Archives for December 2010

Mortgage Rates Rise as Buyers Jump

By Mike Colpitts Mortgage rates rose to the highest level since last May as home buyers jumped back into the market, according to Freddie Mac. The rate on a 30-year fixed rate mortgage rose to 4.86%, a .05 move up for the week. The National Association of Realtors pending home index rose 3.5% in November to 92.2 based on purchase contracts signed during the month from 89.1 in October. The improvement marks a 5% decline from one year ago … [Read more...]

Mortgage Rates Dip Slightly

By Mike Colpitts Mortgage rates declined to an average of 4.81% for the week with 0.7 point down from 4.83% a week ago, according to Freddie Mac. The dip represents the first decline in more than a month after rates hit their record low in late October. The 30-year fixed rate mortgage is expected to remain under 5% during 2011 by Freddie Mac economists. The 15-year fixed rate mortgage also dropped .02% for the week to an average of 4.15% … [Read more...]

Home Sales Rise Higher

Home sales rose higher to a seasonally adjusted annual rate of 4.68 million units in November, according to the National Association of Realtors. The rise, however, accounts for a 27.9% decline from the market’s peak during the federal tax credit. The rise in sales represents a positive trend for the housing market, and includes the sales of existing homes, condos and townhouses but does not include newly built homes. Higher mortgage rates … [Read more...]

Mortgage Rates Soar Higher

Mortgage rates soared to 4.83% on a 30-year fixed rate mortgage to the highest level in more than eight months, according to Freddie Mac. The increase accounted for the largest rise in conventional mortgages since hitting their record all-time low and put the brakes on home buying. Rates rose from 4.61% with an average of 0.7 point from a week earlier. Loan rates on a 15-year fixed rate mortgage also rose to 4.17% with an identical 0.7 point, … [Read more...]

Poll Shows Split on Real Estate Market

Respondents are split over whether the real estate market will show better times in the coming New Year, according to a new opinion poll. Slightly more than 1 out of 3 said better times are ahead when 2011 rings in but the majority isn’t so positive about things. Some 37% of respondents to the poll said that the New Year will ring in better times in real estate. However, a large majority or 63% said 2011 would not produce better conditions for … [Read more...]

Pent Up Real Estate Demand Waits

By Kevin Chiu Pent up demand among consumers waiting on the sidelines to buy a home is something that real estate analysts aren't counting on much these days as consumer confidence over the U.S. economy wanes. The housing sector of the real estate market was artificially sent to new heights by a concoction of mixtures starting in the stock market on Wall Street and loaded with new mortgages, leaving millions of Americans in financial ruins in … [Read more...]

Vacation Resort Markets Turn Around

Economic slowdowns even hit the wealthy and for the rich or the over-extended this real estate crash is serving a serious blow to vacation resort markets like those in Florida, Colorado, Hawaii and California. The second home market saw the largest run-up in prices in U.S. history and the fallout is devastating markets, many of which are falling as fast as they rose during the boom. Transactions and dollar volumes in resort markets are … [Read more...]

Home Appraisals Killing Recovery

By Kevin Chiu One out of three new home builders lost sales as a result of appraisals coming in at less than the agreed upon sales price in the last six months killing a recovery in the U.S. housing market, according to the National Association of Home Builders. Declining home prices in most areas of the country is a major issue for the economy, especially homeowners who are seeing equity in their homes evaporate. More than one in four … [Read more...]

Mortgage Rates Surge Higher

By Kevin Chiu Mortgage rates surge higher for the fourth consecutive week as Treasuries sold off at the highest level in six months, igniting tempers among many home buyers and homeowners who were waiting to lock-in rates, according to Freddie Mac. Mortgage rates have been particularly volatile as a result of the bond market. Rates on a conventional 30-year fixed rate mortgage rose to an average of 4.61% with 0.7 point up from 4.46% a week … [Read more...]

Refinance Wave Ends on Higher Mortgage Rates

After four straight weeks of falling loan applications to refinance home mortgages the wave of refinancing has apparently come to an end, according to the Mortgage Bankers Association. It’s the lowest the index has been since last June, demonstrating that most homeowners who wanted to refinance their homes or could qualify to do so have already completed refinances. However, home purchase mortgage applications increased slightly during the … [Read more...]