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Pros And Cons Of Making Biweekly Mortgage Payments

This is for sample purposes. Call me for your analysis.

This is for sample purposes. Call me for your analysis.

Have you ever considered paying off the mortgage on your home in two biweekly payments rather than one monthly payment? It might seem like this wouldn’t make a difference, but the truth is that biweekly payments really do add up more quickly.

Since there are 52 weeks in a year you will end up making 26 payments in total – which is equal to 13 months rather than 12. This means that your mortgage will be paid off more quickly and you will save money on interest payments in the long run. Read the rest of this entry »

 
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Posted by on December 30, 2013 in Mortgage Tips

 

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Should I Lock or Float? This Week- November 18, 2013

November_18th_2013_Mortgage_MarketThe Non-Farm Payroll numbers came in on the 8th of this month, well above expectations with 204K versus an estimate of 125K new jobs. In addition, revisions added 60,000 more jobs to the prior two month
releases and thus mortgage rates took a significant one-day beating – noted by the long red column shown on the far right of this graph. Prices are now almost back where they were before that report was announced.

For those of you shopping for a good mortgage rate, who did not lock at the time, may have just gotten your reprieve!

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Posted by on November 18, 2013 in Mortgage Rates

 

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Should I Lock or Float? This Week- August 5, 2013

Todays_market_8-6-2013When the U.S. economy hit rock bottom a few years ago we called it the Great Recession, and saw the mortgage banking industry come to a screeching halt. A thankful by-product, after the dust settled – we were treated to some of the lowest interest rates in our lifetime. Those historically low rates may have run their course as the past week brought encouraging economic news from several sources, and with that, rates are rising.

For my clients of late, I have been in a “locking” mood, and based on the technical’s – I am not changing my mind anytime soon. As you can see from the graph on your right, Mortgage Backed Securities (MBS) have traded below a ceiling of resistance going on 10 days now. The economic news this week shouldn’t have enough push, to get above that ceiling. Read the rest of this entry »

 
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Posted by on August 5, 2013 in Housing Analysis

 

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Why The Sudden Change in Rates? Ask The Fed

Federal Open Market Committee Minutes Released 4-10-2013The minutes for the Federal Open Market Committee (FOMC) meeting held March 19 and 20 were released on Wednesday April 10, 2013. These periodic meetings by the FOMC cover a wide-ranging group of topics that impact the overall economy in the United States.

The decisions made and acted upon from the FOMC meetings often sway the real estate and residential financing markets. Some highlights of the recent FOMC minutes for the March meeting include: Read the rest of this entry »

 
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Posted by on April 11, 2013 in Federal Reserve

 

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What Mortgage Rates Are Doing This Week: Shoud I Lock Or Float?

Freddie Mac 30-year fixed rate mortgage ratesMortgage-backed securities (MBS) improved a bit last week, and rates remain near all-time low’s, continuing this year’s Refinance Boom and giving fuel to the budding housing market recovery. Read the rest of this entry »

 
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Posted by on December 3, 2012 in Mortgage Rates

 

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Explanation Of The Fed Statement Today (October 24 , 2012)

Putting the FOMC statement in plain EnglishThe 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 ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote.

The Fed Funds Rate has been near zero percent since December 2008. At the close today, Mortgage Backed Securities ended the day a little worse (rates/fees went up a bit) on the news… Read the rest of this entry »

 
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Posted by on October 24, 2012 in Federal Reserve

 

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Why Are Rates Getting Worse Today? (August 1 , 2012)

Putting the FOMC statement in plain EnglishAfter the The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged this morning, mortgage rates got worse. Why? The vote was nearly unanimous (9-1 vote).

In its press release, the Federal Reserve noted that the U.S. economy has “decelerated somewhat” since January. Beyond the next few quarters, though, the Fed expects growth to “remain moderate” and then gradually pick up. Remember, when there is bad news for the economy, rates improve. And when there is good to moderate news, rates get worse (see video explanation). Read the rest of this entry »

 
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Posted by on August 1, 2012 in Federal Reserve

 

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