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For the third week in a row, mortgage rates inched upward, but economists were quick to reassure home buyers that rates are still low.
While they may like browsing for purchases online, consumers still prefer going to stores to buy and be entertained.
Everyday home buyers are getting into the investment market. Help them evaluate their real estate choices from the right perspective.
Posted To: MBS CommentaryGlobal economic data is big business for the bond market these days. With no end in sight to the domestic economic expansion (note: 1.6% vs 0.9% f'cast in today's Retail Sales and another decades-long low in Jobless Claims), any recessionary risks have been pinned on the two biggest economies that have been sending the weakest cues: Europe and China. Earlier this week (and starting last Friday), Chinese economic data didn't do anything to help the cause of worrying about global growth. Overnight trading saw the China trade level off, however, thus opening the door for a raft of EU economic data to have its say. Among that data, it was the weaker German manufacturing PMI that set the tone overnight. German Bunds rallied sharply and pulled US Treasuries along for the ride. In the...(read more)
Posted To: Mortgage Rate WatchMortgage rates have generally been moving higher since March 28th after they bottomed out at the lowest levels in well over a year. At the time, investors were tuned-in to the Fed's concerns about the global economy. Granted, the US economy might not have been suggesting an imminent recession, but that was far more difficult to say about China and Europe. Both economies were clearly decelerating by the end of 2018 and into the first few months of 2019. That deceleration was the biggest risk factor for the global economy and the biggest boon for mortgage rates. Weak European economic data at the end of March helped drive the long-term low rates on March 27th. But that marked the apex of panic. We haven't seen any data quite as alarming since then and thus, the gradual increase in rates (economic...(read more)
Posted To: MND NewsWireContinuing declines in interest rates had some impact along the margins of loan originations in March. Ellie Mae's Origination Insight Report for March reports that 30-year fixed-rate mortgages originated during the month had an average interest rate of 4.77 percent , down from 4.86 percent in February and 5.01 percent in January. The company reported that the share of originations that were for refinancing ticked up 1 percentage point to 35 percent during the month while the share among FHA loans jumped 3 percentage points to 23 percent. FHA's share of all originations also rose 1 point to 20 percent. The share of conventional and VA loans remained at 64 percent and 11 percent of the total respectively. Another possible impact of lower rates, the percentage of adjustable rate mortgages (ARMs...(read more)
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Metro Phoenix’s homebuilding recovery won’t ramp up again until 2015, and then it will play out mostly in the West Valley.
The latest forecast comes from some of the region’s top developers, builders, investors, brokers and analysts at the Scottsdale-based Land Advisors Organization’s annual real-estate conference on Wednesday.
New-home permits will climb as high as 18,000 next year, and the number of homes built in the southeast Valley will decline, Land…Continue
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.96 percent of all loans outstanding at the end of the second quarter of 2013, the lowest level since mid-2008. The delinquency rate dropped 29 basis points from the previous quarter, and 62 basis points from one year ago, according to the…
One of the most significant effects of the nation's housing bust has been the swelling ranks of underwater borrowers trapped in homes worth far less than they are worth.
But thanks to sustained rises in home prices, the number of homeowners stuck in the negative equity trap is dwindling. According to analytics firm CoreLogic, 100,000 borrowers edged into the positive equity territory in the third quarter of 2012, adding to the more than 1.3 million borrowers that…Continue
The Consumer Financial Protection Bureau topped off a week of mortgage rule rollouts by launching the agency's guidelines for loan officer and broker compensation Friday.
Among other provisions, the CFPB's final rule keeps originators from steering borrowers into risky and high-cost loans, ends dual compensation from both the consumer and creditor and bans the attachment of mandatory arbitration agreements to mortgage and home equity…Continue