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]
Mortgage Industry Update: Rates, News & More 2010 Outlook
***Smart Financial Weekly Update 2010 Outlook*** Editors Note: At the beginning of 2009 my goal with this update was to give you a glimpse of some of the factors that influence the mortgage and housing industry’s and let you draw your own conclusions. Hopefully that goal has been achieved and you are better informed than you were when we started. As 2009 comes to a close I thought it appropriate to look at what may be in store for us 2010. Finally, I want to thank those of you who have given me... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage Update December 24, 2009*** Editor’s note: In next week’s update we will offer up some thoughts for the outlook in 2010. Interest Rates It would appear that our historic low rate world is slowly coming to an end. This week retail mortgage rates pushed a little deeper into the 5% range as the market responded to less support from the Federal Reserve. In addition, there was less demand for government bonds which put pressure on 10 Treasury yields and has pushed... [Read more]
Mortgage Industry Update: Rates, News & More
*** Smart Financial Weekly Mortgage Update December 18, 2009*** Reminder: If you or anyone you know is interested in getting FREE assistance with a loan modification please let me know or have them contact me. Interest Rates Retail mortgage rates maintained their sub 5% position for the week. In a statement after its meeting this week the Federal Reserve made it a point to reiterate that its MBS program (to support keeping mortgage rates low) will end as scheduled on March 31, 2010. There had... [Read more]
Mortgage Industry Update: Rates, News & More
***Smart Financial Weekly Mortgage Update December 4, 2009*** Interest Rates Retail mortgage rates closed the week about .25% higher than what we started the week with. Could this be the beginning of a more regular uptick in rates? Conventional wisdom has it that the rates will move higher but the move up will be bumpy. Stay tuned. When Rate This Week 4.81 1 Month Ago 4.91 1 Year Ago 5.47 2 Years Ago 6.11 Note that actual market rates vary geographically and... [Read more]