Loan Officer Yael Ishakis’s take on mortgage and finance news.
Mortgage markets improved again last week on worsening news out of Greece and the Eurozone. Then, as contagion mentality set in, U.S. mortgage bonds gained and mortgage rates fell. It’s the 4th straight week in which conforming mortgage rates improved.
With home prices still relatively low and mortgage rates trolling near their all-time best levels, home affordability is extraordinarily high in most U.S. markets.
After starting the day in the red, mortgage rates rebounded Wednesday afternoon after the Federal Reserve released its April 27-28, 2010 meeting minutes.
Home prices are based on housing’s supply and demand. For the next few months, supply should elevate, helping prices remain suppressed, after which, supply should dwindle. The best time to buy a home, therefore, may be right this very minute.
As lenders tighten mortgage guidelines, minimum downpayment requirements are increasing. It’s leading to an increase in the number of buyers accepting cash gifts from family. There’s a right and wrong way to accept a gift.
Mortgage markets improved last week — but barely — as ongoing doubt surrounding the health of Greece and the Euro pushed additional investors into safe assets, including mortgage bonds.
A mortgage approval is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010. 2 percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped.
Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not.
Shopping for mortgage rates takes more than good research skills. It takes a little bit of luck, too.