Kathy Kraninger Confirmed as Next CFPB Director
Last Thursday, the Senate voted along party lines to confirm Kathy Kraninger as the next director of the Consumer Financial Protection Bureau. Following Richard Cordray’s resignation last year, Mick Mulvaney, the director of the Office of Management and Budget, has served as interim director for the CFPB. Now, a little over a year later, Kathy Kraninger will take over the role.
Market Forecast: Job Openings, Mortgage Apps, Retail Sales
Mortgage rates have trended slightly downward this month, heading into the slower home buying and selling season. The only significant housing report of the week will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and retail sales.
Market Recap: Construction Spending Down, Mortgage Apps Up, ADP Employment
Mortgage rates have trended slightly downward, and mortgage activity has reacted. Both new purchase and refinance mortgage application submissions increased. US construction spending is down month-over-month, but up year-over-year. The ADP employment report was strong.
Besides FHA, What Other Low Down Payment Options Do Home Buyers Have?
Last month, the Federal Housing Administration (FHA) Commissioner Brian Montgomery announced that despite economic momentum, the FHA would not be cutting mortgage insurance premiums this year. FHA Loans require an upfront mortgage insurance premium (MIP) payment, plus mortgage insurance throughout the life of the loan. Any reduction to Mortgage Insurance Premiums makes FHA Loans more affordable. FHA Loans are popular amongst first-time home buyers because of their low down payment requirements.
Can you afford to buy a home? How much to spend on housing.
For most Americans, both renters and homeowners, housing is their largest expense. But how much is too much to spend on housing costs? Whether you rent or own, financial commentator and co-founder of AE Wealth Management, David Bach recommends, not spending more than 35% of your annual after-tax income on housing costs.
Mortgage Debt Reaches 10-Year High, FHFA Raises Conforming Loan Limits
The Federal Reserve announced outstanding mortgage debt totaled $10.2 trillion in the second quarter of 2018, up 2.7% from the previous year, and near the all-time high of $10.7 trillion set over a decade ago. Although some may be wary of rising mortgage debt, when the economy strengthens and the population increases, total debt tends to rise. Rather than worrying about the debt, economists urge consumers to look at both sides of the ledger, debt and assets.
Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report
Heading into the end of the year, mortgage rates have levelled out after rising following September’s interest rate hike. This week in housing news, US construction spending comes out on Monday and the Mortgage Bankers Association weekly mortgage application survey comes out on Wednesday. Other market-moving reports include the ADP employment report.
Market Recap: Case-Shiller Home Price Index Slows, New Home Sales and Pending Home Sales Decline
Mortgage rates did not move significantly this week. Recent comments from Federal Reserve Chair Jerome Powell suggest that the Fed may be slowing down rate hikes, as interest rates reach a neutral range. Both new home sales and pending home sales declined in October, heading into the slower buying and selling season. The S&P CoreLogic Case-Shiller home price index has also started to slow, giving buyers a break from home price appreciation.
3 Common Renovation Mistakes to Avoid
Existing home sales make up the majority of real estate transaction, especially for Millennials and first-time home buyers. The National Association of Realtors (NAR) reported 9 out of 10 Millennials bought a property that was previously owned. The 2018 Chase housing sentiment survey showed almost 70% of those home buyers expected to spend at least $20,000 on renovation projects.
Community First Focus Helps Rehabilitate Homeless
The “housing first” model of addressing homelessness emphasizes the importance of stable housing before other issues like chronic unemployment and substance abuse are addressed. Real estate developer Alan Graham has taken the “housing first” approach a step further with the Community First! Village – a mix of RVs and micro-homes that shelters and employs formerly homeless people 10 miles northeast of downtown Austin, TX. Community First! Village has been so successful, that last month a 24-acre expansion began, which will include 110 RV sites, 200 more micro-homes, and a 20,000 square foot health facility.
When a "Bargain" Really is a Bargain
Finding a home listing described as a “bargain” could be good news for savvy shoppers. However, the description could also be misleading, depending on where you are located. Real estate website Trulia reviewed listings from around the country to determine when a “bargain” really is a bargain.
FHFA Increases Fannie Mae and Freddie Mac Conforming Loan Limits for Third Time
For the third time in three years, the Federal Housing Finance Agency (FHFA) has increased the conforming loan limits securitized by Fannie Mae and Freddie Mac. After ten years of not increasing the maximum conforming loan limits on Fannie Mae and Freddie Mac mortgages, the FHFA has increased loan limits for three years in a row.
Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales
There was not much movement from mortgage rates last week, markets were closed on Thursday in observance of Thanksgiving and some markets were closed or closed early the following Friday. This week closes out November with several important housing reports including the S&P CoreLogic Case-Shiller home price index, new home sales, and the pending home sales index.
Market Recap: Home Builder Confidence Slides, Housing Starts Improve, Existing Home Sales Increase
Mortgage rates did not move significantly up or down this week. Markets were closed yesterday in observance of the Thanksgiving holiday, and some banks are closed or closing early today. Home builder sentiment fell in November and builders lowered their expectations for the new year. Housing starts increased but building permits declined. Existing home sales exceeded expectations.
5 Fireplace Facts to Know this Fall
Getting cozy by the fire after Thanksgiving dinner? According to Zillow, fireplaces are one of the most sought-after home features. In addition to heating your home and enhancing your décor, a fireplace may actually add value to your home. Before you fire up this holiday season, here are the answers to the top five fireplace questions:
Transit Agencies Improve Impact on Homeless Population
As many of us give thanks this week for our loving families and happy homes, it’s important to remember those who are more vulnerable and experiencing hardships like homelessness. Partnerships like “Hub of Hope” between Philadelphia’s SEPTA transit system and Project HOME, a social service agency, strive to reach homeless transit passengers and intervene with assistance to help them overcome their crises.
The Predictions Are In: Home Sales to Rise in 2019
The National Association of Realtors (NAR) predicts home sales will increase in 2019, while home price appreciation starts to slow. Following 2017, the best year for home sales in over a decade, existing home sales are expected to close out 2018 down a slight 1.5% to a seasonally adjusted annual rate of 5.345 million transactions.
Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales
This week will be a short week, with markets closed on Thursday and closing early on Friday, in observance of the Thanksgiving holiday. However, there is a full week of housing news ahead with the National Association of Home Builders’ housing market sentiment index, housing starts and building permits, and existing home sales all scheduled for release.
Market Recap: Mortgage Apps Slide, Consumer Price Index and Retail Sales Surge
Mortgage rates continued to hold steady last week and did not move significantly up or down. Both new purchase and refinance mortgage application submissions declined. The consumer price index had the biggest increase in nine months and retail sales exceeded expectations. Federal Reserve Chair Jerome Powell gave a speech to the Dallas Fed on Wednesday and shared his optimistic economic outlook heading into 2019.
HomeFundIt: Not Your Parents’ Wedding Registry
Congratulations, you’re getting married! As soon as you’ve staged the perfect engagement photos and built your wedding website you’re probably inundated with the “Where are you registered?” question. What are you going to register for? When’s the last time you got up early enough to make waffles? Do you really need another blender? Do you think you’re going to use that pizza stone before just ordering online? Chances are you don’t really need all of the stuff people traditionally use their wedding registry for.
