Archives

More positive signals from housing -- home values are still on the rise. According to the Federal Housing Finance Agency, after posting its first quarterly increase since 2007 this past September, the Home Price Index rose by another 0.6 percent in October. Prices are up in 4 of the last six months.

First-time home buyers in Cincinnati would have risked up to $8,000 in federal tax credits if they had (1) signed for a newly-built home and (2) it wasn’t ready for move-in by November 30, 2009. It's no wonder New Home Sales cratered in November 2009.

Author's Note: This is the second in a week-long series of Bring the Blog promotional posts. Watch the Bring the Blog video tour and consider taking our 15-day, guaranteed-to-love-it trial. Bring the Blog makes blogging easier -- make it a part of your social marketing strategy for 2010.

In 2006, I founded Bring the Blog, a blog-for-you service for real estate and mortgage professionals. The company's service is basic but important. Each morning, Bring the Blog writes new blog content and uploads it to our members' blogs. If you like the content I write here, you'll love what's written for Bring the Blog. Memberships come with 15-day, money-back guarantees. Check it out and see what you think.

With consumer confidence on the mend, net job gains nearing zero, and Retail Sales rebounding, Wall Street had bid up mortgage rates this month. Mostly, the trading was just jockeying for position ahead of the December 15-16 FOMC meeting. Investors were worried that the Fed would blink; that it would change its economic outlook for 2010 and have to start raising the Fed Funds Rate sooner than forecast; that inflation fears would return. Instead, none of that happened.

A brief recap of the Federal Open Market Committee's December 16, 2009 statement and what it means for mortgage rates, homeowners, and the economy.

The Federal Reserve begins a scheduled 2-day meeting today during which it which it will vote to leave the Fed Funds Rate unchanged near zero percent. The press will report this as "Fed Holds Rates Steady". However, don't confuse this to mean that the Fed held mortgage rates near zero. The Fed doesn't set mortgage rates. The Fed sets the Fed Funds Rate. By contrast, mortgage rates are based on the price of mortgage-backed securities plus any loan-level pricing adjustments.

Whether you're buying a home in Cincinnati or refinancing one, there's several ways to make a play for lower mortgage rates or fewer loan fees. (1) Have a higher credit score, (2) Make a larger downpayment, (3) Do your Good Faith Estimate homework. But, sometimes, the easiest way to save money on your mortgage is to pick a better closing date.

Foreclosure activity in most the nation's largest states dropped last month, buoying the national average lower despite 30 states faring worse than the national average. Total foreclosure activity nationwide slipped for the 4th straight month. Versus October, activity is down 8 percent. A reduction in foreclosure activity is big news for housing, but the big-ger news is buried in the stats.

At this time last year, our spirits were squashed. Today, though, we have hope. And as the nation regains its footing from what should have been the worst economic depression on record, there's now lingering uncertainty on Wall Street about what's due for the country in the months and years ahead. Rate shoppers be ready.