Mortgage rates have taken a turn for the worse this week, but not by much. Bond selling and a small rally in equities are the main culprits. Banks are looking for any reason to re-price higher, plus there is still considerable credit constriction in the market. It is hoped that implementation of President Obama’s mortgage …
Month: February 2009
Mortgage rates took a step towards the sub 5% range this week, reacting positively to President Obama’s mortgage rescue plan. More unease in equities and lots of government assistance coming into the mortgage market will help borrowers, lenders and servicers increase mortgage finance activities, and may sustain the downward trend of the current rates. A …
With over 11,000 homes in foreclosure in Connecticut and more being added every day, it stands to reason that homeowners who are unable to pay their mortgages might be inclined to turn to one of the plethora of loan modification companies who are currently in business. Most are ethical, law-abiding folks who truly have a …
President Barack Obama signed the American Recovery and Reinvestment Act into law Tuesday, which is great news for first time home buyers. We’re sure that some of you may have questions as to how it will affect you, so we have listed here the highlights of the bill: The tax credit is equivalent to 10% …
Mortgage rates have remained flat in the low 5% range. Mortgage bonds have experienced positive pressure coming out of equities negative response to a lack of details and mechanics of the implementation of the remaining TARP funds. However, lenders are still overwhelmed with existing inquiries to refinance–resulting in few lenders to re-price their rates on …
Here is the wording of the section of the new H.R. 1, THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 that deals with the proposed $15,000 tax credit: “Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of …
The Meriden housing market didn’t show much of a change in January. Inventory remained at December levels while homes sold decreased slightly. However, pending sales doubled which should give a boost to February numbers. Absorption rates increased by 25%, and average days on market also showed a slight increase. Condominium sales remain lethargic; only one …
The Wallingford housing market showed some signs of life in January. There were fewer listings to sell, sales were up 67% from December and they sold almost 25% quicker, and expired listings were almost half of the previous month. The average sales price decreased, but this was largely due to the absence of the new …
Despite discussion of 4 percent mortgage rates ringing in the halls of the Senate, mortgage rates continue to rise. The MortgageLoan.com mortgage rate survey indicates the average 30-year fixed-rate mortgage rose to 5.39 percent today. This reflects a consistent, multi-week climb from a low of 5.10 percent in late January. The US government and Federal …