Saturday, January 12, 2013 / by Rummy Dhanoa
Following last week's burst of major economic headlines, which were mostly negative for mortgage rates, there was very little market moving news this week. Mortgage rates reversed a portion of last week's increases, ending the week a little lower.
After last week's fiscal cliff deal, Fed meeting, and Employment data, this week's news had little impact on mortgage rates. Very little economic data came out this week, and the results for the Treasury auctions were close to average. A meeting of the European Central Bank (ECB) produced no surprises. In short, after weeks of high volatility, daily mortgage rate movements were relatively small this week.
The much anticipated Qualified Mortgage regulation was released this week by the CFPB. This rule, when first proposed, caused concern in the housing industry for how its requirements might overly restrict mortgage availability. As released, though, it should have very little impact on mortgage availability, and much of what will be requi ...
Saturday, January 5, 2013 / by Rummy Dhanoa
The American Tax Payer Relief Act was signed into law by the President on January 2, 2013. This new legislation is significant to us because it will extend the Mortgage Forgiveness Debt Relief Act for one more year.
This means that homeowners which choose to go through the short sale process can continue to take advantage of this legislation for another year in hopes of preventing foreclosures.
Friday, January 4, 2013 / by June Quilantang
New post body.
Saturday, December 29, 2012 / by June Quilantang
Friday, December 28, 2012 / by Rummy Dhanoa
Housing Ends Year on High Note
The fiscal cliff talks were the primary influence on mortgage rates again this week. A lack of progress on reaching a deal caused investors to shift to safer assets such as bonds. As a result, mortgage rates ended the week a little lower.
The housing sector data released this week was again encouraging. November New Home Sales rose 4% from October to the highest level since April 2010 (when the homebuyer tax credit was about to expire). November Pending Home Sales, a leading indicator, also rose to the highest level since April 2010, and were 12% higher than one year ago. According to the NAR Chief Economist, "Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."
Housing ends the year on a definite upswing. Existing Home Sales rose roughly 10% during 2012, and the National Association of Realtors (NAR) forecasts a similar increase for 2013. Total housing inventory of available existing homes is at th ...