Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update March 5, 2010*** Interest Rates Retail mortgage rates remained stable in a narrow range around 5% again. This week both the Bank of England and the European Central Bank kept their rates constant at .5% and 1.0% respectively. In contract The Australian Central Bank raised its key rate Tuesday by .25%. The increase is based on the surprisingly good economic recovery in the country and it is expected that there will be further increase before... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update February 25, 2010*** Food for thought: Clearly one of the challenges to economic recovery is getting people back to work. You may want to check out the Job Market Headlines below. Note the reference to the 318,000 people who are no longer getting extended unemployment benefits. Did these people find jobs or, more likely, are they still looking for work and are no longer getting unemployment benefits? Gentle readers these jobless statistics... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update February 19, 2010*** Editorial Comment: The purpose of this weekly update is to provide a snapshot of a variety of factors influencing both the mortgage and housing markets. As we all know our country is facing a host of financial challenges which need to be addressed and very soon. We need leaders with ideas who are willing to compromise to move us forward and that does not appear to be the case. So, because of what is being called “gridlock”... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update February 12, 2010*** Interest Rates Retail mortgage rates remained at or just below 5% again. Seems that there is a fairly vigorous debate over what rates will do at the end of March. This week the head of the St. Louis Federal Reserve James Bullard said that he did not expect to see a noticeable increase in mortgage rates when the Fed ends its MBS purchasing program in March. This comment is in contrast to many industry participants who believe... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update FVebruary 5, 2010*** Fannie Mae HomePath Update: On January 28th Fannie Mae announced 3.5% seller assistance to cover closing costs on Fannie Mae’s HomePath properties. The program is good for HomePath purchases that close by May 1, 2010. For more information go to www.homepath.com. Jobs Report Headlines: The jobs report for January showed a loss of 20,000 compared to forecast of a 15,000 gain. The unemployment rate was 9.7% (aka U-3)... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update January 29, 2010*** SHORT SALE/FORECLOSURE WARNING! N If you have done a short sale or foreclosure, are thinking about it or know someone who is consider the following. Banks have become increasingly aggressive in collection efforts against borrowers who do a short sale or foreclosure where a balance remains. The primary targets so far seem to be borrowers who did a strategic default (walked away from the home even though they could afford... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update January 22, 2010*** FHA Update Number 1: Changes: This week FHA announced the much anticipated changes to its lending policies. The changes include an increase in up front mortgage insurance from 1.75% to 2.25% of the loan amount, establishment of a minimum credit score of 580 for 3.5% down payment and requiring a 10% down for scores less than 580 and reducing the Seller Contributions from 6% to 3%. See Mortgage Update section below for more... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update January 15, 2010*** First time home buyer tax credit SNAFU: Homeowners who closed on their purchases before November 6, 2009 file IRS Form 5405 to get the credit. However, so far the IRS has not issued a form for claims after November 6 when the tax credit extension became effective. A new form was expected in early January. It also looks like a buyer will now have to provide “proof” of the purchase and e-file will not be accepted. As always... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage & Business Update January 8, 2010*** Something New! We decided to start the New Year by upgrading this publications name to be more in line with what we are trying to accomplish. So, please note our new name is Smart Financial Weekly Mortgage & Business Update. I hope you like it! Finally, there is a lot of jobs news below and as we have said before our view is jobs are the key to recovery not only for housing but also the economy as a whole. Interest... [Read more]