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The Associated Press reported today that the average rate for a 30-year mortgage has climbed to 5.3%. While this may be good news for those who put their homes on the market, those seeking to obtain a low-interest mortgage to buy a home may have a difficult time achieving “the American dream.” The jump in mortgage … Continue reading Rising Mortgage Rates May Impact Housing Market, Economy Bloomberg News reported yesterday that most U.S. stocks rose as the Federal Reserve suggested it plans to leave its benchmark interest rate at a record low to safeguard the economic recovery and banks rallied on analyst upgrades. Stocks turned higher yesterday as the minutes from the Fed’s March 16 meeting that were released yesterday showed that … Continue reading Affordable Financial Services’ Weekly Finance Review The National Association of Realtors reported on April 5 that the Pending Home Sales Index — a leading indicator of the housing sector based on pending sales of existing homes — rose 8.2% to 97.6. That’s up from January’s figure of 90.2, and up 17.3% from the figure of 83.2 from February 2009. The Pending Home … Continue reading Pending Home Sales Rise in February
The Wall Street Journal reported today that risk premiums on mortgage-backed securities sold by Fannie Mae, Freddie Mac and Ginnie Mae widened by 0.4 of a percentage point since the Federal Reserve completed its $1.25 trillion purchase of mortgage-backed securities on Wednesday. Over the past week, risk premiums on securities widened by 0.13 of a percentage … Continue reading A Buyer’s Market For Mortgage-Backed Securities Bloomberg Business Week reported today that mortgage applications rose by 1.3% on the week ending March 26, according to the Mortgage Bankers Association (MBA). This may result in a boost in the housing market as applicants scramble to beat the April 30 deadline to sign a contract on a home and qualify for the homebuyers’ … Continue reading Rise in Mortgage Applications May Boost Home Sales A survey conducted by the National Association of Business Economists found that a 42% of business economists expect the Federal Reserve to increase interest rates by between a quarter and a half percentage point within the next six months. The Federal Reserve is expected to end its $1.25 trillion purchase program of mortgage-backed securities by the … Continue reading Economists Predict Interest Rates Will Rise in Six Months According to a recent report by Mortgage Daily, a national mortgage industry news publication, employment in the mortgage industry expanded in 2009, after over 100,000 jobs were lost over the last three years. During 2009, net mortgage employment increased by 8,321 jobs, showing a marked increase from 2007 and 2008 when the industry lost 36,766 jobs … Continue reading U.S. Mortgage Industry Grew In 2009 After rising above the 5 percent level, Freddie Mac reported that mortgage rates fell again last week. The 30-year fixed-rate mortgage fell to 4.97% for the week ending February 11 from 5.01 percent the previous week. The average for 15-year fixed-rate mortgages was 4.34 percent. The lower interest rates make refinancing an attractive option for homeowners … Continue reading Mortgage Rates Fall Again A recent article in the Washington Post suggests that the Federal Reserve may consider restarting its program for purchasing mortgage-backed securities if the economy does not show signs of recovery. With the $1.25 trillion program scheduled to end in March, speculation over the fate of the mortgage industry and housing market remains high. In two interviews … Continue reading Should The Federal Reserve Continue Its Purchase Program for Mortgage-Backed Securities? The expectation of rising interest rates seems to have pushed up mortgage applications over the last week. The Mortgage Bankers Association reported yesterday that the mortgage application index rose by 21 percent for the week ending January 29 from 513 to 620.7. With the Federal Reserve announcing last week that its plan to stop purchasing mortgage-backed … Continue reading Mortgage Applications, Refinancing Rise Sharply Over Past Week |
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