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December 29, 2006

US home sales rise

US home resales increased 0.6 percent in November,

 industry data showed, suggesting the slumping property market is stabilizing.

The National Association of Realtors said existing-home sales amounted to a seasonally adjusted annual rate of 6.28 million units in November, well ahead of the 6.15 million figure expected on Wall Street. This followed a 0.5 percent increase in October.


The November sales level was 10.7 percent below the pace of a year ago, reflecting the tumble in the real estate market after years of spectacular growth.

David Lereah, NAR's chief economist, said the report suggests the worst may be over for the housing slump.

"As the housing market recovers from its correction, existing-home sales should be rising gradually during 2007 -- it looks like we may have reached the low point for the current cycle in September," he said.

"We've entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down."

The latest report showed housing inventory levels fell 1.0 percent at the end of November to 3.82 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace.

December 25, 2006

Second Mortgages Interest rates

What Are Second Mortgages, And When Are They Helpful?

2nd mortgage basically allows you to borrow money against the equity of your home. If you need cash fast for things such as remodeling your home, adding on another room or even to consolidate your debts, these options are useful. A second mortgage in the form of a home equity loan is a great way to get extra cash fast and these types of loans are usually calculated at a set interest rate.

Interest rates tend to be much higher with second mortgages than with refinancing. If you need cash quickly and plan to pay off the money that you have borrowed quickly, a second mortgage is just the ticket. You are also given a lot of flexibility with a second mortgage, including having the option of borrowing all of your home’s equity or just part. You can also choose a long-term repayment option or a short term one.


December 22, 2006

Refinance Second Mortgage, 2nd Mortgage Refinancing

A 2nd mortgage simply means that the amount you borrow is secured by your property, in second preference to your first mortgage. Some lenders call it secured loan. 2nd mortgage loans are loans that are made in addition to the first mortgage, and it is usually based on the amount of equity that the borrower uses to build into his home.

Refinance Second Mortgage, means that you'll be getting a new mortgage with a new low interest rate and  new term.

December 04, 2006

fixed rate mortgage vs adjustable rate mortgage

The are two types of mortgage loans:

Fixed rate mortgage, and adjustable rate mortgage(ARM).
In a fixed rate mortgage,the interest rate remains fixed for the life of the loan. The borrower is protected from sudden increases in monthly payments if interest rates grow. Borrowers choose fixed rate mortgage when interest rates are low.

In a adjustable rate mortgage(ARM),the interest rate may change during the life of the loan.

If you intend to live in your home more than just few years and you like the financial stability of a fixed payment, Than fixed rate mortgage is the right loan for you.

But, If you Plan to briefly remains in your home, Don't afraid from monthly payment change, And you firm your income will increase in the future, Than adjustable rate mortgage is the right loas for you.

Adjustable rate loans have cleverly protected borrowers money in recent years.
According the msn money expert fixed-rate mortgage are much higher than the Adjustable Rate Mortgages.

November 21, 2006

Mortgage interest rates drop

Mortgage rates fall sharply

Mortgage rates at 8-month low

Rates on 30-year mortgages fell sharply last week to the lowest level in eight months, reflecting easing inflation concerns.

Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages dipped to 6.24 percent, down from 6.33 percent the previous week. The decline pushed rates to the lowest level since March 2, when they also stood at 6.24 percent.

Analysts attributed last week’s drop to further good news on inflation as both consumer and wholesale prices registered big drops


November 14, 2006

Free Interest Only Mortgage Calculator

    Free Mortgage Calculator
 The calculator is able to find any of the five (5) variables involved in a mortgage loan: -
 Monthly Payment - Loan Amount - Down Payment Amount - Interest - Term or Number of Payments.
This calculator can run in three (3) modes -
-  Simple:  The Basic case of a loan that doesn't involve any taxes or insurance.
 - Advanced: The same as Simple with added taxes and insurance.
 - Complete: The same as above with the addition of any fees that may be involved.
The results of the calculations are split into three (3) sections and multiple parts:
 - Summary: Displays the basic loan information and payment break-down.
- Amortization: Displays the amortization table.
- Distribution: Shows the totals and true amounts paid over the life of the loan.
Tips For Using A Loan Calculator  
 by Tim Renolds

