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What’s Ahead For Mortgage Rates This Week : December 28, 2009

Steve Levitt — Mon, 28 Dec 2009 14:45:00 +0000

Mortgage markets made a 4-day losing streak last week on thin holiday volume and overall economic optimism. It was awful news for rate shoppers because mortgage rates were higher every day last week.

The holiday-shortened week marked the third out of 4 during which rates worsened and last week’s action happened to be especially harsh. [...]

There’s A Very Good Reason Why The New Home Sales Data Plunged In November

Steve Levitt — Thu, 24 Dec 2009 14:45:00 +0000

One day after November’s Existing Home Sales report blew away estimates, the Census Bureau’s related New Homes Sales report failed to impress.

A “new home” is a home that is newly-constructed; not bought as a resale.

In a lackluster showing, New Home Sales dropped 11 percent in [...]

Home Inventories Plummet, Foreshadowing Higher Prices By Spring 2010

Steve Levitt — Wed, 23 Dec 2009 14:45:00 +0000

Home resales are soaring.

For the 4th consecutive month, the Existing Home Sales report revealed what today’s buyers and sellers already know — there’s a lot of buyer activity right now.

Existing Home Sales surged 7-plus percent in November, posting its largest number of recorded sales in [...]

When It’s A Holiday Week, Mortgage Rate Shoppers Should Be Extra Vigilant

Steve Levitt — Tue, 22 Dec 2009 14:45:00 +0000

Mortgage pricing worsened Monday, driving mortgage rates to their highest levels since October.

The day’s action was drastic, too.

Some banks issued as many as 3 rate sheets Monday — each worse than the preceding and one reason why rates got so bad, so quickly, is because this week marks the beginning of [...]

What’s Ahead For Mortgage Rates This Week : December 21, 2009

Steve Levitt — Mon, 21 Dec 2009 14:45:00 +0000

Mortgage markets improved last week as pricing followed a roller coaster-like pattern. After touching a 6-week high Tuesday, rates rallied to weekly lows Thursday, and then jumped back higher Friday.

Despite the improvement last week overall, mortgage pricing remains significantly worse from the all-time lows set in late-November.

Oddly, last week’s most prominent mortgage-related story [...]

Housing Starts Jump; Home Sellers Lament.

Steve Levitt — Fri, 18 Dec 2009 14:45:00 +0000

Housing Starts jumped last month as builders got back to business. It’s a telling sign for the economy, but bad news for next season’s sellers.

With more homes coming online, home prices may be slow to rise nationwide.

A “Housing Start” is a privately-owned home on which construction has started. In November, starts rose

A Simple Explanation Of The Federal Reserve Statement (December 16, 2009 Edition)

Steve Levitt — Wed, 16 Dec 2009 20:39:00 +0000

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that the U.S. economy “has continued to pick up”, that the jobs markets is getting better, and that housing market has [...]

Fannie Mae Gets Tough(er) On Borrowers. Again.

Steve Levitt — Wed, 16 Dec 2009 14:45:00 +0000

Fannie Mae raised the bar for mortgage applicants this past weekend. Getting approved for a home loan just got harder.

In its official announcement, Fannie Mae says the updates minimize long-term lending risks. If that’s the case, this won’t be the last guideline change Fannie Mae makes — [...]