for underserved communities. What… Continue Reading
Social Media Bootcamp for Realtors a Success
Today was the first ever Social Media Bootcamp for Real Estate Professionals put on by Bill Risser and Paul Guenther from Chicago Title Gilbert. The Realtors that attended this camp had an extensive list of homework that they had to complete before they were given the location of the venue. The idea was that we… Continue Reading
What’s Ahead For Mortgage Rates This Week : January 11, 2010
Data was sparse through 2010′s first trading week last week, setting the stage for a week of momentum trading. In up-and-down trading, mortgage pricing improved overall but the best rates of the week didn’t last long. Rates improved Monday and Tuesday as an oversold market corrected itself to better price points. Then, in anticipation of… Continue Reading