Child Identity Theft is On the Rise
You know you need to protect your social security number, but did you know your children may be at risk too? Credit-reporting bureau Experian announced more than $1 million children have their identities stolen each year and warned one in four children will be a victim of identity theft before adulthood. Child identity theft can be especially detrimental to your children’s credit scores, because often it is not noticed or reported until much later, when they go to open their first bank account or apply for student loans.
As Boomers Age in Place, What Happens to Housing?
Less than a decade ago, housing professionals were expecting the “great senior selloff” when Baby Boomers, born between 1946 and 1964, started downsizing and selling their larger family homes. However, a new report from Harvard’s Joint Center for Housing Studies forecasts a growth in remodeling projects as more Baby Boomers choose to age in place. According to the study, out of the 80% of Baby Boomers who own homes, two-thirds of them expect to stay in their homes and make modifications to accommodate them as they age. Rather than a glut of housing for sale, today’s buyers are instead facing a tight market.
Market Forecast: Mortgage Apps, Consumer Price Index, and Retail Sales
Some markets are closed today in observance of Veterans Day, which was yesterday. This week, the only significant housing news to report will be the Mortgage Bankers Association weekly mortgage application survey. Other market moving reports include the consumer price index and retail sales.
Market Recap: Federal Reserve Holds on Hiking Rates, Job Openings, Mortgage Apps
This year’s Midterm Elections boasted record turnouts, breaking the record set in 1966. No significant mortgage rate movement this week, as the Federal Open Market Committee voted to leave the benchmark interest rate unchanged. Job openings slipped slightly but continue to outnumber unemployment reports. Mortgage application submissions declined.
Saving for a Down Payment Might Take up to 7 Years or More
According to a new Zillow report, it will take an average American approximately seven years to save for a 20% down payment on an average-priced home. This report assumes the worker earns the median income and saves 10% of their total earnings each month. This seven-year saving period is the longest since early 2008.
Soccer in the Streets Converts Unused Public Space into a Place to Play
Public transit, like Atlanta’s MARTA stations, tend to take up a lot of land, leaving vacant expanses. In the late 70s, Atlanta’s public transit operator installed an amphitheater at the Five Points station with the hope of revitalizing the neighborhood and making the entertainment center accessible through public transit. However, the amphitheater failed to draw crowds and sat largely unused for decades. Today the space has been converted into a soccer field, the first of its kind to sit inside of a transit station, and the first of a network of fields sprouting up throughout Atlanta.
How the Rust Belt is Attracting Millennial Home Buyers
Midwestern states including Ohio, Michigan, and Wisconsin, sometimes known as the Rust Belt, are experiencing a revival. After the decline of manufacturing bases like Detroit, this region suffered economically. As coastal home prices increase, and more companies and businesses are choosing to migrate to the Midwest and Great Lakes regions for lower taxes and affordable housing more, causing more Millennials are to put down roots in the Rust Belt.
Market Forecast: Job Openings, Mortgage Applications, and FOMC Meeting
Election Day is tomorrow, don’t forget to exercise your right to vote in the 2018 Midterm Elections! Election results sometimes influence economic markets, so rates may experience some volatility this week. The Federal Open Market Committee (FOMC) meets Wednesday and Thursday and will release a statement Thursday afternoon. It will be a slow week for housing news, the only directly-related housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) on Tuesday.
Market Recap: Case-Shiller Home Price Index Slows, ADP Employment Strong, Construction Spending Flat
The US economy looks like it’s heading toward a strong finish for 2018. The ADP employment report was stronger than expected and construction spending was unchanged overall, but residential spending improved. The S&P CoreLogic Case-Shiller home price index appreciated, but price appreciation has started to slow.
Should you get a 15-Year or a 30-Year Mortgage?
Mortgage loans are available with a variety of terms and interest rates to suit every financial situation. Mortgage terms can range anywhere from 5, 7, 10, 15, and 30 years and usually have either a fixed interest rate or an adjustable interest rate. The 30-year fixed-rate mortgage tends to be the most common type of mortgage loan, a stalwart for home buyers since the 1930s and 1940s. However, in some cases the 15-year fixed-rate mortgage might be the better option.
New FICO Scoring System Could Boost Millions of Credit Scores
The FICO credit score is the most widely accepted credit score used by banks and lenders to determine a borrower’s ability to repay a loan or line of credit. The FICO credit score is influenced by five factors: payment history (35%), total amount owed (30%), length of credit history (15%), credit mix (10%), and new credit (10%). Early next year, FICO plans to adjust their scoring system to include how consumers manage the cash in their checking, savings, and money market accounts, the most significant change to the scoring system since the early 1990s.
Could College Towns Be the Next Best Place to Retire?
Before flocking to Florida, Arizona, or another retirement hotbed, retiring Americans could consider relocating to college towns. College towns could be the next best place to retire because they are known for affordable housing, walkability, arts, cultural, and sporting activities, plus accessible healthcare services. The Balance evaluated college towns around the country to compile the top 10 for retirees.
Market Forecast: Case-Shiller Home Price Index, ADP Employment Report, and Construction Spending
Heading into the end of the month, there are a couple more housing reports scheduled for this week. The S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the US construction spending report comes out on Thursday. In other market-moving news, the ADP employment report is scheduled for release on Wednesday.
Market Recap: FHFA House Price Index Up, New Home Sales Down, Pending Home Sales Index Improves
Mortgage rates did not move significantly this week. The Federal Housing Finance Agency (FHFA) released its house price index and indicated home price appreciation has started to slow. New home sales declined, but the pending home sales index recovered.
How many houses should buyers see in a day?
With words like “competitive” and “inventory crunch” in the news lately, home buyers may be feeling the pressure to look at as many listings as they can. The National Association of Realtors (NAR) reported it takes an average of 10 weeks for home buyers to find the right home, down from the average of 12 weeks five years ago. While it’s always a good idea to keep your options open, real estate agents caution against viewing too many homes in one day. Overdoing it with home tours may cause you to forget details about specific houses and mix properties up.
Denver Experiments with Accessory Dwelling Units
Denver is one of the most heated housing markets in the nation, consistently leading the Case-Shiller home price index with double digit rates of annual appreciation. In 2016, over 1,000 families were reportedly moving to Denver every month. Such a sustained influx of residents has put a crunch on available housing inventory. As a result, the West Denver Renaissance Collaborative has proposed a new plan that creates more places to live without building more homes. Through the initiative, homeowners become landlords by renting out detached units on their property known as accessory dwelling units (ADUs) or sometimes “granny flats.”
Generation Z Home Buyers Entering the Market with Help from Family
With so much focus on Millennial home buyers, the next incoming generation of buyers has been slightly overlooked. According to Zillow, 3% of last year’s home buyers were born after 1995, meaning over 100,000 homeowners across the country are 23 and younger. “I’m a little surprised to see the numbers as large as they are,” commented Rob Dietz, chief economist and senior vice president for economics and housing policy for the National Association of Home Builders (NAHB).
Market Forecast: FHFA House Price Index, New Home Sales, and Pending Home Sales Index
Average mortgage rates have started to plateau, after climbing earlier this month. Although rates have started to trend upward, they are still near the lowest levels in the past decade. This week, the Federal Housing Finance Agency (FHFA) will release its house price index and the National Association of Realtors (NAR) will release the new home sales report and the pending home sales index.
