By Mike Colpitts Frustrated and angry over the state of the U.S. economy, Wall Street and bankers homeowners in just about every community in the nation are wondering whether they will be able to wait out the housing market to sell their homes. They are caught in the web of a housing mess run amuck.… Continue reading Frustrated Homeowners Wait to Sell
Category: Sales
Mortgage Rates to Skyrocket on Economic Budget Failure
By Mike Colpitts Failures by Congress and President Barack Obama to reach a deal on the U.S. economic budget is likely to trigger a massive hike to skyrocket mortgage interest rates, sending rates up at least 1 to 2½% within just a few short days following an impasse. The sudden rise in rates would essentially… Continue reading Mortgage Rates to Skyrocket on Economic Budget Failure
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
Slowdown in Home Sales New Normal
By Mike Colpitts A slowdown in home sales during what is usually the hottest time of the year for home buying activity just may be the new normal in real estate. The erratic ups and downs the residential market is suffering are setting home sales up for a long recovery process with a series of… Continue reading Slowdown in Home Sales New Normal
Mortgage Interest Rates Surge Higher
Mortgage interest rates surged higher as Treasury bond rates moved above 3% in reaction to the end of quantitative easing by the Federal Reserve. The rate on a fixed 30-year mortgage rose to 4.60%, a hike from an average of 4.51% last week, according to Freddie Mac. The rates on other home mortgages also moved… Continue reading Mortgage Interest Rates Surge Higher
Comedian Jimmy Fallon Buys $5.7 Million Estate
Talk show host and comedian Jimmy Fallon, whose late night TV talk show is rising in the ratings is buying a 3,500 square foot estate in the Hamptons outside of New York City, where he hosts his nightly show. The former “Saturday Night Live” TV Weekend Update co-anchor is settling into his new digs in… Continue reading Comedian Jimmy Fallon Buys $5.7 Million Estate
Mortgage Growth Stalls on Higher Interest Rates
A sudden increase in mortgage interest rates triggered a slowdown in loan applications for the first time in more than two months, according to the Mortgage Bankers Association weekly survey. The index saw a fall in applications, bringing refinances to a stall. Mortgage rates rose sharply for the week on a 30-year fixed rate loan… Continue reading Mortgage Growth Stalls on Higher Interest Rates
Huge Downgrade in US Housing Market
By Mike Colpitts Buffeted by high unemployment and weak consumer sentiment, housing markets are encountering sluggish home sales in the midst of what is typically the busiest home buying season of the year. Home sales should see an improvement towards the end of summer, but the average US home is projected to decline 7.1% in… Continue reading Huge Downgrade in US Housing Market
Mortgages Dry Up As Interest Rates Drop
Mortgage applications dried-up slightly even as interest rates dropped for the week, according to the Mortgage Bankers Association survey. The composite index, a measure of mortgage loan application volume fell 2.7% on a seasonally adjusted basis as applications fell for the second straight week. Loan applications have been on an up-and-down cycle for more than… Continue reading Mortgages Dry Up As Interest Rates Drop
Interest Rates Steady Four Straight Weeks
Lenders kept mortgage interest rates steady for the fourth week in a row as disappointing news on the economy held bond rates under 3%. The average rate on the bench mark 30-year fixed rate loan was 4.51%, up a single basis point from last week. Signs for an improvement in the U.S. economy were mixed.… Continue reading Interest Rates Steady Four Straight Weeks