June 11, 2010
Starting sometime later this year, the monthly cost to carry an FHA-insured mortgage is expected to rise.
In a near-unanimous vote, the House of Representatives gave the FHA power to raise the monthly mortgage insurance premiums it charges to its borrowers.
Currently, monthly mortgage insurance premiums are 0.55% of the unpaid loan balance, divided by 12. [...]
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June 7, 2010
Mortgage markets improved last week on poor jobs data.
The May Non-Farm Payrolls report fell well short of expectations while ongoing jobless claims rose. The two combined to cast doubt on the speed of the U.S. economic recovery, hurting stocks and helping bonds.
Conforming and FHA mortgage rates dropped for the fifth time in six weeks [...]
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June 3, 2010
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying across the county.
A “pending home sale” is a home that’s under contract to sell but not yet closed.
Region-by-region, April’s pending home sales varied versus March’s data:
• Northeast Region: +29.5%
• Midwest Region : +4.1%
• South Region : [...]
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June 1, 2010
Mortgage markets worsened last week as concerned of a global debt crisis lessened and stock markets rebounded. The gains in stocks came at the expense of bonds — including mortgage bonds.
Conforming and FHA mortgage rates rose for the first time in 5 weeks, pulling mortgage pricing off its best levels of the year.
The best mortgage [...]
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June 1, 2010
The supply of newly-built homes for sales plummeted in April, a positive indicator for the housing market as we head into the summer months.
It’s no wonder that homebuilders are breaking new ground at the fastest clip in 2 years.
At the current sales pace, the nation’s complete supply of new homes would be sold in just [...]
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May 25, 2010
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).
It’s [...]
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May 24, 2010
Mortgage markets improved again last week on worsening news out of Greece and the Eurozone. Then, as contagion mentality set in, U.S. mortgage bonds gained and mortgage rates fell.
It’s the 4th straight week in which conforming mortgage rates improved and, against the expectations of experts everywhere, it’s now late-May and mortgage rates are as low [...]
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May 20, 2010
After starting the day in the red, mortgage rates rebounded Wednesday afternoon after the Federal Reserve released its April 27-28, 2010 meeting minutes.
It’s good news for home buyers and would-be refinancers. Mortgage rates continue to troll along multi-year lows.
“Fed Minutes” are lengthy, detailed recaps of Federal Open Market Committee meetings, not unlike the minutes [...]
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May 19, 2010
Single-family Housing Starts rose by 55,000 last month, suggesting ample housing stock from which buyers can choose this summer.
The report is a slightly larger read than what economists had expected.
Furthermore, for the first time since June 2009, Housing Starts appear to have broken away from its half-million unit plateau. 593,000 new homes were started in [...]
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May 17, 2010
Mortgage markets improved last week — but barely — as ongoing doubt surrounding the health of Greece and the Euro pushed additional investors into safe assets, including mortgage bonds.
Mortgage rates were wildly volatile between Monday and Friday before closing the week slightly better than their best levels of the year.
It’s the 3rd straight week in [...]
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