New FHA Streamline Refinance Guidelines Coming November 17th

November 11, 2009

New Guidelines Coming Soon Consider this a last call for FHA Streamline Refinances.  Starting next Tuesday, the popular rate-lowering program gets strict on borrowers. There’s 5 days left. Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements. FICO scores must be 620 or higher The refinance must provide a “tangible benefit” […]

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Should Be a Quiet Week in the Mortgage Market

November 9, 2009

Without New Data, Markets Look to Less Common Factors Actually, nothing may happen this week — there’s not much data to release.  Apart from a retail report, a confidence survey and some Fed speakers, the calendar is bare.  That, and Wednesday is a federal holiday. However, without data, markets often trade on things like geopolitics, or […]

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Rough Week Ended On a Positive Upswing

November 9, 2009

Rates Dropped for 2nd Straight Week Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday.  Thankfully for rate shoppers, the overall momentum was positive. Mortgage rates fell for the second time in as many weeks. Rates still sit higher versus their early-October lows. For pure “news”, last week was […]

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The Media Doesn’t Always Report the Whole Story

November 6, 2009

Don’t Trust Everything You Read Some days, newspaper headlines are a terrible place to get your real estate news. Today is one of those days. After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story: New Home Sales fall a surprising 3.6% Surprise Drop In New Home Sales […]

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The Pending Home Sales Index Says Higher Home Prices Ahead

November 6, 2009

  Housing Market Continues to Make Progress As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It’s the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006. A Pending Home […]

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An Explanation of the Federal Reserve Statement

November 6, 2009

The Fed Speaks with Optimism Regarding Economy The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy “has continued to pick up” since the September FOMC meeting and that housing market activity has increased. It’s […]

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First Time Home Buyer Tax Credit is Extended till April 2010

November 6, 2009

The Program Remains Basically the Same Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.  The White House says the President will sign it into law today. The up-to-$8000 tax credit’s expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be […]

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Des Moines Real Estate is Ready for Another Tax Credit

November 4, 2009

What’s The Real Estate Market Doing? Do you ever wonder how our real estate market is here in Des Moines? Unfortunately, we spend a lot of time listening to how rough things are in other cities around the country, but too often we don’t really consider what our real estate climate is like. I’m a […]

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Expect the Volatility to Continue This Week

November 2, 2009

A Lot Rests on What the Fed Has to Say In addition to the release of key employment and housing data, the Federal Open Market Committee has a scheduled 2-day meeting.  The group’s Wednesday afternoon adjournment will influence mortgage rates. The Fed is widely expected to keep the Fed Funds Rate in its target range […]

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Mortgage Markets Improved Last Week Despite Volatility

November 2, 2009

Volatile Markets Have Been the Theme in 2009 Rates carved out a wide range on the week, culminating in a late-Friday plunge that dropped rates by about 1/8 percent. It was the first time in 5 weeks that mortgage rates fell. Volatility like that of last week is nothing new on Wall Street; it’s been a […]

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