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 […]
Analysis reports on refinancing by Freddie Mac have shown that during the fourth quarter of 2013, the refinance share of applications averaged 56% in its monthly refinance survey. But its economists foresee a drop in refinances to 38% this year. Many homeowners who refinanced through Freddie Mac in 2013 have been choosing fixed rate mortgages […]
The Long Island housing market recently showed growth at the end of 2013 with a boost in housing prices. This meant more sales, but, at the same time, resulted in the lowest inventory numbers in more than ten years. Miller Samuel, a brokerage firm, and the real estate firm Douglas Elliman released a report that […]
Freddie Mac’s Primary Mortgage Market Survey recently reported that the average rate for a 30-year fixed-mortgage was 4.48% as of the week ending December 26. The week prior, the rate was 4.47% — resulting in a 0.7% increase. One year ago during the same week, 30-year fixed-rate mortgages were about 3.35%. The 15-year fixed-rate […]
According to the Commerce Department, new home sales declined 2.1% in November at an adjusted annual rate of 464,000, compared to an upwardly revised figure of 474,000 in October. Despite the drop in home sales, last month’s figure exceeded economists’ estimates of 440,000. Commerce also revised August and September’s numbers upward because more prospective homebuyers […]
Rates for fixed mortgages increased this week, which has indicated that buying a home will be less affordable in upcoming months. The average rate on a 30-year loan jumped from 4.29% to 4.46% this week, according to Freddie Mac. Regarding 15-year loans, rates also increased from 3.30% to 3.47%. Since May, when the Federal Reserve […]
The National Association of REALTORS announced today that existing home sales during the month of July rose by 6.5% compared to June and also saw a 17.2% increase year over year. According to the NAR, existing home sales were up from a downwardly revised figure of 5.06 million in June to a seasonally adjusted annual […]
The Associated Press reported today that, if Congress has its way, the two government-controlled mortgage guarantee entities — Fannie Mae and Freddie Mac — could close down, resulting in higher mortgage rates. The House and Senate have separate bills that would phase out both Fannie and Freddie over a five-year period. But while the House […]
The National Association of REALTORS recently reported that the seasonally adjusted index for pending home sales was 110.9 in June, down 0.4% from a downwardly revised figure of 111.3 during the month of May — a six-year high. Since last year, home prices and mortgage rates have increased, suggesting that sales are beginning to slow […]
According to Fannie Mae’s Economic and Strategic Report, the 30-year fixed mortgage rate increased more than 110 basis points from May to June. Recent data shows continued improvement with May’s existing home sales jumping to its highest level in six years. Also, new home sales were up in May to the highest level since July […]