Mortgage News
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Mortgage Rates Mostly Unchanged After Treasury Auction
Posted To: Mortgage Rate Watch When economic data is thin the stock market tends to have a larger impact on the direction of mortgage rates. The session began with stocks moving lower yesterday. With no data on the economic calendar to reverse the market's direction, the bond market was able to rally all day (higher bond prices = lower bond yields). This allowed most lenders to reprice for the better. Like yesterday, the economic economic was quiet today. Two events influenced the marketplace... The Department of Treasury auctioned $21 billion 10-year notes today. Before the auction, the bond market made room for new debt supply by letting Treasury prices fall (cheapen). This pushed benchmark yields higher and led MBS prices lower. The issue must have gotten cheap enough because auction demand was strong. This led to a modest...( read more) 
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USDA Rural Development System Upgrade Complete. Now Processing Conditional Commitments
Posted To: MND NewsWire In March we learned that USDA Rural Housing funds were expected to run dry by the end of April . A month later, even though the legislation intended to provide the funding had not passed, USDA began issuing commitments for new loans, but there was a caveat: Loan approvals would be "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans." Finally, on July 29 Congress passed HR 4899 to reestablish the program as one that would no longer be subject to the annual whims of Federal funding but self-sustaining through a 3.5 percent guarantee fee paid by the borrower. Four weeks passed after the Congress did their job and appropriated unlimited funding for the USDA Rural Housing Program...( read more) 
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Mortgage News -
Newsflash
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Written by Jeff
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Thursday, 11 February 2010 16:49 |
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 How would you like to get an email each day showing you current mortgage rates? My Rate Alert Service does just that - just click to sign up and begin tracking mortgage rates by email.
The service is free & can be cancelled at any time.
Here's a sample: Sample Newsletter |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Tuesday, 26 January 2010 22:08 |
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Existing home sales plunged a record 16.7% in December to an annualized pace of 5.45 million. The large decline followed several months of strong sales gains that were primarily driven by the first time homebuyer tax credit which was originally slated to expire on November 30. The tax credit has since been extended and expanded but not before impacting sales immediately afterward in December. Despite the sharp decline in December, total sales are still 15.0% above their year ago level.
Our existing home sales report is here SALES SWOON, INVENTORIES DROP, PRICES RISE
For all of 2009, sales increased over 5% from 2008, their first annual gain since 2005. Home prices increased over the last year with median prices up 1.5% to $178,300 and average prices gaining 3.6% to $225,400. |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Monday, 25 January 2010 07:20 |
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Our report on December Housing Starts is posted - Declining Again.
New residential construction starts declined 4.0% in December to an annual rate of 557k after an upwardly revised gain of 10.7% in November to a rate of 580k. November’s rebound proved short-lived as homebuilders continued to cut back on new starts amid a spotty economic recovery and a large number of distressed properties moving through the market. In a reversal of recent trend, it was a decline in single-family starts that led overall starts lower. Single-family housing starts dropped 6.9% last month to an annual rate of 456k, which is 5.5% higher than single family starts this time last year but still a stunning 73.6% below their January 2006 peak.
Here is the Census Bureau report on housing Permits, Starts and Completions.
Here is the take from Calculated Risk: Housing Starts Decline in December. |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Sunday, 10 January 2010 16:11 |
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I've finally updated the website with January's Newsletters. The links are shown below: Feel free to print or download the newsletters and share them with clients and/or friends. My complete database of newsletters for the past 3 years is available - just click on the Newsletters tab above.
January Real Estate Trends - Current real estate and financial news
January Real Estate Page - Extended & Expanded Tax Credit - Full Q&A on the newly expanded and extended Homebuyer Tax Credit.
January Sales Update - Marketing the Tax Credit - For Real Estate Professionals an overview of marketing the Tax Credit |
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Find Jeff's Offices
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September 7, 2010 (8)
