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Nov 14

Mortgage Approvals : Documents You’ll Need For Your Lender

November 14, 2012 By Leave a Comment
Mortgage Approvals : Documents You'll Need For Your Lender

According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan. Between July - September 2012, fewer than 6% of banks tightened mortgage guidelines -- the fourth straight quarter that's happened-- and roughly 10% of banks actually loosened them. For today's buyers and refinancing homeowners in DC , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to … [Read more...]

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Sep 13

Simple Explanation Of The Federal Reserve Statement (September 13 , 2012)

September 13, 2012 By Leave a Comment
FOMC-Announcement

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Thursday. For the eighth consecutive meeting, the vote was nearly unanimous. Just one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dissented in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that the U.S. economy has been expanding "at a moderate pace" in … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Sep 13

FOMC Expected To Announce New Stimulus Today

September 13, 2012 By Leave a Comment
FOMC To Announce More Stimulus

The Federal Open Market Committee ends a 2-day meeting today, the group's sixth of 8 scheduled meetings this year. As a DC home buyer or would-be refinancer, be ready for mortgage rates to change. The Federal Open Market Committee is a 12-person sub-committee of the Federal Reserve. Led by Fed Chairman Ben Bernanke, it's the group within the Fed tasked with voting on U.S. monetary policy. The act for which the FOMC is most well-known is its management of the Fed Funds Rate. The Fed Funds … [Read more...]

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Sep 04

What’s Ahead For Mortgage Rates This Week : September 4, 2012

September 4, 2012 By 1 Comment
jobs-in-focus-2

Mortgage markets improved last week for the second consecutive week. With no news coming from Europe, Wall Street was focused U.S. economic data and Federal Reserve Chairman Ben Bernanke's planned public speech from the Fed's annual retreat in Jackson Hole, Wyoming. Rate shoppers and home buyers in DC caught a break. The housing market was shown to be improving last week, as was the average household income nationwide -- two events which would have typically moved District of Columbia … [Read more...]

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May 18

Is More Fed-Led Stimulus On Its Way?

May 18, 2012 By Leave a Comment

The Federal Open Market Committee released its April 2012 meeting minutes this week, revealing a Federal Reserve in the ready in the event additional monetary stimulus is needed. The Fed Minutes function much like the minutes from a business meeting; or, condominium association meeting, for example. It's a detailed review of the conversations and debates between FOMC members, and is typically published 3 weeks after a Federal Reserve meeting. The Fed Minutes is a follow-up statement on the … [Read more...]

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May 01

Mortgage Guidelines Resume Tightening Nationwide

May 1, 2012 By 2 Comments
Mortgage Guidelines Tighten

Despite an improving U.S. economy, the nation's banks remain cautious about what they will lend, and to whom. Last quarter, by a margin of 3-to-2, more banks tightened residential mortgage lending standards for "prime borrowers" than did loosen them. A "prime borrower" is defined as one with a well-documented credit history, high credit scores, and a low debt-to-income ratio. The insight comes from the Federal Reserve's quarterly survey of its member banks. Last quarter, of the 54 … [Read more...]

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Apr 24

The Fed Starts A 2-Day Meeting Today. Make A Strategy.

April 24, 2012 By Leave a Comment
30 Year Fixed Rate Mortgage

The Federal Open Market Committee begins a 2-day meeting today in the nation's capitol. It's the group's third of 8 scheduled meetings this year. Mortgage rates are expected to change upon the Fed's adjournment. Led by Chairman Ben Bernanke, the FOMC is a 12-person, Federal Reserve sub-committee. The FOMC is the group within the Fed which votes on U.S. monetary policy. "Making monetary policy" can mean a lot of things, and the action for which the FOMC is most well-known is its setting of … [Read more...]

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Apr 04

Fed Minutes Causes Mortgage Rates To Rise Suddenly

April 4, 2012 By 3 Comments

The Federal Reserve has released the minutes from its last FOMC meeting, a 1-day affair held March 13, 2012. Mortgage rates in District of Columbia are rising on the news. For the un-indoctrinated, 3 weeks after it meets, the Federal Open Market Committee, the sub-group within the Federal Reserve that votes on U.S. monetary policy, publishes its meeting minutes. Similar to the minutes from a corporate event, or condominium association meeting, the Fed Minutes recounts the conversations … [Read more...]

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Mar 14

A Simple Explanation Of The Federal Reserve Statement (March 13, 2012)

March 14, 2012 By 2 Comments

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...]

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Feb 28

Federal Reserve Wary Of European Spillover

February 28, 2012 By 1 Comment

The Federal Reserve has released the minutes from its 2-day meeting January 24-25, 2012. The Fed Minutes is a summary of the conversations and debates that shape our nation's monetary policy. It receives less attention than the Fed's more well-known, post-meeting press release, but the Fed Minutes is every bit as important. To rate shoppers in District of Columbia , for example, the Fed Minutes can provide clues about whether mortgage rates will generally rise or fall in the coming … [Read more...]

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