This year started off with the average time to close a loan increasing to 50 total days, according to the latest Origination Insight Report released by Ellie Mae®. While the average time to close a refinance increased one day from 47 to 48 days, the average time to close a purchase loan climbed one day to… Read More
Wannabe home buyers rejoice—mortgage rates are steadily declining. Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving lower for the third consecutive week amid another week of market turbulence. “The Freddie Mac mortgage rate survey had difficulty keeping up with market events this week,” says Sean Becketti, chief… Read More
Before you even apply for a mortgage you should understand this… APR may not mean what you think. Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article: Who Pays for What?
In many ways, today’s shifting housing market resembles the real estate climate of the 1980’s, according to Freddie Mac. The company’s November Insight & Outlook report examines the changes in mortgage servicing, discusses some of the factors that produced them since the housing crisis, and looks at the highly influential role the 55+ age cohort… Read More
Following the housing market’s best year since the recession, existing-home sales are expected to increase in 2016 at a moderate pace; although affordability pressures from inventory shortages and rising mortgage rates could slow the potential for even stronger sales momentum, according to an economic forecast forum held last week at the 2015 REALTORS® Conference &… Read More
It’s possible that slightly higher interest rates could be offset by a program to help with your down payment. Both Maricopa and Pinal Counties offer fantastic Down Payment Assistance grants… the ‘grant’ part means you are never required to repay this money. It is essentially “Free” money. I know several lenders that are approved to… Read More
Mortgage rates are rising but not by much, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®) results. These results showed average fixed mortgage rates nudging higher throughout the beginning of the week. However, Fed comments suggesting it may not raise short-term interest rates, coupled with weaker than expected consumer demand, pushed Treasury yields lower… Read More
By Katie Penote Consumer confidence in the home buying and selling market bounced back from a recent dip, suggesting continued gradual improvement in housing activity. Fannie Mae’s Home Purchase Sentiment Index™ (HPSI) increased to 83.8 in September, and The HPSI Good Time to Sell component increased 13 points on net due likely to a strong home… Read More
Nationally, interest rates on conventional purchase-money mortgages decreased from July to August, according to several indices of new mortgage contracts. October rates so far have remained fairly stable. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.99 percent for loans closed in late August, down 3… Read More
Buying Real Estate may not always make sense, but in 2015 the reasons for buying a home rather than renting, are multiplying fast, even faster than rental rates. Lots of people rent a place to live because they think they can’t buy. Maybe a financial event (for example bankruptcy, foreclosure, short sale) has dinged their… Read More
