Monthly Archives: January 2009

After a weak holiday shopping season, annual retail sales declined in 2008. It marks the first annual Retail Sales decline since the government started tracking the data 40 years ago. It also gives credence to the notion that the U.S. … Continue reading →

An oft-touted benefit of homeownership is its tax benefits. However, like most IRS-related items, understanding how the benefits work is not always clear. In general, homeowners are entitled to two home-related tax deductions — one for annual mortgage interest paid, … Continue reading →

Home prices are largely based on Supply and Demand. If demand outweighs supply, home prices rise If supply outweighs demand, home prices fall It’s good news for home sellers, therefore, that “used” homes for sale fell 6 percent nationally last … Continue reading →

In 2009′s first full week of trading, mortgage bond markets traded back-and-forth, eventually closing the week improved overall. Weekly mortgage rates fell for the first time since mid-December. The most anticipated news of last week was Friday’s jobs report. According … Continue reading →

Even though its effective date is April 1, 2009, mortgage applicants should start seeing Fannie Mae’s new fee structure from lenders beginning this Monday, January 12. The reason why Fannie Mae’s mandatory loan fees are hitting lender pricing so far … Continue reading →

When conforming mortgages started defaulting en masse in late-2007, mortgage guarantor Fannie Mae created a loss-offsetting, fee-generating scheme dubbed “loan-level pricing adjustments”. The concept was basic: For mortgage applicants with high-risk profiles, collect up-front payments to offset potential long-term losses. … Continue reading →

With respect to mortgage rates, you can’t always believe what you read in the papers. Or what you see. A terrific example is the chart at right. Published by Freddie Mac, it shows the 30-year fixed mortgage’s “going rate” as … Continue reading →

The New Year is not yet one week old but that’s not stopping market “experts” from predicting what’s in store for 2009. The calls on housing and mortgage rates run the gamut: Home prices have farther to fall Home prices … Continue reading →

Like the rest of the country, mortgage markets were on semi-vacation last week. The low trading volume led to wild rate swings. After beginning the week vastly improved, and capped by a terrible late-Friday run, mortgage rates ended the week … Continue reading →

As part of the Economic Stimulus Act of 2008, Congress authorized a conforming loan limit increase in “high-cost” areas around the country. Versus the national conforming loan limit of $417,000, for example, a Manhattan home buyer could secure a 2008 … Continue reading →