As the Economy Continues to Grow, So Do Mortgage Rates

October 19, 2009

Mortgage Rates Have Risen in Each of the Past 3 Weeks Mortgage markets worsened last week on better than expected economic data, causing mortgage rates to rise.Last week was the third consecutive week that mortgage rates moved higher and, since touching a multi-month low in early-October, conforming mortgage rates are up by about a half-percent.  It’s […]

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When the Fed Talks, the Mortgage Market Listens

October 16, 2009

Mortgage rates are higher after the Fed released their notes. Known as the “Fed Minutes”, the report details the conversation and cross-currents that led to the Federal Reserve’s decision to vote “unchanged” on the Fed Funds Rate after its last meeting. The Fed Minutes are the lengthy companion to the more famous, succinct post-meeting press release. As a […]

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The Majority of Foreclosures Remain Concentrated in Just 4 States

October 15, 2009

Foreclosure Sales Accounted for 1/3 of All Existing Home Sales in August For the seventh consecutive month, foreclosure activity in the U.S. was dominated by a tiny subset of states. As reported by RealtyTrac.com, more than half of September’s foreclosure-related activity occurred in just 4 states: California Florida Nevada Michigan These states represent just 22.05 percent […]

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Mortgage Market and Rate Forecast – Week of October 12th

October 13, 2009

When Mortgage Rates Rise, They Tend to Spike This week, data returns. Expect more volatility. Mortgage rates have been very low lately, but they remain jumpy. Rates change fast and if you’re not ready for them when they fall, you’ll likely miss your chance to catch the bottom. Rate shoppers in need of a lock […]

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As the Economy Recovers, Expect Rates to Rise

October 13, 2009

Good News for the Economy is Bad News for Mortgage Rates Mortgage markets worsened last week as investors responded to a recovering global economy. Despite briefly touching their lowest levels since May, mortgage rates ended the week dramatically higher. It’s the second straight week that rates soared on a Friday. For several months, Wall Street has […]

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Adjustable-Rate Mortgages Are a Good Option Right Now

October 9, 2009

Are You the Right Fit for an ARM Loan? According to the Freddie Mac weekly mortgage rate survey, the relative cost of a 5-year ARM is dropping versus its 30-year fixed-rate cousin. During the first 5 months of 2009, the products ran neck-and-neck. Today, they’re a half-percent apart. On a $200,000 home loan, that’s a difference of $60 per month. […]

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The $8,000 Tax Credit Has Been Working In Des Moines!

October 7, 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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Streamline FHA Refinance Loan Guidelines to Change in November

October 7, 2009

New Guidelines Are Much Stricter Beginning November 17, 2009, the FHA will make it harder to qualify for its popular Streamline Refinance program. Available exclusively to homeowners with existing FHA home loans, the streamline program is meant to help homeowners reduce mortgage payments as simply as possible. As such, the program carries minimum eligibility requirements. In fact, […]

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Pending Home Sales Are Up for the 7th Straight Month

October 6, 2009

The Housing Market is in Recovery Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August. It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years. It’s also another signal that the housing market […]

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