Your Mountain Area Real Estate Specialist ( Conifer Real Estate )
Rates Remain Low but Higher Loan Fees May Change That
Mortgage rates are expected to remain low for now, but borrowers will face higher loan fees, which will translate into slightly higher interest rates or points for borrowers. That’s because the guarantee fee on loans that can be sold to Fannie Mae and Freddie Mac is set to increase by a minimum of 10 basis points. The hike doesn’t take effect until April 1st, but lenders have already started to pass the extra cost on to borrowers. The slightly higher costs should not have a major impact on the demand for mortgage loans because rates will remain attractive, Walsh… Read More
Mortgage rates are expected to remain low for now, but borrowers will face higher loan fees, which will translate into slightly higher interest rates or points for borrowers. That’s because the guarantee fee on loans that can be sold to Fannie Mae and Freddie Mac is set to increase by a minimum of 10 basis points. The hike doesn’t take effect until April 1st, but lenders have already started to pass the extra cost on to borrowers. The slightly higher costs should not have a major impact on the demand for mortgage loans because rates will remain attractive, Walsh… Read More
Mortgage Market News and Rate Survey
Pending Home Sales Rise 7.3% to Highest Level in 19 Months Dec 30th, 2011 Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of Realtors. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain. Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions…. Read More
Pending Home Sales Rise 7.3% to Highest Level in 19 Months Dec 30th, 2011 Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of Realtors. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain. Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions…. Read More
How the Housing Market Fared in 2011 and What’s in Store for the New Year
A housing economist recently noted that all the real estate market really needs to right itself is six straight months with no surprises. All the ingredients for a turnaround are there – record low interest rates, outstanding affordability, and very attractive home prices. But economic and political headwinds at home and abroad kept the market from really gaining much momentum this year. To be sure, 2011 was anything but predictable. On top of the tepid economic recovery here in the U.S., there was one crisis after another around the world – the Japanese Earthquake and Tsunami, the “Arab Spring” uprising,… Read More
A housing economist recently noted that all the real estate market really needs to right itself is six straight months with no surprises. All the ingredients for a turnaround are there – record low interest rates, outstanding affordability, and very attractive home prices. But economic and political headwinds at home and abroad kept the market from really gaining much momentum this year. To be sure, 2011 was anything but predictable. On top of the tepid economic recovery here in the U.S., there was one crisis after another around the world – the Japanese Earthquake and Tsunami, the “Arab Spring” uprising,… Read More
Consumers Paying Credit Cards Before The Mortgage
Citing its data from recent years, TransUnion observed that before 2008, consumers for decades tended to pay their mortgage first “because it was their greatest asset,” says Steve Chaouki, group vice president for TransUnion’s financial services unit. But the crash in home values that began in 2008, coupled with rising unemployment, caused consumers for the first time to begin putting a higher priority on making credit card payments over mortgages and auto loans. “Consumers see that as their home values declined, credit cards represented liquidity, which is a more valuable commodity during an economic crisis,” Chaouki says. The economy may… Read More
Citing its data from recent years, TransUnion observed that before 2008, consumers for decades tended to pay their mortgage first “because it was their greatest asset,” says Steve Chaouki, group vice president for TransUnion’s financial services unit. But the crash in home values that began in 2008, coupled with rising unemployment, caused consumers for the first time to begin putting a higher priority on making credit card payments over mortgages and auto loans. “Consumers see that as their home values declined, credit cards represented liquidity, which is a more valuable commodity during an economic crisis,” Chaouki says. The economy may… Read More
Fannie Mae Announces Eviction Moratorium for the Holidays
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single family and 2-4 unit properties from December 19th, 2011 through January 2nd, 2012. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home. “The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. “No family should have to give up their home during this holiday… Read More
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single family and 2-4 unit properties from December 19th, 2011 through January 2nd, 2012. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home. “The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. “No family should have to give up their home during this holiday… Read More
Recent Update on FHA & VA changes .
Two Important Legislative Changes FHA Loan Limits Last Friday, the President signed a bill that enables HUD to restore the previous FHA loan county limits. This would mean that the FHA loan limits would be the greater of the current limit or the limits made available under the Economic Stimulus Act of 2008. While this is welcomed news, HUD must provide guidance on how they will be implementing this change in order for Coldwell Banker Home Loans to determine what action can be taken and when. As soon as HUD provides guidance on their approach, the announcement will be reviewed… Read More
Two Important Legislative Changes FHA Loan Limits Last Friday, the President signed a bill that enables HUD to restore the previous FHA loan county limits. This would mean that the FHA loan limits would be the greater of the current limit or the limits made available under the Economic Stimulus Act of 2008. While this is welcomed news, HUD must provide guidance on how they will be implementing this change in order for Coldwell Banker Home Loans to determine what action can be taken and when. As soon as HUD provides guidance on their approach, the announcement will be reviewed… Read More

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