Market Recap: Builder Confidence Improves, Housing Starts Fall, Existing Home Sales Decline
Mortgage rates held steady this week with no significant movement to report. The National Association of Home Builders’ (NAHB) housing market sentiment index improved, with builders optimistic about solid buyer demand. Housing starts fell and building permits slipped slightly. Existing home sales declined.
How to Be a Landlord When You Retire
Many Americans choose to downsize their home when they retire. Larger homes tend to require more maintenance. Aging Americans may have difficulty with the ongoing upkeep of a large home, especially when they face health changes. Some retirees also choose to relocate, either to a warmer climate or to be closer to family. A new trend is emerging among retirees who choose to downsize in retirement, converting their former home into rental properties. According to a MarketWatch survey of 6,000 landlords, nearly 10% were of retirement age.
Mortgage Fraud Risk Up 12% Since Last Year
In a recent report, CoreLogic found mortgage fraud risk increased 12% since last year. Based on the data, one out of every 109 mortgage applications had indications of fraud ranging from undisclosed real estate liabilities to questionable down payment sources to income falsification.
What Judge Kavanaugh Confirmation Means for the Future of the CFPB
Earlier this month, the Senate voted to confirm Judge Kavanaugh to the Supreme Court, solidifying a conservative tilt. The latest balance shift has many in Washington revisiting the question of what will happen to the Consumer Financial Protection Bureau’s (CFPB) leadership structure. Previously, Kavanaugh has written that he believes the way the CFPB is currently structured is unconstitutional. He also authored the Court of Appeals decision in the PHH Corp. vs CFPB case that declared the CFPB leadership structure unconstitutional in 2016.
Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales
There is a busy week of housing news ahead, with important data scheduled for release including the National Association of Home Builders’ (NAHB) housing market sentiment index, housing starts and building permits and existing home sales. Builder sentiment was positive last month, unchanged from the previous month. Housing starts jumped, but building permits tapered off. Existing home sales were also unchanged.
Market Recap: Mortgage Applications Down, Unemployment Hits All-Time Low, Consumer Price Index Increases
Some markets were closed on Monday in observance of Columbus Day, thus it was a slow week for housing news. The only housing-related report was the weekly mortgage application survey. Other market-moving reports included the weekly jobless claims report and the consumer price index.
Lowering Your Debt-to-Income Ratio
Debt-to-income ratio or DTI is one of the key components of your financial profile lenders review when evaluating whether or not you are a good candidate for mortgage financing. DTI thresholds vary depending on the lender and the type of mortgage loan. Generally, the lower your DTI the better, so lowering your DTI by paying down long-term debts and limiting credit card use is a good idea before you apply for mortgage financing.
Simple Street Change Saves Pedestrian Lives
Pedestrian traffic deaths reached a 25-year high last year. According to the Governors Highway Safety Association almost 6,000 pedestrians were killed in 2017. The US Department of Transportation (DOT) is working to reverse this figure with a simple street redesign currently popping up at intersections in New York City, San Francisco, and Los Angeles. By adding rubber bumpers to intersections, drivers who are turning left are forced to slow down, and even lessen the sharpness of their turn, reducing the risk of vehicle-pedestrian Collison.
Average FICO Credit Scores Climb Again
Nearly ten years into economic recovery, the average American FICO score climbed again, hitting a record high of 704. 2018 marks the eighth year of credit score increases, since the average FICO score hit an all time low of 686 in the wake of the Great Recession. All age brackets saw their average FICO score increase, led by Baby Boomers and Generation Xers.
Market Forecast: Mortgage Apps, Jobless Claims, and Consumer Price Index
Some markets are closed today in observance of the Columbus Day holiday. Mortgage rates have started to trend upward in reaction to last month’s Federal Reserve rate hike. Mortgage applications reacted to the news, with new purchase application submissions increasing and refinance application submissions declining last week. Other market-moving reports scheduled for release this week include the weekly jobless claims report and the consumer price index.
Market Recap: Construction Spending Up, Mortgage Apps Mixed, ADP Employment Gains
Mortgage rates were little changed this week, following last week’s Federal Open Market Committee (FOMC) rate hike. US construction spending improved slightly. Residential construction spending was down month-over-month but up year-over-year. Mortgage application submissions showed little week-over-week change. The ADP employment report exceeded expectations.
What does your home insurance cover?
Earlier this month, Hurricane Florence caused an estimated $20 to $30 billion of damage to commercial and residential properties throughout North and South Carolina. Unfortunately, an estimated 85% of residential property losses were uninsured, and less than 10% of properties in North Carolina had flood insurance.
Update: Credit Freeze Now Free in All States
In the wake of last year’s Equifax data breach, a new federal law will allow consumers to freeze and unfreeze their credit for free with all major credit bureaus. Previously, credit freezes and unfreezes cost consumers anywhere between $3 and $12 each. A credit freeze prevents lenders from pulling a credit report, thus preventing criminals from taking out new lines of credit with a stolen identity.
Why Millennials Are Making This Huge Money Mistake
An alarming trend is emerging among young Millennial workers around the country. According to a recent survey from ETrade, over a third of Millennials are making withdrawals from their 401(k) plans or retirement accounts. They are using the money for everything from paying down debts, making large purchases, and going on vacations. 401(k) and other retirement plans compound interest overtime, thus increasing in value. When young workers withdraw from retirement accounts prematurely they are losing the interest they could have gained.
Market Forecast: Construction Spending, Mortgage Apps, and the ADP Employment Report
Last week, the Federal Open Market Committee voted to raise the benchmark interest rates, and mortgage rates reacted accordingly. This week in housing news, US construction spending report comes out on Monday and the weekly mortgage application survey comes out on Wednesday. The ADP employment report comes out on Wednesday.
Market Recap: Fed Raises Rates, New Home Sales Spike, Home Prices Appreciation Slows
This week, the Federal Open Market Committee (FOMC) voted to raise the federal benchmark interest rate for the third time this year. Federal Reserve Chair Jerome Powell cited a strong labor market and continued economic expansion as reasons for the rate hike. In housing news, new home sales jumped, and home price appreciation slowed.
What Happens to Your Mortgage if Your Home is Hit with a Natural Disaster
In the wake of last week’s hurricane and with an especially active hurricane season expected, disaster preparedness is more important than ever. When hurricanes, forest fires, earthquakes, and other natural disasters damage your home or impact your ability to pay your mortgage you have several options. Before disaster strikes, review these ways to stay safe, physically and financially.
Improving Shared Spaces Starts with Keeping Sidewalks Clean
Many metros across the country from the Bay Area to our nation’s capital have experienced a recent influx of new sidewalk clutter in the form of dockless electric scooters. Bird, Lime, and other startups have “dropped” e-scooters in urban areas to relieve busy public transportation and give pedestrians a new, more efficient way to commute. Curbed correspondent, Sarah Goodyear, describes the dropping of these scooters to the way an unruly teenager drops laundry around the house. The new trend of “docklessness” revives the question as old as cities themselves, “who owns the sidewalk and who is responsible for keeping it clean?”
Rushing to Pay Off Your Mortgage? Why New Tax Laws Might Make You Want to Wait.
