Weekly Recap (7/19/10-7/31/10)by Tim Manni
With another week in the books, it’s time to review all the posts we published this week (beginning with yesterday’s post and working our way back to Monday). The title of each post will link you to the full article.
The following guest post was contributed by Kris Taraz, Managing Director of Inhouse Capital Mortgage Services in Escondido, California. Kris has also lent his experience and opinions to some of our other content, including a blog post on the current state of the housing market and an article regarding the new good faith estimate (GFE).
For a certain set of borrowers they are. Congress has passed on legislation to President Obama for his signature that would effectively renew the United States Department of Agriculture’s (USDA) Single-Family Housing Guaranteed Loan Program.
According to the Treasury, the White House will present a proposal for the reform of Fannie Mae and Freddie Mac to Congress by January 2011.
We really don’t see a coherent, well-thought-out proposal being delivered to lawmakers in less than six months. Here are a few reasons why…
If you can spare a few minutes, we’ve developed a short survey which asks you questions about your ongoing home-financing experience. We’re looking for responses from first-time homebuyers, repeat buyers and even borrowers who are shopping for refinance and home equity loans.
With the decline in home prices wiping out equity stakes, millions of homeowners owe their lender more than their homes are worth. As such, “underwater” borrowers may have to pay cash upfront to take advantage of today’s historically-low mortgage rates.
On a bi-monthly basis, HSH.com releases their Two-Month Forecast for Mortgage Rates. In each forecast, we review our previous prediction — evaluating the circumstances that caused rates to do what they did — and we examine current factors and conditions in order to forecast mortgage rates over the next nine weeks or so.
For months now we’ve been saying that rates have to firm up sooner or later. But week after week the headlines of our weekly newsletters stay the same. Last week was no different.
Mortgage rates fell again last week, according to the latest issue of our Market Trends Newsletter, “Great Rates, but Summer Bummer.” The weekly average for the 30-year Conforming rate (week ending July 23) fell to 4.64%, down from 4.69% the week prior.