2010 Interest Rate Housing Cost
Rising Competition for Capital - That interest rates may well go higher in 2010 (and possibly much higher) is, therefore, particularly bad news for housing. Why the dire rate outlook? The hundreds of billions of dollars in bonds that the U.S. government is selling to offset the deficit competes with other entities trying to raise money in the global capital markets. Sovereign treasuries in nations like the U.K. also face the need to raise tens of billions of dollars.
"2010 Interest Rate Housing Cost"
Hipotecas Prestamos 03:45 PM
Refinance Mortgage Rates Wells Fargo
Wells Fargo refinance mortgage rates have been very close to new lows. Just as recently as yesterday we saw the 30 year fixed mortgage rate down below 4.7%. Today we are seeing mortgage rates bounce off these lows as the 30 year fixed mortgage rate is up to 4.75%. This is still extremely low when looking at an all-time chart of mortgage rates.
"Refinance Mortgage Rates Wells Fargo"
Hipotecas Prestamos 05:20 PM
Refi Mortgage Interest RatesNovember 2009
Mortgage rates' upward trend continues = The average interest on a 30-year fixed loan was 5.03% this week, up from a flat 5% a week earlier, according to Freddie Mac's latest survey.
"Refi Mortgage Interest RatesNovember 2009"
Hipotecas Prestamos 08:21 PM
Mortgage Refinancing Low Mortgage Refinance Rates
Zillow.com reports in a press release this week refinance applications are up significantly since September spurred by historically low rates. 30 year fixed mortgage refinance rates below 5 percent are credited with boosting refinance application volume. Despite a up to $8,000 tax credit for new home buyer’s securing financing with an FHA loan mortgage refinance applications make up over 50 percent of all loan applications.
The Mortgage Banker’s Association said this week mortgage applications declined over 16 percent as 30 year fixed mortgage rates crept up closer to 5 percent at par. Mortgage refinancing is down significantly in quarter 3 of this year as the extended period of low interest rates has allowed most who qualify to refinance by now. Mortgage purchase applications have steadily increased throughout the year.
"Mortgage Refinancing Low Mortgage Refinance Rates"
Hipotecas Prestamos 08:19 PM
Obama Loan Modification Programs Resutls
Gov't loan modification plan hits goal of helping 500,000 borrowers nearly 1 month early
The Obama administration said Thursday that 500,000 homeowners have had their loans modified under its mortgage relief plan, reaching a goal set over the summer.
"Obama Loan Modification Programs Resutls"
Hipotecas Prestamos 02:04 PM
Shop Alternative Loan Providers Truth in Lending
In a recent article on Federal Reserve proposals for amending the Truth in Lending Act (TILA), I commented favorably on a proposal for early disclosures designed to encourage borrowers to shop alternative loan providers. Most of the mandated information that lenders now provide borrowers need not be placed in their hands until days after they have submitted an application, which in most cases is too late to help in shopping. Consumers rarely disengage from a lender once they have submitted an application.
The proposed new disclosures will be required at the point of application. This is a great idea, if it is properly implemented. Proper implementation means that the information lenders must submit at the point of application will help consumers select from among loan providers. Stated somewhat differently, the information must reveal differences between lenders that will cause borrowers to prefer one over another.
Hipotecas Prestamos 10:31 AM
Washington DC Housing Market 1Q 2Q 2009
Home prices climbed in the Washington region and most parts of the country in recent months, another sign that the housing market is slowly stabilizing, according to two reports released Tuesday.
The closely watched Standard & Poor's/Case-Shiller index shows that prices of previously owned single-family homes in this area rose 2.85 percent in June compared with the previous month. The monthly gain is the second in a row in the region, topping the 1.3 percent increase in May. It is the largest jump since May 2006, when prices peaked.
"Washington DC Housing Market 1Q 2Q 2009"
Hipotecas Prestamos 12:24 AM
How do I Save Money Refinancing my Mortgage
What that actually does to your monthly savings is more complex, because your mortgage bill includes principal repayment as well as interest, and only the interest is deductible. Interest shrinks as a proportion of the bill over time. But you could certainly shave maybe 25% off the overall savings as a very crude starting point to see a more realistic number.
The second problem? The total savings figure also ignores the time value of money.
Thanks to inflation, those dollars are going to be worth a lot less by the time you get hold of them than they would be today. Even if inflation only averages 2.5% a year, which is incredibly optimistic, a dollar in 30 years' time will only be worth 50 cents in today's money.
And that's not all. That figure also ignores the magic of compound interest.
Refinancing costs money. And that money, if you invested it instead of spending it on refinancing fees, could earn you a very good return. Especially over a long time period like 30 years.
Imagine your refinancing costs would be a fairly typical $2,000. If you socked that money away at just 5%, by 2039 you'd have $8,600
Hipotecas Prestamos 08:17 AM
Why Homeowners are Refinancing their Mortgages
Waves of homeowners are rushing to refinance their mortgages. And no wonder: Long-term rates have collapsed to historic lows. Thirty-year home loans can run as cheap as 5% right now down from 6.4% as recently as last summer. By any long-term measure, today's rates are a great deal
"Why Homeowners are Refinancing their Mortgages"
Hipotecas Prestamos 08:14 AM
Home Refinancing Loans August 2009
The Mortgage Bankers seasonally adjusted index of refinancing applications increased 6.9 percent to 1,982.5.
The refinance share of applications increased to 53.3 percent from 52.3 percent the previous week, but remained significantly lower than the peak of 85.3 percent in the week ended January 9. The adjustable-rate mortgage share of activity increased to 6.5 percent in the latest week, up from 5.8 percent the previous week.
Fixed 15-year mortgage rates averaged 4.52 percent, down from 4.71 percent the previous week. Rates on one-year ARMs decreased to 6.66 percent from 6.71 percent.
Hipotecas Prestamos 08:11 AM
Foreclosure Homeowner Equity
Real Estate Foreclosures - The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48% in 2011 from 26% at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.
Home price declines will have their biggest impact on prime "conforming" loans that meet underwriting and size guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Prime conforming loans make up two-thirds of mortgages, and are typically less risky because of stringent requirements.
"We project the next phase of the housing decline will have a far greater impact on prime borrowers," Deutsche analysts Karen Weaver and Ying Shen said in the report.
"Foreclosure Homeowner Equity"
Hipotecas Prestamos 07:04 PM
USA June 2009 New Home Sales
Residential Mortgages Home Loans - New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.
The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
"USA June 2009 New Home Sales"
Hipotecas Prestamos 12:45 PM
Foreclosure Rates 2009
The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills.
The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released Thursday by foreclosure listing service RealtyTrac Inc.
The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.
Hipotecas Prestamos 12:17 PM
Home Purchase Negotiation Process
When you have found the home that best meets your needs, you are ready to make an offer on the house. In most cases your real estate agent will present your offer to the seller. Do not be discouraged if your first offer is rejected by the seller. It is not uncommon for the seller to make a counter-offer.
Hipotecas Prestamos 06:55 PM