Monthly Archives: June 2008

Mortgage rates improved last week, marking the first time since mid-May that has happened. The rate drop is the result of how mortgage markets interpreted the Federal Reserve’s Wednesday press release. In it, the Fed said: Inflation pressures should lessen … Continue reading →

A Home Equity Line of Credit is bank product that grants homeowners access to the equity in their home at anytime, usually using checks. Often called a HELOC, these equity-based credit lines function very much like credit cards: The rate … Continue reading →

The Federal Open Market Committee left the Fed Funds Rate unchanged at 2.000 percent this afternoon, as expected. In its press release, the Federal Reserve noted the co-existence of inflation and recession. On inflation, the Fed said that energy and … Continue reading →

The Federal Open Market Committee adjourns from its 2-day meeting at 2:15 P.M. ET today. It’s widely expected that the group will leave the Fed Funds Rate unchanged at 2.000 percent. However, it’s not what the Fed does today that … Continue reading →

Most homeowners make four housing-related payments each month: Principal on a mortgage Interest on a mortgage Taxes on the real estate owned Insurance for the real estate owned Collectively, these payments are known by the acronym PITI but don’t let … Continue reading →

Mortgage rates edged higher for the fifth straight week and the benchmark 30-year fixed-rate mortgage is now at a 10-month high. One reason why rates are spiking is because the temporary jolt from higher energy and food costs is starting … Continue reading →

Flooding in the Midwest has displaced thousands of families and caused billions of dollars in damages. It may also cause mortgage rates to rise. As the extent of the damage becomes more clear, prices for grain and livestock are soaring. … Continue reading →

Home buyers are often surprised when a “rate quote” from the morning won’t be honored in the afternoon. Sometimes, the assumption is that the loan officer is just being sneaky. This couldn’t be less true. Rate quotes change in the … Continue reading →

A “Housing Start” is a new home on which construction has commenced and in May, Housing Starts fell to a 17-year low nationally. At first glance, this may seem like a negative for the already-battered U.S. housing market. It’s not. … Continue reading →

Each month, University of Michigan researcher survey the U.S. population about their thoughts on the economy — is it improving, it is worsening, is it staying the same. May’s consumer confidence survey registered it’s lowest reading since 1980. Given the … Continue reading →