Pending Home Sales Index Rises Back Above 100

Pending Home Sales IndexLow home prices and mortgage rates have combined to push home affordability to record levels nationwide. Home buyers are taking advantage.

The Pending Home Sales Index rose 7 percent in November to rise to its highest level since April 2010, the last month of last year’s home buyer tax credit program. Continue reading

What Mortgage Rates Are Doing This Week : December 27, 2011

Existing home sales Mortgage markets worsened last week on renewed optimism in the european economy, more evidence of a U.S. economic recovery, and ongoing strength in housing.

The action sparked a stock market rally at the expense of mortgage bonds, sending conforming and FHA mortgage rates meaningfully higher for the first time in more than 2 months. Continue reading

Home Supplies Fall To 7 Months Nationwide; Buyer Demand Strong

Existing Home Supply 2010-2011

Home resales moved to a 10-month high in November, the latest in a series of strong showings from the housing sector. Home buyers and sellers throughout Sacramento should take note of November’s numbers because — behind the headlines — there’s a series of statistics that foretell higher home prices ahead. Continue reading

Mortgage Rate Watch This Week : December 19, 2011

Fed Funds RateIt is the week before Christmas and hopefully you aren’t thinking of mortgages, but instead planning for some good down-time with your family and friends. But, if you are in the process of buying or refinancing, Mortgage markets did improve last week, but not by much; not enough to move conventional mortgage rates in California in any significant way.

Wall Street watched as Eurozone leaders expressed little willingness to increase aid programs within the region, and as the Federal Reserve voted against new economic stimulus for the United States. The Fed Funds Rate remains near 0.000 percent and QE3 was not introduced. Continue reading

Mortgage Payments Fall 12% Since February 2011

Mortgage payments in 2011

This is for my good friend Mark! We were at a year-end get-together (aka Drinking beer at the pub) with my rowing crew and he kept reminding me that rates are dropping. Thank you Mark! As mortgage rates drop, so do housing payments. It’s a good time to consider refinancing your home, or making an offer on a new one. Mortgage payment affordability has never been so high in history. Continue reading