Category: Sales

Home Purchases Jump as Mortgage Applications Rise

By Kevin Chiu Mortgage applications rose sharply for both refinancing and home purchases as lower rates drove more consumers back to the marketplace, according to the Mortgage Bankers Association weekly survey. Applications for home purchases had a jump to the highest level they have reached for the year. Refinances also jumped 17.2% to reach their… Continue reading Home Purchases Jump as Mortgage Applications Rise

Anti-Flipping Rule Eliminated

By Keisha Joseph In order to accelerate foreclosure sales the FHA has eliminated a temporary waiver of their anti-flipping rule. The extension will last until the end of this year, allowing home buyers to obtain FHA-insured loans to purchase foreclosed properties. The length of time the homeowner has held title is no longer a factor.… Continue reading Anti-Flipping Rule Eliminated

Mortgage Rates Drop Three Straight Weeks

Mortgage rates showed a drop for the third week in a row averaging just 4.87% on a 30-year fixed rate loan, according to Freddie Mac. The average dropped to the lowest level in more than a month as lenders slashed rates to get borrowers back into the market, down from an average of 4.95% last… Continue reading Mortgage Rates Drop Three Straight Weeks

Steps to Find the Best Real Estate Agent in Today’s Market

By Kim Olson Finding “just the right home for you” can be daunting, especially if you’re moving to an area that you’re not familiar with. Fortunately, a good real estate agent can really make the process much easier. Follow these steps to find the best real estate agent in today’s troubled market, and your search… Continue reading Steps to Find the Best Real Estate Agent in Today’s Market

Home Sales Rose Third Straight Month

By Mike Colpitts Home sales rose for the third straight month as lower home prices and near record low mortgage rates drove more buyers back into the market, according to the National Association of Realtors. Existing sales of single family homes, townhouses, condominiums and co-ops tracked by the association increased 2.7% to a seasonally adjusted… Continue reading Home Sales Rose Third Straight Month

Mortgage Rate Drops to Magic 5%

By Mike Colpitts Mortgage rates moved in the right direction for home buyers this week as rates showed a drop in all categories, breaking a month long increase in rates, according to Freddie Mac. A 30-year fixed rate mortgage declined to 5.0%, a slim 0.05 decrease from last week, which represents a magic number for… Continue reading Mortgage Rate Drops to Magic 5%

Homeowners Overpaying Property Taxes

By Mike Colpitts Home values have dropped so much that the majority of U.S. homeowners are overpaying on property taxes, according to a leading consumer protection group. “We’re telling people to get an appraisal, an independent appraisal to find out what their property is really worth to see if they’re overpaying,” said Tom Martin, president… Continue reading Homeowners Overpaying Property Taxes

Mortgage Rates Scare Off Home Buyers

By Kevin Chiu Higher mortgage rates coupled with a weak economy and uncertainty over the troubled housing market scared off home buyers from taking action, according to the Mortgage Bankers Association as applications for mortgages took a major plunge. Mortgage loan volume dropped 9.5% for the week as refinances took the largest dip since July… Continue reading Mortgage Rates Scare Off Home Buyers

Mortgage Insurance Premiums Increase

By Kevin Chiu Despite the housing markets problems, the federal government is raising mortgage insurance premiums on home loans. It’s all part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) reserves. The increase will cover only FHA insured mortgages, raising premiums by a quarter of a point on 30-year and 15-year mortgages. One… Continue reading Mortgage Insurance Premiums Increase