RISMEDIA, Saturday, June 22, 2013
Freddie Mac recently released its U.S. Economic and Housing Market Outlook for June showing the effects rising interest rates are having on certain markets around the country and the overall housing recovery. A short preview video and the complete June 2013 U.S. Economic and Housing Market Outlook are available here.
Outlook Highlights
Interest rates for 30-year fixed-rate mortgages have risen about 0.5 percentage points over the past several weeks and are expected to hover around 4.0 percent during the second half of 2013.
With rising mortgage rates, expect a sharp decline in refinance volume in the second half of this year; refinance originations are expected to total about $1.1 trillion in 2013, down from $1.5 trillion in 2012.
At today’s house prices and income levels, mortgage rates would have to be nearly 7 percent before… Read more
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RISMEDIA, Saturday, April 20, 2013
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower this week amid data showing weaker consumer spending. This marks the third consecutive week fixed-rate mortgages have moved lower as the housing market continues to recover.
The 30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.7 point for the week ending April 18, 2013, down from last week when it averaged 3.43 percent. Last year at this time, the 30-year FRM averaged 3.90 percent. Read more…
By Mara Lee | RISMEDIA, Tuesday, April 09, 2013— (MCT)
Conventional wisdom says you need 70 percent of pre-retirement income to keep the same lifestyle after you stop working.
That makes sense if you’ve been putting away more than 20 percent of your income in your final working years. With those savings, and no more work-related expenses for commuting and dry cleaning, you’d probably get away with a lower income.
But if you weren’t saving heavily to the end, it’s hard to see how you’ll reduce expenses 30 percent instantly at retirement unless you’ve paid off the mortgage.
In 2010, the most recent data available from the Federal Reserve Survey of Consumer Finances, 40.5 percent of households nationwide where the head was between 65 and 74 years old were paying a mortgage. Read more…
By Gary M. Singer | RISMEDIA, Monday, April 08, 2013— (MCT)
QUESTION: I am refinancing my mortgage and was told there were no out-of-pocket costs. Now as we approach the closing, the lender wants me to pay several hundred dollars. What’s the deal?
ANSWER: When you get a mortgage loan, you often have the option of adjusting the interest rate by either paying discount points for a lower rate or receiving money back in return for a higher rate. In a refi with no out-of-pocket costs, you actually are receiving a premium back from your lender in exchange for a slightly higher interest rate. This premium is being used to offset your closing costs. Read more…
RISMEDIA, Wednesday, March 13, 2013— Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely holding steady from the previous week, remaining near their 65-year record lows, and continuing to provide support for the housing recovery. Read more…
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Florida’s Housing Market Shows Momentum
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely holding steady from the previous week, remaining near their 65-year record lows, and continuing to provide support for the housing recovery.
Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.7 point for the week ending March 7, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.
Read more…
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That boom you heard is Southwest Florida building industry: It’s back
Freddie Mac recently released its U.S. Economic and Housing Market Outlook for June showing the effects rising interest rates are having on certain markets around the country and the overall housing recovery. A short preview video and the complete June 2013 U.S. Economic and Housing Market Outlook are available here.
