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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 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 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 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 Bloomberg recently reported that U.S. banks will close 5,000 branches in the next 18 months as they face falling profits, decreased loan demand and lower fee revenue. Analyst Meredith Whitney, formerly of Oppenheimer & Co., said banks are facing an “uphill battle” to generate loan growth as consumers reduce debt; in addition, banks will collect … 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 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 Reuters reported today that the number of mortgage applications fell last week as mortgage rates — after a series of record lows — shot back up, as the housing market struggles to recover. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, was down 10.5% for … Continue reading As Interest Rates Rise, Mortgage Applications Fall |
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