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The National Association of REALTORS recently announced that pending home sales fell during the month of September, snapping a two-month streak of gains. Pending home sales reflect the number of sales going into contract; it does not reflect the number of closings. The index of sales agreements in September was 80.9, down 1.8% from August’s … Continue reading Affordable Financial Services Weekly Finance Review REALTORMag reported today that applications to purchase homes were up last week, while mortgage rates for 15- and 30-year fixed-rate loans were mixed. According to the latest Mortgage Bankers Association survey, mortgage purchase applications rose by 1.4% last week, compared to the previous week on a seasonally adjusted basis. On an unadjusted basis, purchases increased 0.2% … Continue reading Mortgage Purchases Increase; Interest Rates Mixed Economic experts are predicting another drop in home sales that will continue throughout the middle of next year, CNNMoney.com reported today. However, the housing market could bounce back by the middle of 2011, citing economic factors. Fiserv, a market analytics company, initially predicted in February a 4% increase in home prices through the end of 2011. … Continue reading Home Prices May Keep Falling Throughout 2011 MarketWatch recently reported that the Mortgage Bankers Association is predicting that — barring any “blockbuster” announcement from the Federal Reserve next month — mortgage rates will come out of their record lows, reaching above 5% by 2011. The MBA predicts that rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, … Continue reading MBA: Mortgage Rates Will Rise Above 5% in 2011 The National Association of REALTORS announced today that existing home sales rose for the second month in a row during the month of September. Despite the good news, the figure is off from September 2009’s numbers. According to the NAR, existing home sales — which are completed transaction that include single-family homes, condominiums and co-ops — … Continue reading Existing Home Sales Rise in September The National Association of Realtors recently reported that existing home sales in August were up 7.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.13 million units in August, compared to the upwardly revised figure of 3.84 million units in July. However, last month’s figures were off by 19%, compared to … Continue reading Affordable Financial Services Weekly Finance Review Fannie Mac and Freddie Mac — the two government sponsored entities who hold billions of dollars in mortgages — are trying their hands at the home selling business, as reported in today’s issue of REALTORMag.com. According to the article, both lenders repossessed more than 191,000 homes in the first half of this year, twice as many … Continue reading Fannie Mae and Freddie Mac’s New Role: Home Sellers Reuters reported today that Fannie Mae’s gross mortgage portfolio grew 6.3% in June over the previous month. Last month, the government-owned lender’s portfolio grew by $4.1 billion to $817.8 billion, which has gone up 12.1% since the beginning of the year. The portfolio growth could be attributed to a drop in May’s mortgage delinquency rate. … Continue reading Affordable Financial Services Weekly Finance Review The Wall Street Journal is reporting today that the number of mortgage applications to buy a home fell again to its lowest level in 13-1/2 years. The Mortgage Bankers Association released data showing that applications for new homes dropped by 3.1% last week from the week before. After seeing a 14-month high two weeks ago, the … Continue reading Mortgage Applications Fall Again The Associated Press reported today that there was an increase in the number of applications for home loans last week as people sought to take advantage of the ever-decreasing interest rates. But the people jumping on the low-interest rate bandwagon aren’t those looking to buy a home; it’s those who already own a home. Data from … Continue reading Mortgage Applications Rise, But — Still — No Buyers |
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