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Oct 22

What’s Ahead For Mortgage Rates This Week : October 22, 2012

Mortgage markets worsened last week as hope for a European economic rebound and stronger-than-expected U.S. economic data moved investors out of mortgage-backed bonds. Mortgage rates all of types -- conventional, FHA and VA -- lost ground last week, harming home affordability in DC and reducing purchasing power nationwide. Rising rates also thwarted would-be refinancing households hoping to time a market bottom. The increase runs counter to Freddie Mac's weekly Primary Mortgage Market … [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...]

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...]

Jun 22

A Simple Explanation Of The Federal Reserve Statement (June 22, 2011 Edition)

Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. The vote was 10-0 -- the fourth straight unanimous vote for the nation's Central Bank. In its press release, the FOMC said that the economy is recovering, although "somewhat more slowly" than what was expected. Labor markets have been weaker than anticipated and the Fed believes that is, in part, a result of higher food and energy costs, and … [Read more...]

Jan 16

In trouble on your mortgage? DC might be able to help

The DC Housing Finance Agency is piloting a program in Wards 5, 7 and 8 starting this week that will help the underemployed keep their houses while they find new employment. ¬†Through a $20M grant from the government, if you lost your job and have fallen behind on your mortgage payments, but are not yet in foreclosure or bankruptcy, you can receive up to 15 months of assistance from the HFA to help keep your home. The program will spread to the rest of the District in April, but the pilot is … [Read more...]