Over the past 7 trading days, Mortgage rates were wounded with 2 of the largest one-day spikes in over 2 years. Rates rose last week with average rates a 30-year fixed rate mortgage rising from last week’s 3.35 percent to 3.42 percent with buyers paying all closing costs and 0.7 percent in discount points.
We are in a definite “locking” bias at the moment. As I am publishing this blog, rates are still trending worse this Monday morning. Read the rest of this entry »
Mortgage rates fell again last week and are again near record lows.
According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.
The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.
Low mortgage rates are helping homeowners with refinancing and are boosting housing markets as more buyers can qualify for mortgage loans. Read the rest of this entry »
Mortgage rates worsened last week in response to more indications that the U.S. economy and global economic trends are improving. Global economic data was stronger than expected; which generally boosts investor confidence and leads to higher mortgage rates in Sacramento and across the country.
We may see a reversal of this trend in the short-term because the stock market remains overbought and ready to retrace, the obvious question is when? With little economic news this week, there is no reason the stock market should improve or interest rates should change much. Until the stock market retreats, U.S. interest rates are not likely to decline much. Read the rest of this entry »
2012 Tax Breaks!
There was plenty of discussion and debate leading up to the New Year’s looming “fiscal cliff”. Ultimately, the event was avoided (for now), but not before legislation was passed which may benefit homeowners in Sacramento and nationwide.
If you have yet to file your 2012 taxes, take a minute to review the tax limitations and credit extensions, which Congress passed through the HR 8 legislation. You’ll want to make sure you’re paying the proper tax bill come April 15. Read the rest of this entry »
At the opening this morning, we are experiencing our 3rd day in-a-row of rising rates. What’s up with that? Thankfully, at the moment, they are clawing their way back. Last week, Mortgage rates rose as investors gained confidence in the global economy. China and Europe posted better-than-expected manufacturing rates, U.S. Jobless Claims fell for the second straight week, and the worst of the European debt crisis appears to have passed.
A strengthening economy = Mortgage Rates will go up! Read the rest of this entry »
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.
For the tenth consecutive meeting, the FOMC vote was nearly unanimous. Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote. Read the rest of this entry »
According to the Federal Reserve’s quarterly Senior Loan Officer Survey, it’s getting easier to get approved for a home loan.
Between July – September 2012, fewer than 6% of banks tightened mortgage guidelines — the fourth straight quarter that’s happened– and roughly 10% of banks actually loosened them.
With mortgage rates at all-time lows, purchase and refinance activity is climbing. And with guidelines tight, and pipelines full, you will want to be properly prepared up front to mitigate some of the horror stories you have probably been hearing about.
Home sales are at their highest levels since May 2010 as home buyers take advantage of favorable economic conditions. Home prices are low, household income is rising, and rents are up in many U.S. cities.
Low rates have stoked mortgage refinance applications throughout Sacramento, too. Read the rest of this entry »
Mortgage markets worsened slightly in last week’s holiday-shortened week. As expected, Wall Street took its cues from Europe and from the U.S. jobs market, and mortgage rates moved across a wide range.
Home buyers in Sacramento and would-be refinancing households were greeted with wildly varying mortgage rates, depending on which day they loan-shopped.
According to Freddie Mac’s weekly mortgage rate survey, 30-year fixed rate mortgage rates averaged 3.55% nationwide last week, with an accompanying 0.7 discount points. Read the rest of this entry »
Click on the Photo for Enlarged Version. Much easier to read!
With last Friday mornings report, the Bureau of Labor Statistics released its Non-Farm Payrolls report. More commonly called “the jobs report”. Depending on the strength — or weakness — of the data, mortgage rates will change. As expected, the numbers were not as good as we hoped for and money started to flow into the “safe haven” of mortgage bonds. Read the rest of this entry »
