Mortgages Archives

Are Mortgage Rates Going Up Any Time Soon?
By: manybanking.com Staff
The Federal Reserve just one month ago surprised economists everywhere by cutting its key interest to nearly zero. The central bank's historic rate cut, in concert with its decision to buy up to $500 billion in mortgage-backed securities to help shore up the housing market, has gone a long way to lower mortgage rates across the country.Interest rates have continued to fall, with the 30-year fixed rate mortgage now averaging about 5.03% nationally. Read more»
by Jim Cramer The foreclosure spike in California, back to where it was before the California state government made it difficult to foreclose, are daunting for those looking for a bottom in real estate there.  There's plenty of real estate for sale and only a couple of areas in California that have reached levels of price equilibrium.What's equilibrium? I am using the term to mean: Read more»
A Big Tax Credit Could Cure Housing's Ills
By: manybanking.com Staff
By Jim Cramer Solve housing. Solve collateral. If the Bush administration and the Federal Reserve had found a way to stop house price depreciation, we would never have been in this jam. But they wouldn't, in part because they endlessly fretted about inflation -- which was all driven by China and speculation -- and they didn't see the sheer numbers of foreclosures coming. Read more»
Ahead of the Bell: Pending Home Sales
By: manybanking.com Staff
WASHINGTON (AP) - The November reading of an index that tracks pending U.S. home sales is forecast to fall for the third straight month as buyers held off on home purchases while the stock market sank and the economy worsened. Read more»
Picking the right fixed-rate mortgage
By: manybanking.com Staff
By Peter McDougall- manybanking.com When choosing a mortgage, which loan term is right for you?If you’re buying a house, chances are you’ll look for a 30-year fixed-rate mortgage (FRM). But for those refinancing an existing mortgage, there are more choices. For example, should you go with a 15-year FRM to pay off your home more quickly? And though a 30-year FRM may cost more in the long term, will the cheaper monthly payments make it a more attractive option? Read more»
November new home sales drop 2.9 percent
By: manybanking.com Staff
By MARTIN CRUTSINGER AP Economics Writer Sales of existing homes plunged far more than expected last month as buyers recoiled from October's financial wreckage on Wall Street. The median sales price fell by the largest amount on record. Read more»
How to Uncover the Lowest Mortgage Rates
By: manybanking.com Staff
By Peter McDougall Mortgage rates are in a nosedive right now.  Rates have dropped almost a full percentage point in the past month.You can save a lot of money over the life of your loan if you refinance now or lock in a low rate on a new mortgage. But to get the best rates available, you may have to negotiate with your loan officer. Here are a few tips on where to find the information you'll need to get the best rate possible. Read more»
Home sales in 2008 slowest in a decade
By: manybanking.com Staff
WASHINGTON (AP) - U.S. home sales in 2008 are expected to be the worst in a decade, November data confirmed Tuesday, and there appears to be no quick turnaround coming next year. Read more»
WASHINGTON (AP) - Mortgage applications spiked last week to their highest level in more than five years, as borrowers took advantage of rates that fell to near-record lows after the government pledged to funnel money into the mortgage market. Read more»
The Case Against Adjustable Mortgages
By: manybanking.com Staff
By Peter McDougallFew prospective homeowners should be considering adjustable-rate mortgages (ARMs) these days. Read more»
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