The Tax Cuts and Jobs Act (TCJA) enacted earlier this year provided the most sweeping changes to the tax code in decades. One of the most relevant changes for homeowners was the new cap for mortgage interest deductions. With tax cuts increasing wages, the savings rate improving, and the economy booming, some homeowners may consider paying off their mortgage sooner, especially with the changes to the mortgage interest tax deduction. MarketWatch columnist, Peter Morici, suggests, “The new tax law should cause many folks to consider paying off their mortgages but that is hardly best for everyone.”
Market Forecast: FOMC Meeting, Case-Shiller Home Price Index, and New Home Sales
The Federal Open Market Committee will meet this Tuesday and Wednesday and markets are pricing in a rate hike. Sustained economic growth, a healthy labor market, and strong consumer spending have all pushed the inflation rate toward the Federal Reserve’s benchmark and support the case for raising the benchmark interest rate. In other housing news, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the National Association of Realtors’ new home sales report comes out on Wednesday.
More Bike Lanes and Trees Make Greener Cities
City streets and sidewalks in the United States have been engineered for decades to keep vehicle occupants and pedestrians safe. If streets include trees at all, they might be planted in small sidewalk pits, where, if constrained and with little water, they live only three to 10 years on average. Until recently, U.S. streets have also lacked cycle tracks—paths exclusively for bicycles between the road and the sidewalk, protected from cars by some type of barrier.
Market Recap: Housing Starts Surge, Existing Home Sales and Housing Market Index Unchanged
Construction activity boomed in August, housing starts posted a significant increase. Building permits, however, declined. The National Association of Home Builders’ housing market index was unchanged but remains positive. Existing home sales were unchanged month-over-month but down year-over-year.
Amazon Founder Jeff Bezos's Fortune Compounding Faster than He Can Donate It
Amazon.com Inc.’s founder and CEO Jeff Bezos, the richest man in modern history, on Thursday stepped up his plans for major philanthropic giving by pledging $2 billion to set up the charitable “Bezos Day One Fund.”
Low Down Payment Mortgage Options
As home prices rise, so do mortgage down payments. Many potential home buyers are dissuaded from starting their home search because of the myth of the 20% down payment. According to Down Payment Resources, home buyers younger than 37-years-old put down an average of 7%. Looking to buy a home but lacking the 20% down payment? Consider one of these popular low down payment mortgage options.
How This San Francisco Homeowner Sold for Twice the Purchase Price
After years of renting in San Francisco and Oakland, we bought a home in Walnut Creek (a small city in the Bay Area) for $545,000 in 2010—when the market was relatively slow. The house was the smallest model in a 1960s neighborhood at 1,445 square feet with three bedrooms and two bathrooms. But it sat on a spacious 9,375-square-foot lot. It was a dream cosmetic fixer. Over seven years, we made it our own. We installed new interior doors and baseboards, gave away the wall-to-wall carpeting on Craigslist, and refinished the original hardwood floor. We painted the interior and exteriors, removed popcorn ceilings, and remodeled both bathrooms and the kitchen.
Buyer Beware: How to Spot Down Payment Wire Transfer Fraud
Buying a home is the biggest purchase most Americans will make in a lifetime and saving for a down payment is the biggest obstacle to making that purchase. Often, the down payment will include a significant portion of the home buyer’s life savings, especially for first-time buyers. Earlier this month, CNBC reported on a new variant of wire transfer fraud schemes targeting home buyers at the time of closing, in some cases wiping out their entire down payment savings with no chance of recouping the funds.
Millennials Delay Marriage, Not Homeownership
Millennials may be delaying marriage but not homeownership, according to a recent study. In 1985, 75% of first-time home buyers were married couples. Today, married couples make up 57% of first-time home buyers. The National Association of Realtors’ managing director of survey research commented, “it’s absolutely a trend. People feel fine purchasing a home without a ring.”
Compare and Contrast: How Much Money Each Age Group Has in Their 401(k)s
Contributing to an employer-sponsored 401(k) plan is an effective way to save for retirement: You get significant tax advantages, the money is automatically taken from your paycheck before you have the chance to spend it and, often, companies offer a match, which is essentially free money.
New Apple iPhones Designed to Reduce E-waste
After completing a switch to 100% green energy earlier this year, Apple is trying to pack more renewable materials into its latest iPhones.
Market Forecast: Housing Market Index, Existing Home Sales, and Housing Starts and Building Permits
There is a full week of housing news ahead, with the National Association of Home Builders’ (NAHB) housing market sentiment index on Monday followed by housing starts and building permits on Wednesday and existing home sales on Thursday.
Market Recap: Consumer Credit Expands, Job Openings Up, Mortgage Apps Mixed
Average mortgage rates did not move significantly this week, trending downward according to Mortgage News Daily. Both revolving and nonrevolving consumer borrowing increased. Job openings surged to a record high. New purchase applications were up but refinance applications were down.
What to Look for in Your New Neighborhood
The famous line Location, Location, Location is not a joke when it comes to choosing the right neighborhood for your new home. Whether you are a first-time home buyer or moving up into your forever home, where you buy matters. Before you start your home search, determine where you want to buy. Narrow down the right neighborhood by reviewing these major influencers.
Girl Scouts Swap Cookies for Tiny Houses
A new five-day Girl Scout Camp in Marine on St. Croix, Minnesota resulted in two habitable tiny houses built entirely by Girl Scouts in grades 6 to 12. The first Power Girls camp was hosted by the Girl Scouts River Valleys and Dunwoody and took place in Camp Lakamaga. The goal of the camp was to teach girls the skills they needed to build a home from start to finish. The products of the camp will be donated to an organization chosen by the proud Girl Scouts.
1 in 4 American Homes Now Equity Rich
Last month, ATTOM Data Solutions released a report showing 24.5% of all mortgaged properties were equity rich in Q2 2018. “Equity rich” is defined as a home with a loan-to-value ratio of 50% or lower. Collectively, American homeowners have accrued over $15 trillion in home equity, over a trillion and a half dollars more than the highest levels before the recession. What are they doing with it?
Market Forecast: Consumer Credit, Job Openings, and Mortgage Apps
Market-moving reports this week include consumer credit, scheduled for Monday, and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), scheduled for Tuesday. Both consumer borrowing and job creation drive economic and housing market momentum. In housing news, the weekly mortgage application survey comes out on Wednesday.
How to Dispute a Low Home Appraisal
You will need a home appraisal when you’re buying a new home, selling your current home, or refinancing your mortgage. Home appraisals are conducted by an independent appraiser to determine the value of the home. When you are selling your home and the appraisal comes in lower than expected, you could run into some difficulty including the buyer backing out of the sale or the lender denying the buyer the loan they need to purchase the home. If you’re selling your home and you get a lower appraisal than expected, here are the steps you can take to dispute it.
Trees Do More Than Lower Heat in Dallas Neighborhood
After an exceptionally hot summer, urban planners are investigating more ways to reduce temperatures in cities around the country. Because of the “heat island” effect, urban areas tend to be 10 to 20 degrees hotter than surrounding rural areas. AccuWeather Expert Senior Meteorologist, Tom Kines, explains, “it’s kind of like a brick fireplace; even when the fire goes out, the heat is still in the bricks. This is the same thing in a city.”
First-Time Home Buyers Outnumber Repeat Buyers
Despite the down payment obstacle, first-time home buyers continue to dominate the housing market. For the past decade, first-time home buyers have comprised the largest share of home buyers, even though affordability concerns, specifically related to the down payment, have caused many would-be first-time home buyers to delay home purchase.
