Loan Officer Yael Ishakis’s take on mortgage and finance news.
If you’re floating or shopping a loan right now, be wary of market volatility. Rates have been jumpy since April 1 and mortgage rates are changing quickly. This week, locking in before Wednesday may be your safest, near-term rate locking strategy.
If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender “re-pre-approve” you. Mortgage guidelines have been in flux and your original lender letter may now be invalid.
Taxes are due April 15 and if you’re among the millions of Americans who wait until the last week to file, watch this video interview. It could help you reduce your federal tax liability.
From March’s Fed Minutes, it’s clear that the Fed’s concern about inflation is hugely diminished — a major plus for the mortgage bond market and mortgage rates.
As expected, the Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
Mortgage markets performed terribly last week as losses piled up day by day. It marked the second straight week of sell-offs.
There’s just 30 days remaining to use the federal home buyer tax credit. The credit ranges up to $8,000 for first-time homebuyers, and up to $6,500 for existing homeworkers who have lived in their main home for 5 of the last 8 years.
Standard & Poors released its Case-Shiller Index Wednesday. The report shows that, on a seasonally-adjusted basis, between December and January, home prices rose in more than half of the index’s tracked markets. The strength of this month’s Case-Shiller report, however, should be put in context.
Starting Monday, April 5, 2010, getting an FHA mortgage will be more expensive. That means you’ll want to give a full mortgage application before the weekend so your lender can register your loan in time for the deadline.
Mortgage markets tanked last week, raising rates to their highest levels in a month. Most of the losses occurred Wednesday in what was the worst 1-day mortgage market performance in more than 6 months.