I came upon more information that we all should be aware of, I hope this is a help!
Mortgage Rates
Posted on January 29, 2009 by dhstevens
So, what’s going on with mortgage rates? Here’s a quick explanation:
There are two issues at play, the increases in the ten year treasury combined with the spread between mortgage rates and the ten year.
1. The Ten Year Treasury Notes dropped dramatically from November through late December from a high of about 3.85% to a low of about 1.95% and down back to today’s 2.65% higher number. That drop correlated with driving rates from the low 6% range to the mid 4.5% range and now back up into the mid 5% range. This chart will show you the drop and subsequent rise over the last couple of weeks. 30 year fixed rates correspond directly with the ten year moves as the ten year is a benchmark hedge for long mortgages.
2. The ten year is backing up in rate simply because the world economies are weak and China, in particular, are not buying treasuries and there for the yields are rising to attract more buyers.
This is a lot of technical gibberish, but I believe that rates will slide down here sooner simply due to the treasury jumping in and buying up the supply. See this article from the Wall Street Journal.
Really, rates should be about 1.7% over the ten year which would put rates near 4.4% today.
Rates are good where they are, but I really see the market improving again even more.
Filed under: Uncategorized No Comments »
Washington, D.C. Tops List for Real Estate Buys
Posted on January 22, 2009 by dhstevens
by Matt Woolsey
January 22, 2009 (Forbes) - The nation’s capital leapfrogged London this year as the world’s best city for real estate investment. With the federal government on a path to grow bigger and increase spending, the new programs will need offices and its employees will need homes.
Forbes magazine turned to the Association of Foreign Investors in Real Estate for the list of where its member investors are finding the best opportunities around the world.
In normal times, financial capitals, New York City and London, vie for first place. Today, both may even be a little grateful to come in second or third. “There used to be a rivalry between New York and London,” says Kenneth Patton, divisional dean of the New York University Schack Institute of Real Estate. “The subject has shifted to the fact that we’re both in the same lifeboat, and maybe it’s leaking.”
Here is the list of the world’s 10 best place for real estate buys:• Washington, DC• London• New York City• Tokyo• Shanghai• San Francisco• Los Angeles• Paris• Houston• Singapore
Friday, January 30, 2009
Monday, January 26, 2009
A Brighter Outlook
I have just returned from Las Vegas this week and from what I observed was plenty of activity on the Las Vegas Strip as well as Downtown under the Canopy, yet everyone you talk to says the economy is down 25%. Granted there are an abundance of properties to purchase because the Vegas market led all others in the past housing climb which then became the leader in the "try to buy and flip" market. Of course it seems only right that there should be a slower housing market, but from the number of people in town eating, taking in the shows, and gambling indications tell me it is starting to firm up there. In our regional area it appears even better, Wes Foster, the owner of Long and Foster Real Estate sent me this e-mail that highlights the conference that has recently concluded. I would like to share the information with you at this time.
Greater Washington Economic Conference
Dr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year.
The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA.
Job growth has averaged 46,500 per year since 1991 with some recent years as follows:
2003 – 56,000
2004 – 71,000
2005 – 63,000
2007 – 29,000
2008 – With one more month’s numbers to come in, he thinks it will net out at 25,000
Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread.
He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows:
2009 – 23,700
2010 – 36,500
2011 – 42,400
2012 – 48,100
2013 – 54,000
Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000.
Needless to say, we are very fortunate to be living and working in this area for a number of reasons.
Greater Washington Economic Conference
Dr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year.
The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA.
Job growth has averaged 46,500 per year since 1991 with some recent years as follows:
2003 – 56,000
2004 – 71,000
2005 – 63,000
2007 – 29,000
2008 – With one more month’s numbers to come in, he thinks it will net out at 25,000
Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread.
He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows:
2009 – 23,700
2010 – 36,500
2011 – 42,400
2012 – 48,100
2013 – 54,000
Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000.
Needless to say, we are very fortunate to be living and working in this area for a number of reasons.
Monday, January 12, 2009
A Little Help from our Government
A tax credit has been passed into law to allow us to claim up to $500.00 against our taxes for 2009 improvements, here are the details-
What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows. Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company's web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer's principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements "placed in service" from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines "placed in service" as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows. Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company's web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer's principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements "placed in service" from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines "placed in service" as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.
I hope you can take advantage of this tax credit, every little bit helps! Enjoy!
What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows. Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company's web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer's principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements "placed in service" from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines "placed in service" as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows. Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company's web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer's principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements "placed in service" from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines "placed in service" as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.
I hope you can take advantage of this tax credit, every little bit helps! Enjoy!
Monday, January 5, 2009
A Glimmer of Hope?
I read this in my quest for housing information and thought a little good news would be refreshing for a change.
