Washington, DC Real Estate
Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today. Beginning next week, the Federal Housing Administration (FHA) is changing the way it charges mortgage insurance to U.S. homeowners. For the fourth time since 2010, FHA mortgage insurance premiums are rising for all FHA-backed homeowners. For FHA Case Numbers assigned on, or after, Monday, April 9, 2012, there are two planned changes. First, FHA Upfront Mortgage … [Read more...]
It's April in District of Columbia and warmer weather is coming. It's Spring Cleaning season. Do you have a checklist? In some households, spring cleaning is an annual ritual, taking anywhere from a full day to an entire week to complete. Room-by-room, foot-by-foot, dust, dirt and grime are replaced with cleanliness and shine. No matter in which way to you choose to tackle your chores, though, the people at Real Simple have you covered. The magazine's website provides a thorough, detailed … [Read more...]
After a brief run-up two weeks ago, mortgage rates are back below 4 percent. It's good news for home buyers and mortgage rate shoppers of DC because with lower mortgage rates come lower mortgage payments. According to Freddie Mac's weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage rate fell to 3.99 percent this week from last week's 4.08 percent. Last week had marked the first time since December 2011 that the benchmark rate crossed north of 4 … [Read more...]
The housing market took a step back in February, but remains near post-recession highs. According to data from the National Association of REALTORS®, February's Pending Home Sales Index slipped 0.5 percent from the month prior, to 96.5. The Pending Home Sales Index is a monthly report which measures the number of homes under contract to sell, but not yet sold, nationwide. The index is benchmarked to a value of 100, the average level of home contract activity in 2001, the first year … [Read more...]
Sales of "new homes" fell to the lowest levels in four months last month. According to the Census Bureau's monthly New Home Sales report, 313,000 new homes were sold in February 2012 on a seasonally-adjusted, annualized basis, representing a 1.6% drop from the month prior. A "new home" is a home for which there has been no prior owner nor tenant. At first glance, the data looks negative for the housing market; a suggestion that the well-publicized housing market recovery may be slowed. … [Read more...]
The new, revamped HARP program is now available in District of Columbia and nationwide. It was officially released Saturday, March 17, 2012 by Fannie Mae and Freddie Mac. HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the conforming mortgage loan product meant for "underwater homeowners". Under the HARP program, homeowners in District of Columbia can get access to today's low mortgage rates despite having little or no equity whatsoever. HARP is expected to … [Read more...]
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. For the fourth consecutive month, the Fed Funds Rate vote was nearly unanimous. Just one FOMC member dissented in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. It is expected to remain near-zero through 2014, at least. In its press release, the Federal Reserve noted that the the U.S. economy has "expanded … [Read more...]
The FHA is making more changes to its flagship FHA Streamline Refinance program. Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group's new, costly mortgage insurance premium schedule. Earlier this week, the FHA rolled out its new MIP schedule. Beginning April 9, 2012, new FHA mortgages are subject to a 1.75% upfront mortgage insurance premium (UFMIP) and an … [Read more...]
With home affordability at an all-time high, buoyed by the lowest mortgage rates ever, it's been a terrific time to buy or refinance a home using a mortgage. The good times may not last, though, so today marks an ideal time to lock a mortgage rate. Friday brings risk. Here's why. Since 2010, weak economic conditions have been a primary catalyst for low mortgage rates in District of Columbia. Over the last 12 months, though, manufacturing output has been rising, consumer spending has been … [Read more...]
According to Freddie Mac's weekly mortgage rate survey, for 13 straight weeks, the average 30-year fixed rate mortgage has held below 4.000% for mortgage applicants willing to pay up to 0.8 discount points plus a full set of closing costs. These are the lowest mortgage rates in history and now -- with a bevy of loan programs for the nation's 11 million "underwater homeowners" including HARP, the FHA Streamline Refinance, and the VA IRRRL -- millions of U.S. homeowners can exploit the current … [Read more...]
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