Archive for the 'Home Buying' Category
Mortgage Rates Hit 4.15 Percent, Lowest Mark in Five Decades
August 18th, 2011
Written by Frost Mortgage
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates, fixed and adjustable, reaching all-time record lows providing further incentive for those homeowners looking to refinance. The 30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.7 point for the week ending Aug. 18, 2011, down from last week when it averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 4.42 percent. The 30-year fixed average of 4.15 percent, breaks the previous record low of 4.17 percent set on Nov. 11, 2010.
Thu, 2011-08-18 10:32 — NationalMortgag…
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NAHREP Report: Latinos, First-Time Homebuyers Are the Key to the Housing Recovery
June 21st, 2011
Written by Frost Mortgage
A report by the National Association of Hispanic Real Estate Professionals finds that the size and age of the Hispanic population, the fact that most are married with kids and their perception of homeownership as a symbol of success mean they will likely fuel first-time home purchases and drive the housing market on the path to recovery. Over the next 15 years, The State of Hispanic Homeownership predicts that Latinos will bolster demand for condos, starter homes and first trade-up properties.
RISMedia (06/21/11)
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Mortgage Applications See Biggest Gain in 3 Months: MBA
June 15th, 2011
Written by Frost Mortgage
Home loan applications rose to the highest level in three months during the week ended June 10, due to pumped-up refinancing demand as the 30-year fixed mortgage rate fell to 4.51 percent. The Mortgage Bankers Association’s index of loan applications rose 13 percent, with refis jumping 16.5 percent and purchase-loan requests advancing 4.5 percent. Refis accounted for 70 percent of mortgage applications.
Reuters (06/15/11) Schnurr, Leah
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VA Loan Program Grows, Prospers
June 14th, 2011
Written by Frost Mortgage
The Mortgage Bankers Association reports a 4.52 percent serious delinquency rate for VA loans at the end of March, versus 5.58 percent for prime mortgages. Experts say the VA program’s success, despite originating loans with no down payments, is rooted in its focus on military borrowers and an automated servicing system that allows staff to track individual loans and efforts by servicers to help borrowers. The program also uses a “single point of contact” model so that every defaulted loan is handled by a specific staffer; and it employs “supplemental servicing” so that troubled borrowers who do not respond to the servicer are contacted by agency staffers.
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American Banker (06/14/11) P. 9 Collins, Brian
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30-Year Mortgage Rate Again Hits 2011 Low
May 27th, 2011
Written by Frost Mortgage
Fixed mortgage rates have fallen for six straight weeks, with 30- and 15-year loans dipping to their lowest levels since mid-December and late November, respectively. Freddie Mac reports that the 30-year loan averaged 4.60 percent this week, down from 4.61 percent; and the 15-year loan averaged 3.78 percent, down from 3.80 percent. Five-year adjustable-rate mortgages slipped, meanwhile, to 3.41 percent from 3.48 percent in the past week.
Indianapolis Star (05/27/11)
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Home Sales May Grow Thanks to Affordable Housing
May 20th, 2011
Written by Frost Mortgage
Housing experts predict home sales will rise between 7 and 10 percent in 2011 from last year, thanks to an improving job market, sustained economic growth and greater housing affordability.
Low interest rates also are helping many transition from renting to owning in a market that is still facing a glut of distressed homes. Based on the National Association of Realtors’ Affordability Index, those earning the national median income have 170 percent of the income they need to purchase a median-priced home.
International Business Times (05/20/11) Chongchua, Phoebe
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Cheaper to Buy Than Rent in 78 Percent of Major Cities
April 28th, 2011
Written by Frost Mortgage
Owning a home is more affordable than renting in 39 of the nation’s 50 most-populated cities, based on the latest quarterly rent vs. buy index from Trulia. Falling home prices and rising rents make buying cheaper in 78 percent of cities, up from 72 percent in the previous quarter; the price-to-rent ratio fell quarter-to-quarter in most of the 50 cities. Las Vegas is the top locale to buy vs. rent, followed by Phoenix; Arlington, Texas; Fresno, Calif.; Miami; Mesa, Ariz; Jacksonville, Fla.; Sacramento, Calif.; Detroit; and Omaha, Neb.
Inman News (04/28/11)
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New-Home Sales Up, But Pace Is Still Lagging
April 26th, 2011
Written by Frost Mortgage
New-home sales climbed in March after three straight months of declines, reports the Commerce Department. Sales increased 11 percent from February to an annual rate of 300,000 units, but the pace is still far short of the 700,000 units a year that economists consider healthy. Economists believe it could take years for sales to return to those levels. Commerce also reports that the median price of a new home rose nearly 3 percent from February to $213,800.
Washington Post (04/26/11) P. A12
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Existing-home sales up 3.7% in March
April 20th, 2011
Written by Frost Mortgage
Existing-home sales rose 3.7% between February and March, but still remain below year-ago levels as consumers struggle to obtain mortgage financing, the National Association of Realtors said Wednesday.
However, the homebuyers joining the market are enjoying record-low mortgage rates. NAR’s home affordability index shows the monthly mortgage principal and interest payment on a median-priced home is only 13% of gross household income, the lowest level since 1970.
“Given that FHA (Federal Housing Administration) and VA (Veterans Affairs) government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low down payment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget,” NAR President LawrenceYun said.
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Real Estate Bust Hasn’t Dimmed Americans’ Faith in Real Estate
April 12th, 2011
Written by Frost Mortgage
A Pew Research Center survey shows that 80 percent of U.S. adults recently polled believe a home is still the best long-term investment despite a prolonged slump in property prices. About 37 percent of respondents “strongly agree” that homeownership is the best investment; however, that is down from 49 percent in a CBS News/New York Times study conducted two decades ago. An age gap is also materializing, as Pew finds that 48 percent of those 65 and older believe in the investment value of homeownership; while the percentage is lower among younger age groups.
Wall Street Journal (04/12/11) Dougherty, Conor
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