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Home prices are falling in most major U.S. cities, as reported by Bloomberg BusinessWeek. At least 10 major U.S. markets, including New York, are at their lowest point since the housing boom of 2006-2007. According to The Standard & Poor’s/Case-Shiller city index, home prices fell in 19 out of the 20 major cities. The record … Continue reading Affordable Financial Services’ Weekly Finance Review The Wall Street Journal recently reported on the recent fall of mortgage rates. According to Freddie Mac’s weekly survey of mortgage rates, this week saw a decline in mortgage rates with the average rate on a 30-year fixed-rate mortgages dropping to 4.80% the week of April 21, compared to 4.91% the week before. A 15-year … Continue reading Affordable Financial Services’ Weekly Finance Review The housing market may be impacted by the possibility of a government shutdown. The Wall Street Journal reported on April 7 that Housing and Urban Development Secretary Shaun Donovan told Senate lawmakers that he is “very concerned” that if the government shuts down as a result of lawmakers failing to reach an agreement on a … Continue reading Affordable Financial Services’ Weekly Finance Review The Commerce Department reported this week that housing starts fell 22.5% in February to 479,000 units, from an upwardly revised January figure of 618,000 units. It was the biggest decline in 27 years and finished just above a record low set in April 2009. Building permits — a hint of future construction demand — fell … Continue reading Affordable Financial Services Weekly Finance Review CNNMoney recently reported that the number of foreclosures in February fell 14%, compared to January and 27% compared to February 2010. According to RealtyTrac, that is the largest year-to-year drop the company has ever recorded. While some see this as a sign of recovery in the housing market, the company says part of the decline … Continue reading Affordable Financial Services Weekly Finance Review The number of mortgage applications fell 6.5% last week, according to the Mortgage Bankers Association. The MBA also reported that refinancing activity also fell by 6.5% to 64.9% of total applications last week, down from 65.7% the week before. The four-week moving average for all mortgage applications was down 2.5%. Adjustable-rate mortgages made up 5.5% … Continue reading Affordable Financial Services Finance Review Pending home sales rose 2.0% in December, says the National Association of REALTORS. It was the fifth increase in the past six months. The NAR says its pending home sales index rose to 93.7 from a downwardly revised 91.9 in November. However, the index is still 4.2% below the figures from December 2009. (Pending home … Continue reading Affordable Financial Services’ Weekly Finance Review The Washington Post reported today that Fannie Mae will charge people more to get a home loan — even for those with perfect credit and can afford to put down a large down payment. The cost for a home loan may be even higher for those with less-than-perfect credit who do not have that much … Continue reading Fannie Mae: Home Loans Will Cost More This Year 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 |
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