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The National Association of Realtors recently reported that existing home sales in November rose 5.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.68 million units in November, compared to the seasonally adjusted figure of 4.43 million units in October. However, the November 2010 figures are 27.9% below the November 2009 … Continue reading Affordable Financial Services Weekly Finance Review On June 30, the U.S. Senate passed a bill that would extend the deadline for people looking to receive the federal homebuyers’ tax credit from June 30 to September 30 to give lenders more time to complete the paperwork. The bill, if it is signed by President Barack Obama, will help 180,000 homebuyers who otherwise … Continue reading Tax Credit Extensions Helps Homebuyers Seal The Deal The Washington Post reported today that 30-year fixed-rate mortgages fell to 4.69% this week, down from 4.75% last week. According to Freddie Mac, this is the lowest rate since the government-owned lender tracked such data in 1971. This news should encourage more people to buy a home, but, in reality, the opposite is happening. Citing the … Continue reading Can Record-Low Mortgage Rates Propel Home Sales? Treasury prices rose after lower-than-expected existing home sales, MarketWatch reported today. According to MarketWatch, yields on 10-year notes, which move inversely to prices, fell 3 basis points to 3.22%. These findings come after today’s report from the National Association of Realtors showed existing-home sales for May unexpectedly fell 2.2% to an annual rate of 5.66 … Continue reading Treasurys React to Existing Home Sales Data Recent government data showed that sales of new homes rose by 26.9% in March, breaking a four-month slump that was the result of both the sagging economy and the brutal snowstorms that blanketed much of the country. According to the data, 411,000 new homes were purchased in the month of March, up from February’s dismal figure … Continue reading New Home Sales Bounce Back in March 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 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 On November 6, 2009, President Obama signed a bill into law that extends the $8,000 first-time homebuyers tax credit program, initially scheduled to end in Novmeber, to April 2010. The expanded tax credit is part of a legislation that extends unemployment benefits by at least 14 weeks in 50 states. Besides extending the tax credit for … Continue reading New Bill Signed Into Law Extends and Revises Homebuyer Tax Credit |
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