When it comes to getting a loan for your mortgage and using a mortgage calculator, you should definitely know the differences in a home equity loan and a home loan. First, a home loan is basically your first loan when purchasing a home. This could mean first time buyers or seasoned buyers that are just looking for a different home. A home equity loan is a type of loan that uses the equity within your home to determine how much you can receive. This type of loan is typically referred to as a second mortgage; additionally with this type of loan, the interest rates are higher than that of a home loan.
When you are wanting to obtain a home equity loan you should use a mortgage calculator specific for home equity to determine what the different areas of using your equity in relation to the payment is required. These calculators typically help you to determine if this action is the best for you or not. One thing that a mortgage calculator can really help you with is determining if refinancing the home entirely is a better alternative for you. It can help you with a variety of options when it comes to refinancing, and this is especially true if you have a great deal of equity within your home. If you input these figures into the mortgage calculator, you will be able to itemize and compare which of the options or alternatives is best suited for you.
Typically obtaining a home equity loan is appealing to an owner, for the simple reason that the mortgage lending company or person makes it appealing and wants your property. Prior to agreeing or signing any paper you will want to figure out all details he or she is offering you and consult with your mortgage calculator, you will want to make sure that your calculations match the ones he presented you. One thing that is truly imperative is that you fully understand all obligations required of you when you are obtaining a home equity loan, there is nothing worse than having your home become threatened with foreclosure because there was something you did not understand.
You should consider all of your options to make informed and calculated decisions, as refinancing your home or obtaining home equity loans is a big decision for anyone to make. Do not go into lightly and only sign agreements or contracts that you completely and fully understand.
About the Author
Tim Renolds is a wirter for the Home Owner Loans website. Tim enjoys writitng on many finance related subjects.
Mortgage News Daily

MBS RECAP: Bonds Kick Rally up a Notch After Auction
by Matthew Graham
25 Nov 2014 at 2:16pm

Posted To: MBS Commentary

The day began in fine shape, especially in light of the stronger reading on GDP. European bond market strength remains at the heart of our ability to hold ground that otherwise seems out of reach. German Bunds, Europe's 10yr benchmark, pushed down to .77% on Friday and looked like they might bounce yesterday. But today saw another rally down to .75% this time. This was significant because it happened in spite of Germany's GDP holding in positive territory today--something market participants reckoned would be negative for bonds overnight. We had a GDP reading this morning as well. Not only was it much stronger than expected, but there weren't any major caveats to the strength. Internal components were broadly stronger and "inventory-building" didn't prop up the number...(read more)

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Mortgage Rates Back Into High 3's
by Matthew Graham
25 Nov 2014 at 12:55pm

Posted To: Mortgage Rate Watch

Mortgage rates fell more today than in recent days. Positivity was fueled chiefly by European bond market strength as serious growth concerns persist and rates push ever-closer to their mid-October lows. Domestically, a strong 5yr Treasury auction helped ignite an afternoon bond market rally that included mortgage-backed securities (MBS). When MBS improve enough in the middle of the day, lenders often release new, stronger rate sheets. This was the case today, and the improvements were good enough to bring 3.875% into the running for the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. As of this afternoon, it's just barely edging out 4.0%. That's the first time we've seen the most common top-tier rate quote in the 3's since October 21, and one of only a handful of...(read more)

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MBS MID-DAY: Positive European Backdrop Helps US Bond Markets Hold Ground
by Matthew Graham
25 Nov 2014 at 9:32am

Posted To: MBS Commentary

With the increased amount of data on today's calendar, we've seen increased volatility, but it hasn't been too threatening so far. In fact, bond markets are currently in positive territory day-over-day despite GDP coming in much stronger than expected this morning (and well-rounded to boot!). The easiest offsetting factor to point to would be the Consumer Confidence data, which came in much weaker than expected. Upon closer examination, however, we find that the 10am Confidence data didn't really have much of an impact on domestic bond market momentum. Treasuries and MBS were already bouncing back from post-GDP weakness and with the exception of a few minutes of volatility, are still at the same levels seen right before the data. So there must be a third variable at work here...(read more)

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Loan Limits Unchanged in Most of U.S.
by Jann Swanson
25 Nov 2014 at 8:25am

Posted To: MND NewsWire

The maximum conforming loan limit will remain at $417,000 for most of the U.S. in 2015. FHFA announced the limits, which define the size of loans eligible to be acquired by Fannie Mae or Freddie Mac, on Monday. The limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and recalculated each year. The limits were unchanged despite substantial increases in most indexes that measure home prices on national and local levels. FHFA explained that HERA requires that while the baseline loan limit be adjusted each year to reflect changes in the national average home price, after a period of declining prices any prior declines must be fully offset before a loan limit increase can occur. During the financial crisis the FHFA home price index declined by close to...(read more)

