You’ve likely heard many times over the past decade that the Federal Reserve has increased the fed funds rate. While this news may give you the urge to yawn, it’s important to take note because a rise in the fed funds rate could mean serious changes in how much you pay for your mortgage […]
A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they’ve built up […]
Mortgage rates took the day to do just a little bit more of what they’ve been doing in fairly grand fashion for the past week: MOVE LOWER! When the good times started in earnest, rates were already in line with their lowest levels in more than a year. As of today, they’re another quarter or […]
Two terms that are often (and incorrectly) used interchangeably are “pre-qualified” and “pre-approved”. A Pre-Qualification typically means a buyer has spoken with a lender (who may or may not have pulled a credit report) and verbally discussed employment, liabilities, payment histories, and assets. A true Pre-Approval, on the other hand, entails a strict review of […]
BY JANN SWANSON Mortgage rates pulled back slightly during the week ended November 16, but that did little to move mortgage applications higher. The Mortgage Bankers Association said its Market Composite Index, a measure of overall application volume, continued to trend down, dipping 0.1 percent on a seasonally adjusted basis compared to the week ended […]
BY JANN SWANSON The Mortgage Bankers Association (MBA) reports a drop in applications for the purchase of newly constructed homes last month. Those applications fell by 3.9 percent compared to August although they remained 8.2 percent higher than they were the previous September. The change does not reflect any seasonal adjustment. The information comes from […]
BY JANN SWANSON It appears that, while Americans are generally upbeat about the economy, housing, and their own financial fortunes, they have a little difficulty maintaining those sentiments. Fannie Mae said today that its Home Purchase Sentiment Index (HPSI) reversed direction again in September, falling 0.3 point to 87.7. The downturn did not erase the […]
BY JANN SWANSON The availability of mortgage credit at least as measured by the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) pulled back in September, with the government component of the index falling to the lowest level in four years. The MCAI registered 182.1 at month’s end, an 0.8 percent decline. An increase […]
BY JANN SWANSON Two Zillow subsidiaries are estimating it will cost the average U.S. homebuyer $40,000 to get in the door of their new home. Depending on where the home is located, according to a new analysis from RealEstate.com and Thumbtack, the number could be $26,641 (in Cleveland) or $202,834 (San Jose.) That headline number […]
BY JANN SWANSON Labor Day typically marks the end of summer and the resumption of business as usual. Hopefully it also marked the beginning of a turnaround for mortgage applications, which increased across the board for the first time since mid-June. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage […]