A coalition of civil rights and other advocacy groups has taken a stand against proposed federal legislation that would revamp the U.S. housing finance system, specifically, winding down government-controlled Fannie Mae and Freddie Mac.
In a joint statement, the groups said they have “serious concerns” that the legislation, as proposed, wouldn’t create a system that was safe and could provide affordable mortgages for all creditworthy borrowers, including minorities and people with modest incomes. Rather, the groups charged, the proposal would make mortgages more expensive and less available to those populations. Read the rest of this entry »
- Inconsistencies in the U.S. economy
- Foreign issues, both social and financial, in China, Russia and Crimea
- The Federal Reserve
Despite challenges posed by debt, down payment and credit score requirements, people of all generations, from Millennials to the Silent Generation, continue to buy houses, though not always for the same reasons.
That’s according to the latest National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study, which compared the differences among current generations of homebuyers and sellers.
Last Monday, we put out a forecast for a weekly rise in mortgage rates of about 8 to 10 basis points. Luckily for rate shoppers, last week’s increase only topped half of that.
Mortgage rates were trending higher following the employment report on March 7 and into the beginning of the week of March 10. However, global economic uncertainties helped to stymie the uptick, preventing mortgage rates from rising as much as expected.
That’s according to the latest monthly National Housing Survey by Fannie Mae.
If there’s one theme for this week’s review of mortgage rates it’s “act now.”
By the end of last week, mortgage rates continued on much of the same pattern they did the week prior, dropping a few basis points all around. But Keith Gumbinger, vice president of HSH.com and author of the weekly Market Trends newsletter, says the mortgage-rate dip won’t last.
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.”