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Further Deterioration in Home Price Gains -Case-Shiller
by Jann Swanson
25 Nov 2014 at 8:00am

Posted To: MND NewsWire

Is the party officially over? S&P Dow Jones Indices said today that the increase in home prices, which has shown diminishing energy for months, experienced a broad-based slowdown in September. The company's Case-Shiller Home Price Indices continued to show gains over the levels of a year earlier, but the size of those gains continued to contract. The Case-Shiller National Index rose 4.8 percent from September 2013 to September 2014 while the 10-City Composite posted a 4.8 percent increase compared to September 2013 and the 20-City was up 4.9 percent. The respective year-over-year gains for the two Composites in August were 5.5 and 5.6 percent. Charlotte and Dallas were the only cities to see stronger annual gains in September than in August while Cleveland was unchanged. Both city indexes...(read more)

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Servicing Continues to Hit the Market; Upcoming Events; Credit Union Lending ...
by Rob Chrisman
25 Nov 2014 at 7:20am

Posted To: Pipeline Press

The next story reminds me of the husband who was asked by his wife (who invited the guests, cleaned the house, did the shopping, made the stuffing and all the side dishes, set the table, and cooked Thanksgiving dinner) to carve the turkey, replied, "Do I have to do everything?!?" I wonder if folks at the FHFA feel the same way - so much of what they do impacts residential lending. "Yay, the new loan limits are here! The new loan limits are here!" Well, actually, they're the old loan limits - which are certainly better than lower limits. Freddie, for example, sent, "In line with today's Federal Housing Finance Agency (FHFA) announcement on the 2015 loan limits, we are maintaining our base conforming loan limits at the existing 2014 levels through December 31, 2015, and increasing the high-cost...(read more)

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MBS Day Ahead: Econ Data Ramps up; How Well are MBS Doing?
by Matthew Graham
25 Nov 2014 at 4:33am

Posted To: MBS Commentary

Yesterday was a fairly solid day for bond markets. Although it suffered from decreased participation, there was still strong support at technical ceilings and a good responsiveness to economic events and headlines. At least that seemed to be the case based on the timing of the headlines combined with the ostensible market reaction. Today will offer a better chance to put that to the test . There are a few important pieces of data in Europe that will already have printed by the time you read this. Then we get the 2nd reading of Q3 GDP at 8:30am followed by Consumer Confidence at 10am. Several other reports dot the calendar, but those are the only market movers in terms of econ data. The afternoon's 5yr Treasury Note Auction warrants extra attention at 1pm after yesterday's 2yr Note auction...(read more)

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MBS RECAP: Showing Signs of the Season, but That Worked out OK Today
by Matthew Graham
24 Nov 2014 at 2:15pm

Posted To: MBS Commentary

During the 3.5-day Thanksgiving week, we expect to see a lack of participation in bond markets juxtaposed with condensed data and volatility. Data and participation were certainly limited today and accordingly, there wasn't much movement. The small amount seen was clearly connected to headlines and events. It also reacted more than it normally would in a few cases. The first move of the overnight session was logical enough. One of the most widely-followed pieces of economic data in Germany was stronger than expected and bond markets consequently lost some ground. As the domestic session took over, a weaker Markit PMI report (typically not a market mover) may have actually gotten the ball rolling on a bounce back from overnight weakness. Shortly thereafter, comments from Germany's Central...(read more)

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Mortgage Rates Now at 1-Month Lows
by Matthew Graham
24 Nov 2014 at 1:40pm

Posted To: Mortgage Rate Watch

Mortgage rates continue making improvements so small and so steady that they're barely noticeable, but they're improvements just the same. That's recently left us in the best territory in nearly a month. Today extends those slow and steady gains just enough to technically claim the "1-month low" designation, despite the fact that rates aren't materially different than they have been. The most prevalently-quoted conforming 30yr fixed rate remains 4.0% for top tier borrowers, but each day of modest improvement brings us closer to 3.875% and puts 4.125% farther in the rearview. With the Thanksgiving holiday coming up, financial markets will be cramming a day and a half worth of work mostly into Wednesday. That increases the prospects for volatility over the next 2 days. Indeed, past examples of...(read more)

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Who Will Pick up Fed's MBS Buying Slack?
by Jann Swanson
24 Nov 2014 at 11:23am

