Home mortgage rates in the U.S. fell to the their lowest levels since Freddie Mac began keeping records last week. The average rate for a 30-year fixed rate home loan fell 8 basis points to 4.01 percent in the week ended today from 4.09 percent the prior week, Freddie Mac said in a statement. The rate drops come in the wake of the Federal Reserve’s announcement of a plan to further reduce borrowing costs.
Submitted by Patrick Patrick on Wed, 08/10/2011 - 2:37pm
Good news today for Americans looking to finance the purchase of a new home or refinance an existing mortgage. Interest rates on 30-year fixed-rate mortgages fell to near-record lows in the wake of Federal Reserve Chairman Ben Bernanke’s unprecedented announcement yesterday that the U.S. Federal Reserve will keep short-term interest rates near zero for the next two years or so.
On Tuesday, the United States Senate introduced SB 1508, a bill to extend the current federal loan guarantee limits for one year. Originally sponsored by California Senator Dianne Feinstein, the bipartisan bill would increase the cost of loans for Fannie Mae and Freddie Mac between $625,500 and $729,750, to offset the perceived cost of increasing the loan limits another year. Without Congressional action, the current loan limits will expire on Sept. 30, 2011; the VA limits will expire December 31st.
So, the big news and debate all month has been centered around the “debt crisis” the United States Government (and by extension, the rest of us) faces. Television, radio and the internets are preoccupied with everything from how the downgrade of the government’s credit rating will affect Social Security payments to elderly Americans, to how the looming specter of the ratings reduction will impact the football season. Who cares, anyway? We all should.
In less than 90 days the federal government is drastically reducing the maximum loan amounts it will guarantee via Freddie Mac, Fannie Mae and the Federal Housing Administration in more than 850 United States counties. While how exactly this reduction in federal home loan guarantees will affect the still-depressed U.S. housing market, many prospective homeowners are scrambling to lock in loans and close deals before the end of September.
Still waiting to refinance your mortgage or get pre-approved for a home loan? You’re not the only one. The total number of mortgage applications filed in the United States for the week ending June 24th, a figure that includes applications for new home purchases and mortgage refinances, fell 2.7 percent according to the Mortgage Bankers Association.
The huge inventory of foreclosed homes in California and across the country on the market continues to affect the outlook of United States home builders according to a report released today. The National Association of Home Builders’ May 2011 housing index unexpectedly dropped to 13 on a scale of 1 to 100, with 100 being best. This measure of the homebuilders’ outlook for the new homes market over the next 6 months remains very pessimistic, signaling that most builders are likely to remain on the sidelines for the remainder of the year.
A new study released today appears to offer a glimmer of home for homeowners accustomed to the more common daily doom and gloom stories about housing valuations. According to CoreLogic, 22.7% of homeowners were underwater, in a negative equity position, at the end of the first quarter of 2011. This figure represents an ever-so-slight decrease when compared to the 23.1% figure reported for the fourth quarter of last year.
If you’re not hearing about inflation or thinking about inflation you probably don’t pay much attention to the news or go grocery shopping very often. Despite the creative methods economists use to downplay and underreport the index of rising prices, it’s obvious to just about everybody that we are in a period of significant inflation.
Contrary to popular misconception, new homes continue to be built and sold in the United States, although at a much slower rate then the housing-bubble era of several years ago. Sales of new homes rose more than 7% in April, marking the second consecutive monthly increase. According to the Commerce Department, there was a 7.3% increase in new home sales last month which equates to an annual sales pace of 323,000 units. February’s sales pace of 278,000 stands as the lowest recorded figure since 1963.
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