Anyone shopping for a new mortgage these days should shop around, says Cameron Findlay, chief economist for LendingTree.
Although mortgage rates look astoundingly low, the spread between what the bank receives and what it pays investors has actually increased, giving banks more room to negotiate.
Applicants with good credit scores should aggressively seek the best rates they can find by comparison shopping, starting with the bank they usually do business with.
Source: The New York Times, Jennifer Saranow Schultz (07/17/2010)
"Star Treatment for Your Real Estate Needs" It is important for me to understand my client’s needs and wants so I can exceed their expectations. I’m not happy unless they are. It is essential to have a productive positive working relationship and smooth transactions.
Showing posts with label mortgage rates. Show all posts
Showing posts with label mortgage rates. Show all posts
Monday, July 19, 2010
Tuesday, September 29, 2009
Down Payment Assistance Programs for 1st Time Homebuyers buying in Frisco
The Housing Trust Fund offers two Down Payment Assistance Programs designed to help low and moderate income families who work in the city limits of Frisco also purchase a home in the City of Frisco.
Program #1: The Frisco Down Payment Assistance Program
(targeted to families working in the city limits of Frisco)
Families with at least one adult working full-time in Frisco for at least 6 months can be assisted in purchasing a home in Frisco.
The program provides forgivable loans of up to $10,000 to qualified homebuyers for the purpose of down payment and closing cost assistance. The homebuyers is required to pay 50% of the closing costs.
Eligible households must be first time homebuyers (with some exceptions)
Income and purchase price limits vary by family size. Household income for a family of four (4) cannot exceed $53,200 in order to be eligible for the program (see the DPA Brochure for more details)
The Down Payment Assistance Program can be used with other First Time Homebuyer Programs to help make homeownership possible for almost everyone.
Program #2: The Frisco Targeted Down Payment Assistance Program
(targeted to City of Frisco and Frisco ISD employees)
Families with at least one adult working full-time FOR the City of Frisco or Frisco ISD for at least 6 months can be assisted in purchasing a home in Frisco.
The program provides forgivable loans of up to $5,000 to qualified homebuyers for the purpose of down payment and closing cost assistance.
Eligible households must be first time homebuyers (with some exceptions).
Income and purchase price limits vary by family size. Household income for a family of 1 or 2 cannot exceed $66,500 and 3 or more cannot exceed $76,475 in order to be eligible for the program (see the TDPA brochure for more details).
The Down Payment Assistance Program can be used with other First Time Homebuyer Programs to help make homeownership possible for almost everyone.
Source:city of Frisco Texas
Program #1: The Frisco Down Payment Assistance Program
(targeted to families working in the city limits of Frisco)
Families with at least one adult working full-time in Frisco for at least 6 months can be assisted in purchasing a home in Frisco.
The program provides forgivable loans of up to $10,000 to qualified homebuyers for the purpose of down payment and closing cost assistance. The homebuyers is required to pay 50% of the closing costs.
Eligible households must be first time homebuyers (with some exceptions)
Income and purchase price limits vary by family size. Household income for a family of four (4) cannot exceed $53,200 in order to be eligible for the program (see the DPA Brochure for more details)
The Down Payment Assistance Program can be used with other First Time Homebuyer Programs to help make homeownership possible for almost everyone.
Program #2: The Frisco Targeted Down Payment Assistance Program
(targeted to City of Frisco and Frisco ISD employees)
Families with at least one adult working full-time FOR the City of Frisco or Frisco ISD for at least 6 months can be assisted in purchasing a home in Frisco.
The program provides forgivable loans of up to $5,000 to qualified homebuyers for the purpose of down payment and closing cost assistance.
Eligible households must be first time homebuyers (with some exceptions).
Income and purchase price limits vary by family size. Household income for a family of 1 or 2 cannot exceed $66,500 and 3 or more cannot exceed $76,475 in order to be eligible for the program (see the TDPA brochure for more details).
The Down Payment Assistance Program can be used with other First Time Homebuyer Programs to help make homeownership possible for almost everyone.
Source:city of Frisco Texas
Wednesday, September 2, 2009
Good Year for FHA loans
FHA Is Having Busiest Year Ever
About 25 percent of all new mortgages are backed by the Federal Housing Administration in what will probably be the busiest year yet for the federal agency.