Posted To: MND NewsWire

The Federal Reserve has completed its latest round of Quantitative Easing, the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae are under orders to continue shrinking their investment portfolios and significant constraints exist to keep private investors from purchasing agency mortgage-backed securities (MBS). So who, the Mortgage Bankers Association (MBA) asks, is going to pick up the slack? A white paper written by MBA's vice president and senior economist Michael Fratantoni, lays out the conundrum facing the MBS market. Fratantoni says both policy makers and the housing industry have a common interest in bringing private capital into the mortgage markets but the key question is how and in what form that private capital can best reenter the system. MBA has advocated for...(read more)

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MBS MID-DAY: Quietly Holding Near Friday's Best Levels
by Matthew Graham
24 Nov 2014 at 9:57am

Posted To: MBS Commentary

Meaningful inputs have been few and far between for bond markets today. With Japanese markets closed, overnight Treasury trading got off to a late start. Stronger data out of Germany pushed yields quickly higher at 330am, but not by much. 10yr Treasuries only rose from 2.31 to 2.33 before leveling off. That moderate overnight weakness led to MBS opening an eighth of a point lower in price (-4 ticks) at 103-18. Prices didn't stray more than 1 tick for nearly 2 hours, and have since bounced back to unchanged levels. At 9:45am Markit's Purchasing Manager's Index (PMI) came in at the lowest level since April. This is the less-widely-followed mimetic version of the very important ISM PMI. The Markit/ISM relationship is similar to ADP/NFP, though Markit tends to produce much less of a...(read more)

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HUD's 4bp Fee; FHA/Ginnie updates; Status of Mortgage Forgiveness Tax Act
by Rob Chrisman
24 Nov 2014 at 7:34am

Posted To: Pipeline Press

If you're looking for next investment property, the nearest "college town" may serve you well. According to research from Clear Capital , out of the top 35 cities where home prices have appreciated since 2004, 10 were college towns and 9 of the 10 were included in the top 15. Ithaca, NY was ranked number 2 on the list, where Ithaca College and Cornell University are located. This city saw a home-price appreciation increase 52% since 2004, which was surpassed by Honolulu, HI with a 64% appreciation. Austin, TX home to University of Texas was number 3 on the list, with a 46.8% appreciation since 2004. Corvallis, OR home to Oregon State University, ranked number 4, with a 41.2% home appreciation since 2004, (one of the many reasons why many believe Oregon State University is better than University...(read more)

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MBS Week Ahead: Action-Packed and Holiday-Shortened: Sometimes That's Enough
by Matthew Graham
24 Nov 2014 at 4:33am

Posted To: MBS Commentary

Past examples of Thanksgiving weeks vary when it comes to market behavior. There's no major bias toward gains or losses and the volatility doesn't tend to inform the following week's trading. If anything, Thanksgiving weeks have been slightly more likely than not to result in a quick dip or spike that is subsequently unwound in the following week. All that to say that chances are higher that we'll see some sort of break, but history suggests it might not be too meaningful. Wednesday handily outclasses Tuesday in terms of volatility potential, but neither of the remaining two days even come close. During those two days alone, the volume of economic reports and other scheduled events is higher than some entire weeks . The market closure pushes to Wednesday everything that would...(read more)

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MBS RECAP: Calm, Resilient Day Maintains Calm, Resilient Week (and month)
by Matthew Graham
21 Nov 2014 at 2:52pm

Posted To: MBS Commentary

In the shadow of October 15th--by some measures, the most volatile day in the history of Treasury trading--everything that's followed has been exceedingly tame by comparison. The correction leading back toward slightly higher rates was mechanical and non-threatening . And now November is slipping away with mortgage rates having held 4.0% the entire time and 10yr yields staying in the 2.3's. Today's session never had much of a chance to break the bigger-picture mold. To end the week on anything other than a sideways note, we would have needed to see such a big rally or sell-off that it wouldn't have made any sense in the current context. Overnight headlines from Draghi helped a bit and China's rate cut hurt a bit, but bonds ground to stronger levels very slowly. It's...(read more)

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Technically at November Lows, but That Doesn't Mean Much These Days
by Matthew Graham
21 Nov 2014 at 2:12pm

Posted To: Mortgage Rate Watch

Mortgage rates improved again today , carving out another November low, albeit by only a small margin. For some lenders, rates are officially at "one month lows" with October 21st being the last day that similar rates were available. Actually, the rate has been available, but it's the COST required to obtain that rate that's fallen back to 10/21 levels. 4% remains the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers. It's far less prevalent, but 3.875% is being quoted in some cases. History doesn't offer many examples of the phrase "lowest rates in a month" meaning much less than it does today. The entirety of the past 30 days saw no change in the most common rate quote of 4% and only very little change in the associated closing costs. In fact, "lowest in a month" is...(read more)

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