The Top 5 Housing-Market Hopes for 2009
By Luke Mulins, USNews.com
Dec 21st,2009
1. Cheap mortgage rates: With inflationary pressures easing and economic concerns mounting, shell-shocked investors are seeking the protection of government securities, such as 10-year treasury notes, driving down yields. The lower yields, coupled with the Fed's recently announced plans to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac have dragged mortgage rates to multi-year lows. Thirty-year, fixed mortgage rates hit an average of 5.47 percent last week, the lowest they've been since 2004, according to Freddie Mac.
2. Lower prices: Home prices at the national level have already fallen 21 percent from their 2006 peaks. And in certain bubble markets, the crash has been even steeper-prices have fallen more than 30 percent in Phoenix and Las Vegas over the past year alone. Although that's a big blow to homeowners-the housing bust is expected to wipe out more than $2 trillion in home values in 2008-lower prices do help stimulate buyer demand, which is badly needed to mop up the excess housing inventory. And while home prices are expected to drop further in 2009, values in certain markets are already at levels low enough to tempt bargain hunters. "Falling home prices aren't part of the problem, they are part of the solution," says Mike Larson, a real estate analyst at Weiss Research.
3. Fewer housing starts: In the face of dwindling demand, home builders have been forced to sharply pull back on new construction. The government reported Tuesday that November housing starts dropped to their lowest level since 1959, when officials started keeping the statistics. While that's bad news for the economy-because it means fewer jobs for builders and others-it's an important step in bringing housing supply back in line with demand. The cutback will limit the supply of new homes coming into the market, which helps to reduce the glut of unsold homes that is putting such downward pressure on housing prices. "In order to get rid of the inventory, builders have to cut back even further and prices have to drop," Newport says. "It's very painful, but there is no way to get around the fact that that's what you need to do to equilibrate the market."
4. Obama stimulus: In an attempt to hoist the economy out of its rut, President-elect Barack Obama has announced plans for a massive federal spending program. The initiative is expected to put between $500 billion and $1 trillion into infrastructure repair and other projects in an effort to keep Americans working. Should this program succeed in preventing unemployment from skyrocketing and keeping the economic contraction from hitting the dourest projections, certain housing markets may firm up quicker than expected, says Susan Wachter, a professor of real estate at the University of Pennsylvania's Wharton School of Business. In the best-case scenario, "the housing market declines become contained to those markets where house price declines are significant," Wachter says.
5. Credit programs: It will be tough for the housing market to come back to life until the credit markets-which have been log-jammed by fear for more than a year-begin to unlock. Like the fight to limit unemployment, reviving the credit markets is a daunting challenge. But remember, the federal government has already taken a number of steps designed to do just that. The Federal Reserve has slashed its benchmark interest rate to between 0 and 0.25 percent and committed nearly $2 trillion to new lending programs, bailouts, and additional measures designed to bolster the financial markets. Meanwhile, Congress passed a $700 billion bailout and the Treasury has already injected a chunk of that money into banks of all sorts. While these efforts haven't been enough to restore the credit markets to health, they have produced results. Interbank lending, for example, has eased. And should this modest victory lead to a broader recovery in the credit markets, the economy-and the housing demand that comes with growth-could turn around quicker than expected. "Right now, panic is driving the credit markets," says Moody of Mission Residential. "If, for whatever reason, confidence were to resume and people's appetite for risk was starting to increase, then you could start all of a sudden seeing credit flowing much more freely, which obviously supports spending in both business and households."
Until next time, Enjoy!
The Top 5 Housing-Market Hopes for 2009
By Luke Mulins, USNews.com
Dec 21st,2009
1. Cheap mortgage rates: With inflationary pressures easing and economic concerns mounting, shell-shocked investors are seeking the protection of government securities, such as 10-year treasury notes, driving down yields. The lower yields, coupled with the Fed's recently announced plans to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac have dragged mortgage rates to multi-year lows. Thirty-year, fixed mortgage rates hit an average of 5.47 percent last week, the lowest they've been since 2004, according to Freddie Mac.
2. Lower prices: Home prices at the national level have already fallen 21 percent from their 2006 peaks. And in certain bubble markets, the crash has been even steeper-prices have fallen more than 30 percent in Phoenix and Las Vegas over the past year alone. Although that's a big blow to homeowners-the housing bust is expected to wipe out more than $2 trillion in home values in 2008-lower prices do help stimulate buyer demand, which is badly needed to mop up the excess housing inventory. And while home prices are expected to drop further in 2009, values in certain markets are already at levels low enough to tempt bargain hunters. "Falling home prices aren't part of the problem, they are part of the solution," says Mike Larson, a real estate analyst at Weiss Research.
3. Fewer housing starts: In the face of dwindling demand, home builders have been forced to sharply pull back on new construction. The government reported Tuesday that November housing starts dropped to their lowest level since 1959, when officials started keeping the statistics. While that's bad news for the economy-because it means fewer jobs for builders and others-it's an important step in bringing housing supply back in line with demand. The cutback will limit the supply of new homes coming into the market, which helps to reduce the glut of unsold homes that is putting such downward pressure on housing prices. "In order to get rid of the inventory, builders have to cut back even further and prices have to drop," Newport says. "It's very painful, but there is no way to get around the fact that that's what you need to do to equilibrate the market."
