After more than two years of recovering, the U.S. economy is flirting with another downturn, according to Fannie Mae economists. The recovery’s “fragility makes it vulnerable to any additional shocks that might cause the economy to slip back into recession,” Fannie Mae’s economics and mortgage group says. “The weakening economic backdrop, a persistently high unemployment… Continue reading Fannie Mae Says Economy On Edge
Category: Statistics
Mortgage Rates Dive to New Low
By Mike Colpitts Troubled by European debt worries and record low bond yields, mortgage rates dropped to new all-time record lows again this week hitting an average 4.09% on the fixed 30-year mortgage, according to Freddie Mac. But many homeowners applying for refinances, and home buyers obtaining mortgages for purchases obtained even lower rates. Mortgage… Continue reading Mortgage Rates Dive to New Low
Mortgage Refinances Jump
Led by a jump in home refinances, mortgage applications rose last week as refinancing grew by 2.2% from a week earlier, according to the Mortgage Bankers Association. Homeowners turned out in larger numbers to refinance their mortgages at near record low mortgage rates. However, applications for new home mortgages on purchases dropped as consumer confidence… Continue reading Mortgage Refinances Jump
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending September… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Low Economic Confidence Hinders Housing Recovery
Exceptionally high volatility in financial markets has led Americans to doubt a recovery in the housing market is possible, at least for the time being, according to a new Housing Predictor opinion poll. Low confidence may be a sign of the times. The just completed poll found that 72% of respondents feel that a recovery… Continue reading Low Economic Confidence Hinders Housing Recovery
Banks Lawsuits May Help Homeowners
By Mike Colpitts Homeowners strapped with underwater mortgages or having trouble paying their loans could see some help from Uncle Sam in the way of negotiations with banks being sued by the Federal Housing Finance Agency. The 17 banks and lending institutions lawsuits announced Friday allege misrepresentation and fraud on the banks’ part selling mortgage-backed… Continue reading Banks Lawsuits May Help Homeowners
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level
Home Short Sales Surge
By Mike Colpitts Bank assisted short sales of homes surged in the second quarter of the year as buyers snapped up discount priced properties at some of the lowest mortgage rates in decades. The surge in home purchases from pre-foreclosures account for an eighth of all residential sales, but represent less than a quarter of… Continue reading Home Short Sales Surge
Low Appraisals Slow Home Sales
By Kevin Chiu Appraisers are taking heat for home sales not improving in many areas of the U.S. as new uniform guidelines for appraisals go into effect. The new federally mandated requirements ushered in through Dodd-Frank financial reform went into effect Thursday. Dodd-Frank reform in relationship to appraisals is intended to require lenders to be… Continue reading Low Appraisals Slow Home Sales
Mortgage Rates Sudden Jump
By Kevin Chiu Economic volatility and banking concerns over mortgage lending led to a sudden jump in mortgage rates as fixed rate loans moved especially higher for the week. The jump in rates may also be attributed to increasing Treasury bond yields, which bottomed out under just 2% last week. Adjustable rate mortgages also experienced… Continue reading Mortgage Rates Sudden Jump