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The National Association of Realtors said existing home sales in December jumped 12.3% from the previous month. The NAR recently reported a seasonally adjusted rate of 5.28 million units in December, compared to the upwardly revised figure of 4.70 million units in November. However, the December 2010 figures are 2.9% below the December 2009 figure … Continue reading Affordable Financial Services’ Weekly Finance Review Mortgage rates hit its highest levels in seven months last week, Bloomberg News recently reported. According to data from Freddie Mac, the 30-year fixed-rate loan went up from 4.81% two weeks ago to 4.86% last week. The 15-year fixed-rate was at 4.2% last week, compared to 4.17% the previous week. Rising mortgage rates may mean that … Continue reading Mortgage Rates Reach 7-Month High The Federal Housing Finance Agency (FHFA) recently reported that the national average contract mortgage rate for the purchase of previously occupied homes by combined lenders was 4.42% for November. That figure is down from October’s rate of 4.47%. The FHFA also reported that the average interest rate on conventional 30-year fixed-rate mortgage loans of $417,000 or … Continue reading Contract Mortgage Rates Fall in November A recent article in USA Today broke down how the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was signed into law by President Obama will affect employers, employees and homeowners. Under the new tax law, homeowners can still take deductions on mortgage insurance premiums, the USA Today article states. This provision … Continue reading What Does the 2010 Tax Law Mean for Mortgage Interest Deductions? Housing Wire recently reported that mortgage applications to lenders fell 2.3% for the week ending December 10, marking the third straight week of declines. According to the Mortgage Bankers Association, the refinance index also declined for the fifth consecutive week by 0.7%. However, the refinancing share of the mortgage activity grew to 76.7% of total applications, … Continue reading Mortgage Applications Decline by 2.3% REALTORMag.com reported today that, for the fourth consecutive week, mortgage rates have risen after seeing record lows. Interest rates for 30-year fixed-rate loans went from 4.46% last week to 4.61%, based on the most recent Freddie Mac survey. In addition, 15-fixed-rate loans averaged 3.96% last week, compared to 3.81% the week before. These rates are at … Continue reading Mortgage Rates Rise for Fourth Straight Week The Wall Street Journal reported today that the percentage of U.S. consumers who are delinquent on their mortgages could be less than 5% by the end of 2011. The delinquency rate is expected to be above 6% by the end of this year. TransUnion LLC predicts that mortgage delinquencies will decline to 4.98% by the end … Continue reading Mortgage Delinquency Rate Could Fall Below 5% By The End of Next Year Bloomberg reported today that U.S. banks may face more than $100 billion in costs as more investors demand that issuers of mortgage-backed securities repurchase bad loans. According to Paul Miller of FBR Capital Markets, U.S. banks such as JPMorgan Chase & Co. and Bank of America Corp. could face a price tag between $54 billion and … Continue reading Mortgage Buybacks May Cost Banks Over $100 Billion A recent article in Bloomberg reported that the number of foreclosures on prime fixed-rate mortgages in the third quarter of 2010 hit a record high, with unemployment as the reason for the increase. The inventory of homes in foreclosure that were financed by prime fixed-rate mortgages rose to 2.45% from 2.36% over the previous three months, … Continue reading Foreclosures on Prime-Rate Mortgages Rise in Third Quarter of 2010 Bloomberg recently reported that mortgage-bond yields that guide home-loan rates have reached their highest levels in four months, suggesting that borrowing costs may rise from record lows. As of 9:30 Monday morning, Fannie Mae’s current-coupon 30-year fixed-rate mortgage bonds went up to 3.71%, tracking 10-year Treasury notes today as those yields rose from 3.64%. This is … Continue reading Mortgage-Bond Yields Reach Four-Month High |
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