Applications for FHA mortgages rose 50 percent from last October through mid-August 2009 and approvals for purchases, refinancings, and reverse mortgages rose 70 percent to 1.67 million.
FHA loans "are one of the most important sources in this market," says Mark Zandi of Moody's Economy.com. "Without FHA, the housing slide would be much more severe. We wouldn't be talking about a recovery now. We'd still be talking about a crash."
Some analysts are concerned about the risk the FHA has taken on, but others point out that borrowers with FHA-insured loans now have an average credit score of 690, compared to 630 two years ago. Borrowers with a credit score below 500 must come up with a 10 percent down payment.
Source: USA Today, Stephanie Armour (09/02/2009)
About 25 percent of all new mortgages are backed by the Federal Housing Administration in what will probably be the busiest year yet for the federal agency.
Applications for FHA mortgages rose 50 percent from last October through mid-August 2009 and approvals for purchases, refinancings, and reverse mortgages rose 70 percent to 1.67 million.
FHA loans "are one of the most important sources in this market," says Mark Zandi of Moody's Economy.com. "Without FHA, the housing slide would be much more severe. We wouldn't be talking about a recovery now. We'd still be talking about a crash."
Some analysts are concerned about the risk the FHA has taken on, but others point out that borrowers with FHA-insured loans now have an average credit score of 690, compared to 630 two years ago. Borrowers with a credit score below 500 must come up with a 10 percent down payment.
Source: USA Today, Stephanie Armour (09/02/2009)
Wednesday, August 26, 2009
July new US home sales up 9.6 percent
WASHINGTON (AP) -- New U.S. home sales surged 9.6 percent in July, rising for the fourth straight month and beating expectations as the housing market marches steadily back from its historic downturn.
The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, but are still off nearly percent from the frenzied peak four years ago.
The median sales price of $210,100, however, was off 11.5 percent from year-ago levels and down slightly from $221,400 in June.
Last month's sales pace was the strongest since September and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 390,000 units.
In a kind of Cash for Clunkers effect, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.
Builders and real estate agents are pressing Congress for that credit to be extended. If it isn't, sales could reverse their upward trend.
As sales rise, that's likely to make builders more confident about getting going on new projects, and that's likely to lead to more jobs ins the construction industry. "These are crucial elements of a sustainable recovery," David Resler, chief economist at Nomura Securities, wrote in a research note.
Each new home built creates, on average, the equivalent of three jobs lasting one year and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders.
There were 271,000 new homes for sale at the end of July, down more than 3 percent from May. At the current sales pace, that represents 7.5 months of supply - the lowest since April 2007. The decline means builders have scaled back construction to the point where supply and demand are coming into balance.
Courtesy of:
By ALAN ZIBEL
AP Real Estate Writer Aug 26, 11:19 AM EDT
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, but are still off nearly percent from the frenzied peak four years ago.
The median sales price of $210,100, however, was off 11.5 percent from year-ago levels and down slightly from $221,400 in June.
Last month's sales pace was the strongest since September and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 390,000 units.
In a kind of Cash for Clunkers effect, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.
Builders and real estate agents are pressing Congress for that credit to be extended. If it isn't, sales could reverse their upward trend.
As sales rise, that's likely to make builders more confident about getting going on new projects, and that's likely to lead to more jobs ins the construction industry. "These are crucial elements of a sustainable recovery," David Resler, chief economist at Nomura Securities, wrote in a research note.
Each new home built creates, on average, the equivalent of three jobs lasting one year and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders.
There were 271,000 new homes for sale at the end of July, down more than 3 percent from May. At the current sales pace, that represents 7.5 months of supply - the lowest since April 2007. The decline means builders have scaled back construction to the point where supply and demand are coming into balance.
Courtesy of:
By ALAN ZIBEL
AP Real Estate Writer Aug 26, 11:19 AM EDT
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
Thursday, August 20, 2009
Mortgage Applications Rise on Falling Rates
Mortgage applications bounced back last week with the Mortgage Bankers Association market index rising 5.6 percent on a seasonally adjusted basis compared to the previous week.
