In mid-November, Janet Yellen, President Obama’s choice to replace Federal Reserve Chief Ben Bernanke, indicated that she would likely continue with the Fed’s economic stimulus efforts, known as Quantitative Easing. At her confirmation hearing in front of the U.S. Senate Banking Committee, Yellen signaled that she intended to carry on with, rather than taper, current…
With 2013 almost over, economists are looking into their crystal balls and predicting a purchase-driven mortgage market for 2014. Not to mention, ongoing home affordability is expected to rise in most areas despite rising mortgage rates. All of these trends were predicted in Freddie Mac’s latest Economic and Housing Market outlook. Read the full report…
The Federal Housing Finance Agency has set 2014 limits on the size of mortgages Freddie Mac and Fannie Mae are allowed to buy, unchanged from 2013 levels. FHFA, which oversees the mortgage lenders, sets the conforming loan limits each November, traditionally based on fluctuations in housing prices. The conforming loan limits for single-family properties next…
The average interest rates for conventional 30-year fixed rate mortgages moved from 4.63 percent in September to 4.58 percent in October according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey, a decrease of five basis points. The decrease in October follows September’s increase of 14 basis points and was the first decline…
Move Can Help Retirees Keep Investments Until Right Time to Sell Reverse mortgages aren’t just for people struggling to keep their homes anymore. The loans also can work for well-heeled retirees looking for a buffer to keep them from selling investments at the wrong time, according to academic researchers. And Congress last month gave…
CFPB Finalizes Modifications to Mortgage Rules: Changes Resolve Implementation Issues and Clear the Way for Better Consumer Protections the Consumer Financial Protection Bureau (CFPB) finalized amendments and clarifications to its January 2013 mortgage rules in order to help industry comply and to better protect consumers. The changes made today answer questions that have been identified…
5 questions to help you choose! 15-year mortgage may be popular, but it’s not necessarily for everyone Borrowers must understand how payments will be structured Some disciplined savers may benefit from carrying their mortgages into retirement These are the questions to ask when deciding between and 15 and 30-year mortgage. 1. Can you afford to…
Many people who lost their homes in the financial crisis have had to wait at least three years to buy again. However, the Federal Housing Administration (FHA) has created the “Back to Work” loan program, which waives its three year foreclosure waiting period. You may qualify for this program if you have a recent history…
As interest rates rose in early fall, housing in some areas began to slow and applications for refinance loans became a trickle. Now, with interest rates at their lowest since June, we may see a boost in the lending market and in housing sales. Nearly everyone agrees that rates this low cannot last forever and…
Fixed mortgage rates sank to their lowest levels since June, according to the latest data released Thursday by Freddie Mac. For the second week in a row, mortgage rates tumbled among concerns about a softening housing market. The 30-year fixed-rate average slid to 4.1 percent with an average 0.7 point. It was down from 4.13…
As the Government Shutdown stretched into mid-October, a last minute deal by House Republicans and Democrats was reached just before the debt ceiling deadline on October 17. End of Shutdown The deal ended the shutdown and equities markets rallied on the news. Home loan rates, which are tied to Mortgage bonds, did move a bit…