Market Forecast: Case-Shiller Home Price Index, Mortgage Applications, Pending Home Sales
Mortgage rates have not moved significantly for the past two weeks, even trending downward according to some sources. This week, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the Mortgage Bankers Association (MBA) weekly mortgage application survey and the National Association of Realtors (NAR) pending home sales index will come out on Wednesday.
Market Recap: Existing Home Sales and New Home Sales Decline, FHFA Price Index Up
Mortgage rates have not moved much this week, trending downward according to some sources. Steady mortgage rates triggered some mortgage activity, with both new purchase and refinance applications increasing. The Mortgage Bankers Association (MBA) weekly mortgage application survey increased 4.2% week-over-week. Existing home sales and new home sales each declined and the FHFA house price index appreciated.
Market Forecast: Existing Home Sales, New Home Sales, FHFA House Price Index
Mortgage rates trended slightly downward last week. There are several important housing reports scheduled for this week, including existing home sales and new home sales. The Federal Housing Finance Agency (FHFA) house price index is also slated for release.
Market Recap: Builder Confidence Wanes, Mortgage Apps Mixed, Housing Starts and Building Permits Increase
Mortgage rates trended downward this week. The National Association of Home Builders’ (NAHB) housing market sentiment index dropped by one point, but builders remain largely optimistic. New purchase mortgage applications declined, and refinance mortgage applications were unchanged.
Market Forecast: Mortgage Apps, Housing Market Index, and Housing Starts and Building Permits
Mortgage rates continued to hold steady last week. This week, the home builders’ sentiment index will come out on Tuesday, along with the weekly mortgage application survey. Housing starts and building permits are also scheduled for release.
Market Recap: Job Openings Up, Consumer Credit Mixed, Mortgage Apps Decline
Mortgage rates have not shifted significantly this week. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings have increased to the third-highest level in the report’s 18-year history. Revolving consumer credit fell slightly after last month’s surge, and nonrevolving credit increased. Both new purchase and refinance applications declined.
Market Forecast: Job Openings, Consumer Credit, Mortgage Applications
The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged and mortgage rates did not move much following the news. This week, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS). Consumer credit is also on the schedule. The only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey.
Market Recap: No Rate Hike, Pending Home Sales Jump, Case-Shiller Home Price Index is Up
The Federal Open Market Committee (FOMC) met Tuesday and Wednesday of this week, and as expected, did not make any interest rate moves. Most economists are predicting two additional rate hikes this year, one in September, then another in December. The National Association of Realtors’ (NAR) pending home sales index surged after several months of tepid data. The S&P CoreLogic Case-Shiller home price index continues to appreciate.
Market Forecast: FOMC Meeting, Pending Home Sales, and Case-Shiller Home Price Index
The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday of this week and release an announcement following the meeting on Wednesday afternoon. The Fed is not likely to raise interest rates following this meeting, the market expects the next rate hike to take place later this year. The National Association of Realtors (NAR) will release its pending home sales index on Monday. The S&P CoreLogic Case-Shiller home price index comes out on Tuesday.
Market Recap: Existing Home Sales and New Home Sales Decline, Mortgage Apps Mixed
Mortgage rates trended slightly upward this week. Low available for-sale inventory continues to impact housing activity. Existing home sales and new home sales each declined. Refinance mortgage application submissions increased, but new purchase mortgage application submissions dropped.
Market Forecast: Existing Home Sales, Mortgage Apps, New Home Sales
Mortgage rates did not move significantly last week, continuing to hold steady. The existing home sales report comes out on Monday, followed by the new home sales report on Wednesday. The weekly mortgage application survey is also scheduled for release on Wednesday.
Market Recap: Housing Market Index Steady, Mortgage Apps Mixed, Housing Start and Building Permits Fall
Mortgage rates were largely unchanged again this week, not trending significantly up or down. The National Association of Home Builders’ (NAHB) housing market sentiment index did not move up or down, with builders staying positive about buyer demand. Mortgage application submissions flipped, with new purchase applications down and refinance applications up. Housing starts and building permits each declined.
For Sale by Owner: Proceed with Caution
Home sellers choose the “For Sale by Owner” (FSBO) route because they believe they will earn a larger profit by not having to pay their real estate agent a commission fee. FSBO transactions tend to become even more popular in a seller’s market. In 2016, the National Association of Realtors (NAR) reported the average FSBO sales price was $185,000, compared to the average $245,000 for a home represented by a real estate agent. A staggering $60,000 difference, even despite the commission cost for the real estate agent.
Market Forecast: Housing Market Index, Mortgage Apps, Housing Starts and Building Permits
With no significant mortgage rate movement to report, rates are holding steady this month. The National Association of Home Builders (NAHB) will release its housing market sentiment index on Tuesday. Housing starts and building permits are scheduled for release on Wednesday, along with the Mortgage Bankers Association (MBA) weekly mortgage application survey.
Market Recap: Consumer Credit Expands, More Job Openings, and Mortgage Apps Rebound
Mortgage rates did not move significantly up or down this week. It was a light week for housing news, but the Mortgage Bankers Association (MBA) weekly mortgage application survey showed a surge in new purchase mortgage applications. Consumer credit also increased substantially. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) cooled down after reaching a record level in April.
Market Forecast: Consumer Credit, Job Openings, and Mortgage Applications
With the short week last week, mortgage rates did not move much up or down. There are no significant housing reports scheduled for this week, other than the weekly mortgage application survey set for release on Wednesday. The consumer credit report comes out on Monday and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday.
Market Recap: Construction Spending Up, Mortgage Apps Mixed, ADP Employment Gains
Markets were closed on Wednesday of this week, in observance of the Independence Day holiday. Mortgage rates did not move significantly up or down. Construction spending increased, driven by spending on public projects. The Mortgage Bankers Association (MBA) weekly mortgage application survey showed an increase in new purchase applications, but a decrease in refinance applications. The ADP employment report was gainful, but less than expected.
Should you work with a Real Estate Agent?
In the digital age, many home buyers feel they can skip partnering with a professional Realtor or real estate agent because of their access to listing websites and other online tools. While listing sites like Zillow and Trulia can help a home buyer find out what’s for sale in their area and start shopping, there are still many advantages to continuing your search with an established Realtor or real estate agent.
Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report
Mortgage rates held steady last week, not moving much in either direction. This week, markets are closed on Wednesday in observance of Independence Day. In housing news, US construction spending comes out on Monday and the weekly mortgage application survey comes out on Wednesday. The ADP employment report is also scheduled for release.
Market Forecast: New Home Sales, Case-Shiller Home Price Index, Pending Home Sales
Mortgage rates did not move much last week, holding steady after the rate hike earlier this month. This week, the new home sales report will come out on Monday, followed by the S&P CoreLogic Case-Shiller home price index, and pending home sales later in the week.
Market Recap: Housing Market Index Drops, Housing Starts and Building Permits Mixed, and Existing Home Sales Slip
Mortgage rates have not moved significantly this week, trending slightly upward in some cases. Home builder sentiment is down, amidst rising construction costs. Housing starts increased, but building permits declined. Existing home sales dropped slightly.
Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales
Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate, and mortgage rates reacted accordingly. This week will be a big week for housing news, with the National Association of Home Builders’ (NAHB) housing market sentiment index scheduled for release on Monday, housing starts and building permits on Tuesday, and existing home sales on Wednesday.