4. Obama stimulus: In an attempt to hoist the economy out of its rut, President-elect Barack Obama has announced plans for a massive federal spending program. The initiative is expected to put between $500 billion and $1 trillion into infrastructure repair and other projects in an effort to keep Americans working. Should this program succeed in preventing unemployment from skyrocketing and keeping the economic contraction from hitting the dourest projections, certain housing markets may firm up quicker than expected, says Susan Wachter, a professor of real estate at the University of Pennsylvania's Wharton School of Business. In the best-case scenario, "the housing market declines become contained to those markets where house price declines are significant," Wachter says.
5. Credit programs: It will be tough for the housing market to come back to life until the credit markets-which have been log-jammed by fear for more than a year-begin to unlock. Like the fight to limit unemployment, reviving the credit markets is a daunting challenge. But remember, the federal government has already taken a number of steps designed to do just that. The Federal Reserve has slashed its benchmark interest rate to between 0 and 0.25 percent and committed nearly $2 trillion to new lending programs, bailouts, and additional measures designed to bolster the financial markets. Meanwhile, Congress passed a $700 billion bailout and the Treasury has already injected a chunk of that money into banks of all sorts. While these efforts haven't been enough to restore the credit markets to health, they have produced results. Interbank lending, for example, has eased. And should this modest victory lead to a broader recovery in the credit markets, the economy-and the housing demand that comes with growth-could turn around quicker than expected. "Right now, panic is driving the credit markets," says Moody of Mission Residential. "If, for whatever reason, confidence were to resume and people's appetite for risk was starting to increase, then you could start all of a sudden seeing credit flowing much more freely, which obviously supports spending in both business and households."
Until next time, Enjoy!
Sunday, January 4, 2009
News taken off Reuters 31 December 2009
New York (Reuters) - Demand for mortgage applications was unchanged during the Christmas holiday week, holding at the highest levels in more than five years with loan rates near record lows, an industry group said Wednesday.
Borrowing costs have tumbled more than 1-1/2 percentage points from summer peaks and are widely expected to slide further as the government steps in to stabilize the worst housing market since the Great Depression.
Fixed 30-year home loan rates averaged 5.03% last week, marginally lower than 5.04% a week earlier but well below the 6.59% summer peak in July, according to the Mortgage Bankers Association’s survey of mortgage applications.
Last week’s rate was the lowest since June 2003, the trade group said.
Another survey released Wednesday by Freddie Mac confirmed that rates are falling to record lows.
Interest rates on the 30-year fixed-rate mortgage averaged 5.10% for the week ending Dec. 31, down from the previous week’s 5.14%, according to a survey of 125 lenders nationwide.
The 30-year fixed-rate mortgage has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.
“Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac’s survey began in April 1971,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
The Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity was unchanged last week at 1,245.7, matching the highest level since July 2003 set the previous week.
Requests for home purchase applications climbed 1.4% to 320.9 on a seasonally adjusted basis, while refinancing application demand slipped 0.4% to 6,733.8 last week.
Filed under: Freddie Mac, Housing Market, Mortgage 1 Comment »
A New, Happier Year Ahead
Borrowing costs have tumbled more than 1-1/2 percentage points from summer peaks and are widely expected to slide further as the government steps in to stabilize the worst housing market since the Great Depression.
Fixed 30-year home loan rates averaged 5.03% last week, marginally lower than 5.04% a week earlier but well below the 6.59% summer peak in July, according to the Mortgage Bankers Association’s survey of mortgage applications.
Last week’s rate was the lowest since June 2003, the trade group said.
Another survey released Wednesday by Freddie Mac confirmed that rates are falling to record lows.
Interest rates on the 30-year fixed-rate mortgage averaged 5.10% for the week ending Dec. 31, down from the previous week’s 5.14%, according to a survey of 125 lenders nationwide.
The 30-year fixed-rate mortgage has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.
“Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac’s survey began in April 1971,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
The Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity was unchanged last week at 1,245.7, matching the highest level since July 2003 set the previous week.
Requests for home purchase applications climbed 1.4% to 320.9 on a seasonally adjusted basis, while refinancing application demand slipped 0.4% to 6,733.8 last week.
Filed under: Freddie Mac, Housing Market, Mortgage 1 Comment »
A New, Happier Year Ahead
Saturday, January 3, 2009
My Toast for You
May you have a fabulous New Year,
May peace break into your house and
thieves steal your debts,
May love stick to your face like vaseline, and
laughter assault your lips,
May the problems you had,
forget your address,
May 2009 be the best year of your life!
Have a great start to your New Year, I will be watching the Ocean City market in the coming weeks to report any changes in interest rates available and any opportunities to buy or sell here on the shore.
May peace break into your house and
thieves steal your debts,
May love stick to your face like vaseline, and
laughter assault your lips,
May the problems you had,
forget your address,
May 2009 be the best year of your life!
Have a great start to your New Year, I will be watching the Ocean City market in the coming weeks to report any changes in interest rates available and any opportunities to buy or sell here on the shore.
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