In January, only 48,000 foreclosures were completed nationally, according to the latest report from CoreLogic, a residential property information and analytics companies, in Irvine, Calif. Read the rest of this entry »
Mortgage-rate activity last week was summed up well by HSH.com Vice President Keith Gumbinger at the conclusion of our latest Market Trends newsletter:
“Mimicking much of the economy and certainly consumer moods, mortgage rates are moving mostly sideways. There’s just enough hope and optimism that this (economic) soft patch will break up to keep rates from falling, and just enough concern that we could be in for a longer rough patch to keep them from rising much.”
In last week’s Market Trends newsletter, a weekly examination of the economic indicators which influence mortgage rates, Keith Gumbinger wrote, “Even though the recent spate of economic data has been rather disappointing, hopes are still high that the slowness in the economy is temporary, and that we’ll start to see improvements as we move deeper into the year.”
Homeowners are poised to embark on a remodeling spree this year, according to a recent report released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University in Cambridge, Mass.
The metric, known as the Leading Indicator of Remodeling Activity, or LIRA, predicted double-digit gains in spending for home improvement projects in the first half of 2014 and slightly slower increases by the third quarter. Read the rest of this entry »
Looking over the two latest mortgage-rate reports from HSH.com, it seems as though the decline we’ve been enjoying for much of 2014 has come to an end—at least temporarily.
“Well, it was a nice run while it lasted, but of late the selloff in stocks and the corresponding decline in yields and mortgage rates has switched places, with equities again appealing to investors at the expense of bonds,” wrote Keith Gumbinger, vice president of HSH.com, in the latest Market Trends newsletter. “Although the latest economic data wasn’t great, soothing words from Fed Chair Janet Yellen [last] week about the expected path of the economy and Federal Reserve’s intentions for policy seemed to spread a bit of cheer. While this was much to the liking of stock markets, the mix of mostly softer news kept interest rates from rising by much.”
More than 3 million homeowners have refinanced their mortgage through the Home Affordable Refinance Program (HARP) according to a recent report from the Federal Housing Finance Agency (FHFA).
Introduced in April 2009, HARP was intended to help borrowers who owed more than their home was worth refinance into a loan with a lower interest rate or more stable payments.
In a statement, FHFA Director Mel Watt characterized 3 million HARP refinances as “an important accomplishment” that “represents real help” for borrowers affected by the mortgage crisis.
The year of rising mortgage rates, 2014, has been anything but, at least so far.
Several economic reports out last week have echoed the sentiment we first saw in the December employment report. December’s job figures took everyone by surprise, proving to be the first serious indication that the economic recovery was not on as solid of a footing as we all thought.
Combine the weaker reports in the U.S. with a Federal Reserve who has continued to reduce their market supports, not to mention economic weakness abroad, and the result has been investors the world over seeking shelter within the safe-haven of U.S. Treasuries.
Below is a post by Sean T. Johnston, first appearing on our partner site the Zing blog at Quicken Loans:
All it takes is one snowfall of more than a few inches to turn the beautiful grandeur of a winter landscape into a back-breaking workout. Preventing Mother Nature from making your driveway and sidewalks impassable is an age-old battle.
The Federal Open Market Committee (FOMC), a function of the Federal Reserve, opted Wednesday to further scale back its pace of their purchasing program known as Quantitative Easing (QE).
After the first round of the NFL playoffs concluded early in the month, we noticed that the city with the highest mortgage rate won each matchup. That being the case, we decided to create a bracket and pick the winner of the Super Bowl based off which city had the highest mortgage rate. Our “winner” is the Seattle Seahawks.