Market Recap: Mortgage Apps Down, Retail Sales Surge, and Fed Raises Rates
In a highly-anticipated move the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate on Wednesday to a range of 1.75-2.0%. Mortgage rates reacted by trending upward. Both new purchase and refinance mortgage applications took a downturn this week, after rising the previous week. Retail sales were especially strong, suggesting sustained Gross Domestic Product (GDP) growth into second quarter.
Market Forecast: Mortgage Applications, Retail Sales, and FOMC Meeting
The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week for their fourth semiannual monetary policy meeting of the year. So far this year, the Federal Reserve has raised the benchmark interest rate once. Earlier projections had slated three interest rate hikes this year. Mortgage application submissions jumped last week, as interest rates started to subside. Other market moving reports scheduled for release include retail sales, coming out on Thursday.
Market Recap: More Job Openings, Mortgage Apps Jump, Consumer Borrowing Slows
Mortgage rates did not move significantly this week, leveling off this month after climbing in May. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed recorded growth in job openings. Both new purchase and refinance applications turned around after several weeks of declines. Consumer credit growth was modest.
Demand for Down Payment Assistance on the Rise
Saving for a down payment is the most commonly reported obstacle to homeownership. With rents rising and student debt accumulating, the problem is even more exacerbated with first-time home buyers trying to enter the market. As the down payment obstacle persists, the demand for down payment assistance has also continued to increase. According to a Scotsman Guide interview with Down Payment Resource CEO Rob Chrane, as of the first quarter of 2018 there are approximately 2,503 down payment assistance programs nationwide, and the demand for down payment help is likely to continue.
Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit
Mortgage rates have started to level off after climbing most of the first half of the year. This week will be a slow week for economic news, the only housing report scheduled is the weekly mortgage application survey on Wednesday. In employment news, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. The consumer credit report comes out on Thursday.
Market Recap: Home Prices Ease, Private Payrolls Slow, Pending Home Sales Drop
Mortgage rates continued their downward trend this week, though there was no significant movement to report. The S&P Core-Logic Case-Shiller home price index showed home price appreciation has started to ease up as mortgage rates climb. The ADP employment report continued to show a strong labor market. Pending home sales declined, as limited for-sale inventory continues to create a competitive market.
Your Mortgage Shouldn’t be One Size Fits All
At this year’s Mortgage Bankers Association (MBA) Secondary Marketing conference, one of the most prevalent topics of discussion was the growing market for different types of mortgage loans besides common options like the 30-year fixed rate mortgage. The 30-year fixed-rate mortgage is the cornerstone of American homeownership and has helped families nationwide become homeowners for almost a century. As the housing market changes, interest rates fluctuate, and regulations evolve, newer, more innovative mortgage products are starting to emerge. In today’s mortgage market, your mortgage should not be “one size fits all.”
Market Forecast: Case-Shiller Home Price Index, ADP Employment, Pending Home Sales
Markets are closed today in observance of Memorial Day. Coming up this week, the S&P CoreLogic Case-Shiller home price index will reveal whether or not home price appreciation has started to slow down. The ADP employment report is scheduled for release on Wednesday. Thursday’s pending home sales index will help predict housing’s direction heading into the summer.
Market Recap: New Home Sales and Existing Home Sales Decline, FHFA House Price Index Up
Mortgage rates trended downward this week. New home sales are down month-over-month, but up year-over-year as buyer demand continues to outpace supply. The Federal Housing Finance Agency (FHFA) house price index ticked slightly upward. Existing home sales declined.
Market Forecast: New Home Sales, FHFA House Price Index, and Existing Home Sales
This week will be packed with housing reports including new home sales, existing home sales, and the Federal Housing Finance Agency (FHFA) house price index. New home sales surged last month and are expected to continue to strengthen with sustained buyer demand. Existing home sales increased less significantly last month, as home buyers are vying over many of the same house prices. The FHFA house price index is expected to continue to appreciate, at a more moderate pace.
Market Recap: Housing Starts and Building Permits Down, but Home Builders are Optimistic
Mortgage rates continued to trend upward this week. The National Association of Home Builders’ (NAHB) housing market sentiment index increased by two points with builders maintaining a positive outlook. The Mortgage Bankers Association (MBA) weekly mortgage application survey declined, pushed down by a drop in refinance applications. Housing starts and building permits each fell, but single-family home construction was positive.
Market Forecast: Housing Market Index, Mortgage Applications, and Housing Starts and Building Permits
Mortgage rates started to level off last week, amidst influence from global economic changes. The National Association of Home Builders (NAHB) will release its housing market sentiment index on Tuesday and it’s likely to remain positive. Housing starts and building permits come out on Wednesday. The Mortgage Bankers Association (MBA) will also release its weekly mortgage application survey on Wednesday.
Market Recap: Consumer Borrowing Slows, Job Openings Up, and Mortgage Applications Decline
Mortgage rates trended slightly upward this week and then leveled off. Consumer credit expanded more slowly than in recent months, suggesting consumers have enough assets and saving to offset borrowing. Job openings exceeded expectations, and hirings dropped. The weekly mortgage application survey decreased, driven mostly by a drop in refinance application submissions.
Market Forecast: Consumer Credit, Job Openings, and Mortgage Application Survey
Mortgage rates did not move significantly last week, holding steady after the Federal Open Market Committee’s (FOMC) decision to leave interest rates unchanged. The consumer credit report comes out on Monday, and though the report excludes mortgage financing, it analyzes other consumer borrowing habits and consumer spending. In employment news, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will come out on Tuesday. There are no significant housing reports scheduled for release this week, besides the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday.
Market Forecast: Construction Spending, ADP Employment Report, and FOMC Meeting
Average mortgage rates reached year-long highs last week, ahead of this week’s Federal Open Market Committee (FOMC) meeting. The Federal Reserve is expected to continue raising rates this year, but not at the upcoming meeting on May 1st and 2nd. The US construction report comes out on Tuesday, followed by the ADP employment report on Wednesday. Strong jobs reports are supportive of continued rate hikes, but core inflation has yet to break the targeted 3.0% threshold.
Market Recap: Existing Home Sales Up, Home Prices Appreciate, New Home Sales Surge
Mortgage rates trended slightly upward this week. Existing home sales increased month-over-month but declined year-over-year. Home prices continue to appreciate, as limited inventory strains for-sale availability. New home sales surged, and revisions to the previous two months’ reports indicate that buyer demand in the first quarter of 2018 was stronger than originally thought.
Market Forecast Existing Home Sales, Case-Shiller Home Price Index, New Home Sales
Mortgage rates trended slightly upward last week, and mortgage application submissions surged with many buyers looking to lock rates ahead of future increases. This week, there are numerous important housing reports scheduled for release including existing home sales, new home sales, and the S&P CoreLogic Case-Shiller home price index.
Market Recap: Retail Sales Surge, Housing Market Index Dips, and Housing Starts and Building Permits Rise
Mortgage rates did not move significantly this week, trending slightly upward according to some sources. Retail sales rebounded with strength after several months of ticking downward. The National Association of Home Builders’ (NAHB) housing market index dropped by one point, but the reading was still positive. Housing starts and building permits each increased.