On an unadjusted basis, the index increased 4.8 percent and was up 25 percent compared with the same week a year ago.
The recent seesaw of mortgage rates has affected refinances more than purchases. The refinance index rose 6.9 percent last week after falling 7.2 percent the previous week, reflecting declining mortgage rates. The purchase index, which has trended upward gradually, rose 3.9 percent.
Here are the average performances of mortgage rates this week:
30-year fixed-rate mortgages decreased to 5.15 percent from 5.38 percent.
15-year fixed-rate mortgages decreased to 4.52 percent from 4.71 percent.
1-year ARMs decreased to 6.66 percent from 6.71 percent.
Source: Mortgage Bankers Association (08/19/2009)
On an unadjusted basis, the index increased 4.8 percent and was up 25 percent compared with the same week a year ago.
The recent seesaw of mortgage rates has affected refinances more than purchases. The refinance index rose 6.9 percent last week after falling 7.2 percent the previous week, reflecting declining mortgage rates. The purchase index, which has trended upward gradually, rose 3.9 percent.
Here are the average performances of mortgage rates this week:
30-year fixed-rate mortgages decreased to 5.15 percent from 5.38 percent.
15-year fixed-rate mortgages decreased to 4.52 percent from 4.71 percent.
1-year ARMs decreased to 6.66 percent from 6.71 percent.
Source: Mortgage Bankers Association (08/19/2009)
Tuesday, July 28, 2009
5 Things to do before Putting Your Home on the Market
1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
Source: REALTOR.com
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
Source: REALTOR.com
Thursday, July 23, 2009
Housing Market on the Rise
Jul 23, 12:06 PM EDT – Dallas Morning News
June existing home sales rise by 3.6 percent
By ALAN ZIBEL
AP Real Estate Writer
WASHINGTON (AP) -- The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday shows.
Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.
"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.
Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January.
Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country.
It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.
In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.
And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said.
That probably won't happen until next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May.
Nevertheless, prices have risen for three straight months in about half of the 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday.
Source: © 2009 The Associated Press. All rights reserved.
June existing home sales rise by 3.6 percent
By ALAN ZIBEL
AP Real Estate Writer
WASHINGTON (AP) -- The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday shows.
Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.
"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.
Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January.
Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country.
It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.
In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.
And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said.
That probably won't happen until next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May.
Nevertheless, prices have risen for three straight months in about half of the 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday.
Source: © 2009 The Associated Press. All rights reserved.
Friday, July 17, 2009
Home Lending Rates Falling Again
Daily Real Estate News
Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, Freddie Mac reports.
Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.
Here’s a look at how other mortgage rates performed this week:
15-year fixed loans fell to 4.63 percent from 4.69 percent.
One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.
Source: Grand Junction Free Press, Wyatt Haupt Jr. (07/17/09)
Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, Freddie Mac reports.
Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.
Here’s a look at how other mortgage rates performed this week:
15-year fixed loans fell to 4.63 percent from 4.69 percent.
One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.
Source: Grand Junction Free Press, Wyatt Haupt Jr. (07/17/09)
Friday, July 10, 2009
Mortgage Rates Drop This Week
Interest on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this week, according to Freddie Mac.
The average on 30-year financing slipped to 5.2 percent from 5.32 percent a week ago.
The 15-year mortgage declined to 4.69 percent, down from 4.77 percent.
Five-year ARMs were down to 4.82 percent from 4.88 percent.
One-year ARMs fell to 4.82 percent from 4.94 percent.
Source: Los Angeles Times (07/10/09)
© Copyright 2009 Information Inc.
The average on 30-year financing slipped to 5.2 percent from 5.32 percent a week ago.
The 15-year mortgage declined to 4.69 percent, down from 4.77 percent.
Five-year ARMs were down to 4.82 percent from 4.88 percent.
One-year ARMs fell to 4.82 percent from 4.94 percent.
Source: Los Angeles Times (07/10/09)
© Copyright 2009 Information Inc.
Friday, June 12, 2009
Mortgage Rates are Rising
Mortgage Rates Reach 7-Month High
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac.
The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:
Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;
5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;
5.04 percent from 4.81 percent for one-year ARMs.
Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac.
The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:
Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;
5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;
5.04 percent from 4.81 percent for one-year ARMs.
Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
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