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 pick up”, that the jobs markets is getting better, and that housing market has shown “some signs of improvement” lately. It’s the… Continue Reading
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Fannie Mae Gets Tough(er) On Borrowers. Again.
Fannie Mae raised the bar for mortgage applicants this past weekend. Getting approved for a home loan just got harder. In its official announcement, Fannie Mae says the updates minimize long-term lending risks. If that’s the case, this won’t be the last guideline change Fannie Mae makes — especially with loans defaulting at an above-normal… Continue Reading
The Federal Reserve’s Relationship To Mortgage Rates
The Federal Open Market Committee meets today for the last time in 2009. It’s a 2-day meeting and the Fed is expected to leave the Fed Funds Rate near 0.000 percent. But that doesn’t mean mortgage rates won’t change. See, a major misperception among the public is that the Federal Reserve sets mortgage rates. That’s false. … Continue Reading
How To Increase Your 2009 Mortgage Interest Tax Deduction
For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid. Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year. By paying in 2009, the mortgage interest paid can be applied against 2009′s itemized tax deductions even… Continue Reading
What’s Ahead For Mortgage Rates This Week : December 7, 2009
Mortgage markets finally reversed course last week, selling off with fury and causing prices to plummet. When bonds prices fall, rates rise. The action broke a multi-week winning streak, much to the disappointment of rate shoppers everywhere. Rate hikes came in stages. First, early in the week, mortgage bonds fell out of favor as traders… Continue Reading