Market Forecast: Retail Sales, Housing Market Index, Housing Starts and Building Permits
Last week, there was no significant mortgage rate movement to report. This week’s important housing reports include the National Association of Home Builders’ (NAHB) housing market index on Monday and housing starts and building permits on Tuesday. Other market moving reports include the retail sales report, scheduled for release on Monday.
Market Recap: Mortgage Applications Down, FOMC Positive, and Job Openings Fall
Mortgage rates did not move significantly this week. Both new purchase and refinance mortgage application submissions declined. The Federal Open Market Committee (FOMC) released the minutes from its March meeting and the overall tone was optimistic. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings dipped.
Market Forecast: Mortgage Apps, FOMC Minutes, and Job Openings
This week will be a light week for housing news. The Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday. The Federal Reserve will also release the minutes from its March Federal Open Market Committee (FOMC) meeting on Wednesday. In employment news, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will come out on Friday.
Market Recap: Construction Spending Up, Mortgage Apps Down, ADP Employment Strong
Mortgage rates trended slightly downward this week, amidst some stock market-related uncertainty. Construction spending improved after last month’s flat numbers. Both new purchase and refinance mortgage application submissions declined. The ADP employment report showed strength.
Freddie Mac Eases Down Payment Requirements for 2-Unit Primary Residences and Second Homes
This week, Freddie Mac announced updates to its loan-to-value (LTV) ratio guidelines for purchases and “no-cash-out” refinance mortgages used for second homes, any 1-unit residential property owned by the borrower but only occupied for a portion of the year, and 2-unit primary residences, such as duplexes.
Market Forecast: Construction Spending, Mortgage Applications, and the ADP Employment Report
Mortgage rates have trended slightly downward in recent weeks, reacting to uncertainty surrounding global trade and plunging technology sector stocks. This week, the US construction spending report comes out on Monday and the weekly mortgage application survey comes out on Wednesday. The ADP employment report is also scheduled for release on Wednesday.
Market Recap: Case-Shiller Home Price Index Up, Mortgage Apps Strong, Pending Home Sales Rebound
Mortgage rates trended slightly downward this week, following strong economic gains. Home prices continue to appreciate, due to low housing inventory. Both new purchase and refinance mortgage application submissions increased. The pending home sales index turned around after last month’s decline.
Market Forecast: Case-Shiller Home Price Index, Mortgage Apps, and Pending Home Sales
Mortgage rates continued to trend upward last week, but buyer demand remains strong. Homes are selling increasingly faster, according to the National Association of Realtors (NAR) in last week’s existing home sales report. This week, the S&P CoreLogic Case-Shiller home price index will review home price appreciation trends, and the pending home sales index will show what to expect in terms of sales in the coming months. Additionally, the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.
Market Recap: Existing Home Sales Improve, New Home Sales Slip, and FOMC Hikes Rates
Average mortgage rates did not move much in either direction this week. In a highly anticipated move, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate .25 bps. Existing home sales rebounded, but new home sales fell slightly.
How to Raise Your Credit Score Before Home Purchase
Lenders use a home buyer’s credit score to determine credit risk and evaluate their ability to repay a loan. A good FICO credit score is instrumental to securing a mortgage loan and, in some cases, getting a better interest rate. Most mortgage professionals suggest potential home buyers start credit repair at least six months to a year before shopping for a home. Remember, each hard credit pull, like the kind needed for a new line of credit like a mortgage, will impact the credit score! A little credit repair now goes a long way when it comes to a high-dollar purchase later.
Market Forecast: Existing Home Sales, New Home Sales, and FOMC Meeting
Mortgage rates trended slightly downward last week, following a few weeks of steady increases. New tariffs on construction materials have caused political discord and could stall home building activity. The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday for their semi-annual monetary policy meeting. A press conference with Federal Reserve Chair Jerome Powell is scheduled for Wednesday. February’s existing home sales and new home sales reports are also scheduled for release.
Market Recap: Retail Sales Drop, Housing Market Index Down, Construction Stalls
Mortgage rates trended slightly downward this week after a multi-week climb. Some market analysts attribute the rate drop to this week’s tariff proposals and other political news. Retail sales scaled slightly back in February, as is expected following the holiday season. The housing market index dropped from last month’s 19-year high. Housing starts and building permits slipped.
Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits
Mortgage rates did not fluctuate greatly last week, leveling off after an upward trend. Refinance mortgage applications picked up, but new purchase applications pulled back slightly. This week, the National Association of Home Builders (NAHB) will release its housing market sentiment index and housing starts and building permits will come out on Friday.
Market Recap: Mortgage Apps Mixed, ADP Employment Growth Strong, Consumer Borrowing Slows
Mortgage rates are not moving much this week, leveling out after inching slightly upward. New purchase mortgage application submissions declined, but refinance application submissions improved. The ADP employment report strengthened again, as the job market nears full employment. Consumer credit expanded in January, but at a slower pace than in December, as expected.
Market Forecast: Mortgage Applications, ADP Employment Report, and Consumer Credit
Last week, mortgage rates trended slightly upward. This week, there are no significant housing reports, aside from the weekly mortgage application survey. Other notable economic reports include the ADP employment report and consumer credit. Job creation and consumer spending strengthen the overall economy, including housing activity.
Market Recap: New Home Sales Drop, Home Prices Go Up, Pending Home Sales Decline
As expected, mortgage rates continued to trend slightly upward this week. Unseasonably cold winter weather stalled new home sales again this month. The S&P CoreLogic Case-Shiller home price index appreciated month-over-month and year-over-year. The pending home sales index declined.
Market Forecast: New Home Sales, Case-Shiller Home Price Index, and Pending Home Sales
Mortgage rates continued to trend upward last week. Heading into the end of February, this week brings some end-of-month reports including, new home sales, pending home sales, and the Case-Shiller Home Price Index.
Market Recap: Mortgage Applications Dip, Existing Home Sales Slump, More Rate Hikes Expected
Mortgage rates continue to trend upward but are averaging less than half of a percentage point higher than they were this time last year. The weekly mortgage application survey showed a week-over-week decline, but a year-over-year increase. Existing home sales scaled back, though not as drastically as they did in December. The Federal Open Market Committee (FOMC) released the minutes from its January meeting, and the market expects the first rate hike of the year to take place in March.
FYI: What's PITI?
New to the mortgage process? You are probably seeing a lot of new acronyms you may not be familiar with. The monthly mortgage payment, for example, is comprised of “PITI” or Principal, Interest, Taxes, and Insurance. When budgeting for the cost of a monthly mortgage payment, home buyers should consider the cost of each of these components.
Market Forecast: Mortgage Applications, Existing Home Sales, and FOMC Minutes
Most banks and markets are closed today in observance of Presidents' Day. This will be a short week for economic data, though two important housing reports will be released. The weekly mortgage application survey and existing home sales are scheduled to come out on Wednesday. Additionally, the Federal Open Market Committee (FOMC) will release the minutes from its January meeting.
Low Down Payment Option: 100% Yours with as Little as 3% Down
Saving for a down payment is one of the most commonly reported obstacles to homeownership and continues to slow down the home buying process for creditworthy borrowers. As rents and home prices continue to rise, almost every demographic, especially first-time home buyers, are experiencing difficulties in saving for a down payment.
