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Mortgage Rates Inch Higher

Mortgage rates continued to rise this week, with the benchmark conforming 30-year fixed mortgage rate rising to 5.08 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points. The average 15-year fixed mortgage inched to 4.27 percent, and the larger jumbo 30-year fixed rate moved up to 5.57 percent. Adjustable rate mortgages were slightly lower this week with the average 5-year ARM slipping to 3.87 percent and the 7-year ARM dropping to 4.21 percent. Mortgage rates moved higher, but not very much, as investors looked past global concerns and

March Housing Scorecard Reflects Stagnant Marketplace

Image by Getty Images via @daylife The March edition of the Obama Administration’s Housing Scorecard again remarks on the fragility of the U.S. housing market and the need to continue efforts to help homeowners stay in those homes. The Scorecard, issued jointly by the Departments of Treasury and Housing and Urban Development (HUD) is largely a recap of data released by other sources such as the Census Bureau, S&P Case-Schiller, RealtyTrac and the National Association of Realtors. The fragility is demonstrated by a decline in the numbers of both new and existing houses and home prices and an increase in

Has the Residential Real Estate Market Bottomed Out?

Image via Wikipedia Whether you consider your home an investment, real estate is still a big part of many individuals’ financial lives. Although home equity levels have dropped substantially amid the housing bust, home ownership remains a substantial component of net worth in many households. And even for those who no longer have mortgages, property taxes and housing-related upkeep are often some of the largest line items in household budgets. The Best-Laid Plans Several buyers noted that the ongoing housing bust had affected their own plans to relocate. “About 16 months ago, I thought I was being very smart in buying

Orlando and Las Vegas Top List of Emptiest US Cities

Image via Wikipedia A few years back developers in Orlando, Fla., thought they had it all figured out. With apartments rapidly being converted to condominiums, they started building new apartment complexes to absorb all the renters who didn’t want to buy. Then the economy went into recession, vacationers stopped going to Disney World, and financing evaporated for developers and buyers alike. Result: More than one-fifth of Orlando’s rental units are vacant, landing it the top spot on Forbes’ list of America’s Emptiest Cities. “There was supposed to be a need for new rental product to replace what was being taken

Banks Plan to Unload $142B in Mortgage Backed Securities

The Treasury Department’s move to start unloading its portfolio of mortgage debt likely will add one more point of pressure—albeit a small one—to a housing market hardly in a position for additional stress.Later this month the government plans to shed about $10 billion in its $142 billion portfolio of mortgage-backed securities that were guaranteed by government-sponsored enterprises Fannie Mae and Freddie Mac. The sales then will happen incrementally over the next year or so. In the broader scope of things, the new supply is a brief shower inside a typhoon of debt that the Treasury and, to a far greater

Major Changes Ahead for Mortgage Industry

Image via Wikipedia Fundamental changes are probably ahead for the American mortgage system as the federal government pushes to unwind its unprecedented involvement in the housing market. These changes could significantly raise the down payments demanded by lenders, curtail the availability of long-term mortgages with fixed interest rates, and increase the cost of borrowing in general. The government’s effort to scale back its role in housing could show up in small ways soon. In April, the Federal Housing Administration plans to raise the annual premium it charges borrowers by a quarter of a percentage point. In October, the maximum size

The US Housing Market: 5 Signs That Say “Buy”

Image via Wikipedia The national housing market still seems shaky, but what about your area? The following yardsticks can help you gauge whether your neighborhood is poised for a comeback: 1. Jobs Some parts of the country were less affected by the recession than others. Prospective buyers should review job-growth data from the U.S. Bureau of Labor Statistics, at www.bls.gov. Unlike many backward-looking economic statistics, jobs data are only about a month old and can “clearly show the direction of the local economy,” says Carolyn Beggs, chief operating officer of real-estate data provider Local Market Monitor Inc. The National Association

Global Unrest Puts US Mortgage Rates Under 5%

Image via Wikipedia U.S. mortgage rates fell for a second week, tracking a drop in Treasury yields as violent unrest in Libya sparked demand for relatively safe investments. The average rate for 30-year fixed loans declined to 4.95 percent in the week ended today from 5 percent, according to Freddie Mac. The average 15-year rate was 4.22 percent, down from 4.27 percent a week earlier, the McLean, Virginia-based mortgage-finance company said in a statement. Turmoil in Libya has sent oil pricessurging and spurred speculation that an economic recovery may slow. Yields on 10- year Treasury notes, which are benchmarks for

Continued Signs of Improvement: Mortgage Delinquencies Down

Image by Getty Images via @daylife There was a lot of good news in the Fourth Quarter National Delinquency Study released by the Mortgage Bankers Association (MBA) Thursday. First, the overall, seasonally adjusted delinquency rate (which does not include loans in foreclosure) fell to 8.22 percent, a decrease of 91 basis points from a 9.13 percent rate in the third quarter and down 125 basis points from the same period in 2009. Jay Brinkmann, MBAs chief economist said that the non-seasonally adjusted rate showing a decrease of 46 basis points to 8.93 percent might be even better news. There is

Home Affordability Hits 20 Year High

Home affordability rose to its highest level in at least 20 years in the fourth quarter of 2010, according to an index released by the National Association of Home Builders and Wells Fargo today. The Housing Opportunity Index found that 73.9 percent of new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,400 — surpassing the previous high, 72.5 percent, recorded in the first quarter of 2009. “Today’s report shows that housing affordability at the end of 2010 was at its highest level since we started computing the HOI,” said

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