Monthly Archives: June 2010

If you plan to finance your home with a conforming interest only mortgage, get your loan application submitted no later than this Friday, June 18. Starting next week, Fannie Mae is clamping down on the popular loan product. An “interest … Continue reading →

In May 2010, Retail Sales at non-store retailers — a category that includes Amazon and eBay — topped $29 billion, up 16 percent from May 2009. Clearly, Americans are doing an increasing amount of shopping online. And we’re paying our … Continue reading →

Mortgage markets posted four good days last week and one awful one. Unfortunately for rate shoppers , that one bad day outweighed the gains of the other four and mortgage rates worsened on the week overall. Despite re-touching all-time lows … Continue reading →

Starting sometime later this year, the monthly cost to carry an FHA-insured mortgage is expected to rise. In a near-unanimous vote, the House of Representatives gave the FHA power to raise the monthly mortgage insurance premiums it charges to its … Continue reading →

According to foreclosure-tracking firm RealtyTrac.com, bank repossessions reached record levels for the second straight month in May, topping 93,000 properties nationwide. As compared to May 2009, all 50 states now show an increase in annual REO activity. Data like that … Continue reading →

Mortgage rates may be dropping, but mortgage costs are not. According to Freddie Mac, the average required discount points on a conforming mortgage rate are higher by 0.1 percent since early-May. A “discount point” is prepaid mortgage interest; an up-front … Continue reading →

A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage. Beginning June 1, 2010, with all new applications, Fannie Mae wants lenders to verify that borrowers … Continue reading →

Rate shoppers caught another break last week as mortgage markets improved on weak jobs data. The May Non-Farm Payrolls report fell well short of expectations while ongoing jobless claims rose. The two combined to cast doubt on the speed of … Continue reading →

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls data from the month prior. The release is more commonly called “the jobs report” — a major factor in mortgage rates and monthly payments. … Continue reading →

The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying across the county. A “pending home sale” is a home that’s under contract to sell but not yet … Continue reading →