What’s Ahead For Mortgage Rates This Week: February 25th, 2013

Feb 25

What’s Ahead For Mortgage Rates This Week: February 25th, 2013

February 25, 2013 By Joshua Oliver Leave a Comment

A quiet past week in economic news caused mortgage rates to worsen slightly. This week, however, will be packed with economic reports which may have an impact on interest rates going forward. Freddie Mac reported that the average rate for a 30-year fixed rate mortgage rose by 3 basis points from 3.53 percent to 3.56 percent with borrowers paying 0.8 in discount points and all of their closing costs. The average rate for a 15-year fixed rate mortgage was unchanged from last week at 2.77 … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: 30-Year Fixed, Consumer Price Index - CPI (CPIS), Economic calendar, Freddie Mac, Inflation, Mortgage loan

Jan 03

Post-Fiscal Cliff, Mortgage Markets Turn Attention To Jobs Data

January 3, 2013 By Joshua Oliver Leave a Comment

Mortgage rates moved higher Wednesday up congressional leaders voted to avoid the "Fiscal Cliff". Mortgage-backed securities (MBS) fell as investors bid up stock prices. Confidence among investors and consumers typically causes mortgage rates to rise. That's what happened Wednesday. For Thursday and Friday, expect jobs data to dictate where District of Columbia mortgage rates are headed. The Federal Reserve has said that the national Unemployment Rate will dictate future monetary … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Bureau of Labor Statistics, Federal funds rate, Federal Reserve System, Friday, Jobless claims, Jobs, Mortgage loan, Unemployment, Unemployment Rate, Wall Street, washington dc

Dec 03

A Look At This Week’s Mortgage Rates : December 3, 2012

December 3, 2012 By Justin Paulhamus Leave a Comment

Low mortgage rates are pumping up home affordability. Average 30-year fixed-rate mortgage rates made a new all-time low in November, continuing this year Refinance Boom and giving fuel to the budding housing market recovery. At month-end, Freddie Mac's survey of 125 banks nationwide put the benchmark product's rate at 3.32% for borrowers willing to pay 0.8 discount points. This is just 0.01 percentage point above the record-low rate establishing prior to Thanksgiving. The 15-year fixed … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Ben Bernanke, Case-Shiller Index, Consumer Confidence, Freddie Mac, Gross Domestic Product, Mortgage loan, Unemployment, United States Department of Commerce, Wall Street

Nov 27

Which Is Better : 15-Year Fixed Rate Mortgage Or 30-Year Fixed Rate Mortgage?

November 27, 2012 By Justin Paulhamus Leave a Comment

As a home buyer or refinancing household in District of Columbia , you have choices with respect to your mortgage. You can choose a loan with accompanying discount points in exchange for lower mortgage rates; you can choose adjustable-rate loans over fixed rate ones; and, you can choose loans with principal + interest repayment schedules or repayments which are interest only, as examples. For borrowers using fixed rate loans, there's also the choice between the 30-year and 15-year fixed … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: 15-Year Fixed Rate Mortgage, 30-Year Fixed Rate Mortgage, Amortization, Choice, Fixed interest, Fixed rate mortgage, Floating interest rate, Loan, Mortgage loan, Payment, Point (mortgage)

Nov 14

Mortgage Approvals : Documents You’ll Need For Your Lender

November 14, 2012 By Claire Welsh Leave a Comment

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...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Bank, Bank statement, Federal Reserve, Federal Reserve System, Guideline, Loan, Money laundering, Mortgage Approval, Mortgage loan, Senior Loan Officer Survey, Tax lien

Nov 13

When It Pays To Refinance Your Mortgage — Literally

November 13, 2012 By Joshua Oliver Leave a Comment

To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: Adjustable-rate mortgage, Closing Costs, Fixed interest, Fixed rate mortgage, Home equity, Loan, Loan Term, mortgage, Mortgage loan, Refinance, Refinancing

Nov 09

Questions First-Time Home Buyers Should Ask

November 9, 2012 By Claire Welsh Leave a Comment

Nationwide, mortgage rates are low in District of Columbia and home prices remain relatively low, too. This combination, plus rising rents, is pushing renters in some cities -- including DC -- toward first-time homeownership. Buying your first home can be exciting, but you should also do your research to make sure that you ask the proper questions of the process, and make the best choices for yourself and your household. For example, recommended questions for first-time buyers to ask home … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Ask price, Distressed Properties, First-time buyer, First-Time Home Buyer, Home Values, Mortgage loan, Property, real estate, Real estate broker, Real estate pricing, School district

Nov 06

October Jobs Report Blows Away Estimates; Mortgage Rates Falling

November 6, 2012 By Justin Paulhamus Leave a Comment

Another month, another good showing for the U.S. economy. Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previously-released job tallies of August and September. 171,000 net new jobs were created last month against calls for 125,000 and revisions for the two months prior totalled … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Bureau of Labor Statistic, Economy of the United States, Jobs, Mortgage loan, mortgage rates, Non-Farm Payrolls, Point (mortgage), report, Unemployment, Unemployment Rate, Wall Street

Oct 26

New Home Supply Remains Firmly In “Seller’s Market” Territory

October 26, 2012 By Justin Paulhamus Leave a Comment

The U.S. housing market appears headed for a strong close to 2012. According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis. Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes. September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Buyer, homes for sale, Mortgage loan, mortgage rates, New Home Sales, New Home Supply, Real estate pricing, Supply and demand, U.S. Housing Market, United States Census Bureau

Oct 24

Simple Explanation Of The Federal Reserve Statement (October 24 , 2012)

October 24, 2012 By Jessica Wilkie Leave a Comment

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday. For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter 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, since its last meeting … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Ben Bernanke, Eurozone, Fed Funds Rate, Federal funds rate, Federal Open Market Committee, Federal Reserve System, FOMC, mortgage, Mortgage loan, QE3, washington dc