Archive for July, 2009
Home Supply Falls To An 8-Month Low
The national home supply is falling, down to its lowest levels since December 2008.
In June, there was 9.4 months of supply, down from a year-ago level of 11.0 months. It’s one more sign that the housing market may be mending itself.
Housing supply is an important metric because home values across every U.S. market are rooted in Supply [...]
Mortgage Rates Drop On Bernanke’s “Exit
Mortgage markets rallied Tuesday while Fed Chairman Ben Bernanke gave his semi-annual testimony to Congress.
By the time the day was over, some conforming mortgage rates were down by as much as 0.250 percent.
One of the leading causes for the market rally was Chairman Bernanke revealing an “exit strategy” from its massive market stimulus.
Until Tuesday, [...]
Foreclosures Still Concentrated In Just A Few States
For the fourth consecutive month, the country’s foreclosure activity was dominated by a small number of states.
As reported by RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in June concentrated in just 3 states:
California
Florida
Nevada
The states rounding out the Top 10 include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado.
Meanwhile, June’s reported foreclosure figures are consistent [...]
Falling Gas Prices May Be Linked To Lower Mortgage Rates
If you’ve been driving lately, you’ve noticed that the cost of a fill-up has gone down.
According to GasBuddy.com, retail gas now costs $2.52 per gallon, on average nationwide. Since peaking in mid-June, gas prices are down 6 percent.
For the economy, this is an important story.
Because Americans are spending less at the gas pump, [...]
What’s Ahead For Mortgage Rates This Week : July 13, 2009
Mortgage markets improved last week on fresh concerns about the U.S. economy.
With data showing neither overt strength nor weakness, and with earnings season about to start, traders got defensive with their money and parked it in bonds.
As a result, mortgage rates fell in mixed trading last week. It’s the third consecutive week in which [...]
Change Your Closing Date To Get A Lower Mortgage Rate
Sometimes, saving money on your mortgage is as simple as picking a better closing date.
It’s all about Rate Lock Commitments.
A Rate Lock Commitment is a bank’s promise to honor a specific mortgage rate for a specific period of time. They are a lender’s prediction of what mortgage markets will look like at some point [...]
Change Your Closing Date To Get A Lower Mortgage Rate
Sometimes, saving money on your mortgage is as simple as picking a better closing date.
It’s all about Rate Lock Commitments.
A Rate Lock Commitment is a bank’s promise to honor a specific mortgage rate for a specific period of time. They are a lender’s prediction of what mortgage markets will look like at some point [...]
