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Dec 03

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

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...]

Nov 27

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

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...]

Nov 06

October Jobs Report Blows Away Estimates; Mortgage Rates Falling

  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...]

Oct 26

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

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...]

Oct 09

What’s Ahead For Mortgage Rates This Week : October 9, 2012

Mortgage markets worsened last week for the first time in a month as the U.S. economy showed signs of improvement, and the Eurozone stepped closer to launching its $500 billion euro rescue fund. Conforming mortgage rates in DC rose last week on the whole -- even though Freddie Mac's Primary Mortgage Market Survey proclaimed that they fell. This occurred because Freddie Mac's weekly mortgage rate survey is conducted between Monday and Tuesday each week and, last week, mortgage rates were … [Read more...]

Sep 24

What’s Ahead For Mortgage Rates This Week : September 24, 2012

Mortgage markets improved for the second consecutive week last week as demand for U.S. mortgage-backed bonds remained high. A series of economic reports showed strength in housing and a stability in jobs. Wall Street looked past it, however, to send mortgage rates to their lowest levels in history. One week into the Federal Reserve's newest bond-buying program, the stimulus appears to be working. According to Freddie Mac, the average 30-year fixed rate mortgage rate slipped to 3.49% … [Read more...]

Sep 11

Simple Tips To Keep Your FICO High

For today's home buyers and refinancing households, the value of "good credit" has never been higher. Mortgage approvals hinge on your FICO score, as does your final mortgage pricing. If you're shopping for a home in DC , therefore, or contemplating a refinance, be aware of how everyday credit behaviors can affect your FICO. Even small events can make a big impact. Here are some common-sense steps to help improve your credit score. First, keep a "cushion" on your credit cards. 30 … [Read more...]

Sep 10

What’s Ahead For Mortgage Rates This Week : September 10, 2012

Mortgage markets worsened slightly in last week's holiday-shortened week. As expected, Wall Street took its cues from Europe and from the U.S. jobs market, and mortgage rates moved across a wide range. Home buyers in DC and would-be refinancing households were greeted with wildly varying mortgage rates, depending on which day they loan-shopped. According to Freddie Mac's weekly mortgage rate survey, 30-year fixed rate mortgage rates averaged 3.55% nationwide last week, with an accompanying … [Read more...]

Aug 31

Mortgage Rates Drop For The First Time In 4 Weeks

After 4 weeks of rising costs, DC mortgage rates finally recede. According to Freddie Mac's weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate dropped 7 basis points to 3.59% this week. Depending on where you live, however, you may find that your offered mortgage rates varies. Freddie Mac's "published rate" is a national average based on a survey of more 125 banks. The rates you receive as an individual vary by bank, and vary by region. Mortgage … [Read more...]

May 24

New Home Sales Rise For 7th Month Out Of 8

The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones. According to the U.S. Census Bureau, the number of new homes sold rose 3.3 percent in April to a seasonally-adjusted, annualized 343,000 units sold -- its second-highest reading since April 2010. April 2010 marked the last month of that year's federal home buyer tax credit program. April's New Home Sales data also marks the 7th of eight consecutive months during which the … [Read more...]