By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
Category: District Of Columbia
District Of Columbia housing market
Mortgage Rates Drop as 15-Year Loan Nears New Low
Mortgage rates fell as the nation focused on negotiations in Washington, D.C. over the Congressional budget debacle last week. The rate on the little used 15-year fixed mortgage hit the lowest level in more than 21 years to drive a modest upturn in mortgage loan activity, according to the Mortgage Bankers Association. The average rate… Continue reading Mortgage Rates Drop as 15-Year Loan Nears New Low
Mortgage Rates Climb a Little
Mortgage interest rates climbed slightly for the week as fixed rates moved up a single basis point on 30-year and 15-year loans from a week earlier, according to Freddie Mac. The rates on adjustable mortgages moved slightly lower. The small climb in rates still keeps borrowing for those wanting to refinance mortgages near their historic… Continue reading Mortgage Rates Climb a Little
Mortgages Fall on Interest Rate Hike
Mortgage activity fell as interest rates saw a hike last week on signs of a weaker economy and trouble related to the U.S. budget debacle, according to the Mortgage Bankers Association. The composite index, a combination of refinancing and new home mortgage applications had a fall of 5% from the prior week as an increasing… Continue reading Mortgages Fall on Interest Rate Hike
Treasury Bonds Nudge Interest Rates Higher
By Mike Colpitts Lower rates paid on U.S. Treasury bonds sent mortgage rates higher this week as legislators in Washington, D. C. argued over an agreement on the national budget limit going into the August 2nd deadline. Rates on 30-year fixed rate loans averaged 4.55%. The 15-year fixed rate loan remained the same as a… Continue reading Treasury Bonds Nudge Interest Rates Higher
Sheila Bair Exits FDIC with Warning
By Kevin Chiu Completing her term as the head of the Federal Deposit Insurance Corp. (FDIC) with a last appearance on Capitol Hill, Sheila Bair warned a Washington, D.C. audience to be aware that the financial crisis is rooted in real estate, which is blocking an economic recovery from developing. “The fact that so many… Continue reading Sheila Bair Exits FDIC with Warning
Mortgage Interest Rates Fall
By Mike Colpitts Weak unemployment figures and the lowest bond rates in months drove mortgage interest rates significantly lower for the first time in a month, according to Freddie Mac. The 30-year fixed rate mortgage had a fall to average 4.51% from 4.60% a week ago. The bench mark 30-year mortgage reached the same rate… Continue reading Mortgage Interest Rates Fall
HUD Launches Emergency Home Loans
By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White… Continue reading HUD Launches Emergency Home Loans
Congress Breaks Down on Mortgage Reform
By Kevin Chiu Only weeks into efforts to gather input on changes to rewrite regulations affecting home mortgages, Congress is signaling that it’s already caving in to special interests lobbying against such reforms. An unprecedented alliance of organizations from the real estate industry, new home builders, mortgage companies, banks, civil rights groups and other lobbyists… Continue reading Congress Breaks Down on Mortgage Reform
Rigid Land Use Spiked Home Prices
By Mike Colpitts Rigid land use restrictions contributed to the housing bubble burst and still play a major role driving home values lower, according to a new study conducted by a Washington, D.C. think tank. “The majority of losses in the housing crash were overwhelmingly concentrated in metropolitan areas with restrictive land development regulations,” said… Continue reading Rigid Land Use Spiked Home Prices