Market Recap: Retail Sales Pull Back, Housing Market Index Unchanged, Housing Starts and Building Permits Up
Mortgage rates continued to rise this week. Next week, the Federal Open Market Committee (FOMC) will release the minutes from its January meeting, the last meeting with Janet Yellen as Federal Reserve Chair. Retail sales slumped slightly in January, after a gainful holiday season. The National Association of Home Builders’ (NAHB) housing market index was unchanged and housing starts and building permits surged.
Market Forecast: Retail Sales, Housing Market Index, Housing Starts, and Building Permits
Mortgage rates did not move much last week, and the likelihood of a March rate hike has dropped following some stock market volatility. This week’s important housing reports scheduled for release are the home builders’ sentiment index and housing starts and building permits. Though home builder confidence declined last month, home builders were setting record confidence levels most of the past year. Housing starts and building permits were hurt last December by frigid winter weather. Other market-moving reports include retail sales and retail sales excluding auto; consumer spending is a big driver of economic momentum.
Market Recap: More Job Openings, Mortgage Applications Mixed, Consumer Credit
Mortgage rates did not move significantly either way this week. Most market volatility took place in the Stock Market sphere, when after months of record-setting highs the Dow Jones Industrial Average dropped the most points ever in a single day, and then proceeded to rebound the next day. Job openings declined slightly, and the unemployment level remains historically low. Refinance mortgage application submissions increased but new purchase applications were unchanged week-over-week. Consumer credit expanded less significantly than it did the previous month.
Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit
Mortgage rates did not move much last week, after the Federal Open Market Committee voted to leave interest rates unchanged. This week, there will be no significant housing reports other than the Mortgage Bankers Association (MBA) weekly mortgage application survey. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out on Tuesday and consumer credit comes out on Wednesday. Though they are not housing specific reports, labor market and consumer spending activity spur economic momentum and impact housing.
Market Recap: Case-Shiller Index Appreciates, Pending Home Sales and Construction Spending Up
Mortgage rates did not move much in either direction this week, after the previous week’s upward trend. The Federal Open Market Committee (FOMC) met Tuesday and Wednesday, and as expected voted unanimously against a rate hike. In housing news, home values continue to appreciate, the pending home sales index increased for the third month in a row, and US construction spending was strong.
Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and US Construction Spending
Mortgage rates are continuing their upward trend. The Federal Open Market Committee will meet Tuesday and Wednesday but will not hold a press conference following the meeting. This will be the last meeting with Janet Yellen as Federal Reserve Chair. Jerome Powell was confirmed as the new Federal Reserve Chair last week. The S&P CoreLogic Case-Shiller home price index comes out on Tuesday, pending home sales comes out on Wednesday, and US construction spending will come out on Thursday.
Market Recap: FHFA Index Appreciates, Existing Home Sales and New Home Sales Drop
Mortgage rates continued their upward trend this week. Based on this week’s housing reports, activity slowed down in December. Cold winter weather across the country limited construction and stalled sales. The Federal Housing Finance Agency (FHFA) house price index appreciated, and existing home sales and new home sales each declined.
Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales
Mortgage rates trended upward last week, reacting to the end-of-year rate hike. This week, the Federal Housing Finance Agency (FHFA) releases its house price index. The existing home sales report comes out on Wednesday and the new home sales report comes out Thursday.
Market Recap: Mortgage Apps Up, Housing Market Index Down, Housing Starts and Building Permits Mixed
Mortgage rates trended upward this week, reaching the highest average level in the past 10 months. New purchase and refinance mortgage application submissions each increased, home builder confidence scaled back, and housing starts and building permits felt the winter freeze.
Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits
Markets are closed today in observance of Martin Luther King Jr. Day. Mortgage rates are trending upward, heading into 2018. This week’s important housing reports include the Mortgage Bankers Association’s (MBA) weekly mortgage application survey, the National Association of Home Builders’ (NAHB) housing market index, and housing starts and building permits.
Market Recap: Consumer Credit Expands, Job Openings Drop, and Retail Sales Increase
Mortgage rates trended upward this week and both new purchase and refinance mortgage application submissions rebounded after a few slowed weeks. Consumer credit expanded for the third straight month. Job openings dropped off, as the market nears full employment. Retail sales improved.
CMG Financial Attends NAHB International Builders' Show January 9-11
CMG Financial is attending the NAHB International Builders' Show in Orlando, FL from January 9th - 11th. Visit us in the South Hall Booth S2640 and check out our new service HomeFundItTM, the first and only approved down payment crowdfunding platform.
Market Forecast: Consumer Credit, Job Openings, Retail Sales
Last week, mortgage rates started to trend slightly upward. This week, there are no significant housing reports scheduled, other than the weekly mortgage application survey. Market-moving reports include consumer credit, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), and retail sales.
Market Recap: Construction Spending Strong, ADP Adds Jobs, Mortgage Apps Mixed
This week was another short week with markets closed on Monday in observance of New Year’s Day. Mortgage rates did not move much this week, starting their upward trend following the end of the year rate hike. The Mortgage Bankers Association (MBA) resumed the release of the mortgage application survey. US construction spending improved and the ADP employment report strengthened.
Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment
Happy New Year! Markets will be closed today in observance of New Year’s Day. This week’s important reports include US construction spending, the ADP employment report, and the weekly mortgage application survey.
Market Recap: Case-Shiller Home Price Index Appreciates and Pending Home Sales are Up
Markets were closed on Monday, in observance of the Christmas holiday. This week, the Mortgage Bankers Association did not release the mortgage application survey, and release of the survey will resume next Wednesday. The Case-Shiller home price index continued to appreciate and pending home sales are up slightly.
Market Forecast: Case-Shiller Home Price Index, Mortgage Apps, and Pending Home Sales
Markets will be closed today, in observance of the Christmas holiday. There are some noteworthy housing reports scheduled for release, including the Case-Shiller home price index, the weekly mortgage application survey, and pending home sales.
Market Recap: Home Builders’ Confidence Soars, Plus Housing Starts, Building Permits, and Existing Home Sales
Mortgage rates started to trend upward this week, following last week’s federal interest rate hike. Tax reform took center stage, dominating most of the news circuit as the House of Representatives and the Senate hammered out the details of their plans and reached a compromise. This week, home builder confidence hit an 18-year high. Housing starts improved, but building permits declined slightly. Existing home sales hit an 11-year high.
Market Forecast: Housing Market Index, Housing Starts, Building Permits, and Existing Home Sales
The Federal Open Market Committee voted to raise the benchmark interest rate last week, and mortgage rates have not yet reacted. This year’s mortgage rate activity has been gradual, with rates continuing to hover historic lows. This week, the National Association of Home Builders (NAHB) will release their housing market sentiment index on Monday, housing starts and building permits come out on Tuesday, and the existing home sales report comes out Wednesday.
Market Recap: Job Openings Down, Fed Rate Hike, and Retail Sales Strong
Mortgage rates trended slightly downward this week, though there was no significant movement to report. Job openings were down slightly from September to October. As expected, the Federal Open Market Committee (FOMC) raised the benchmark interest rate for the third time this year, and Fed Chair Janet Yellen gave the final press conference of her term. Retail sales surged ahead of the holiday season.
Rebounding from Record Low Housing
One of the most persistent problems in the housing industry is lack of availability. At the recent congressional hearing with US House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit, Representative Dennis Heck stated that although 2017 had been the strongest year for construction in over a decade, it was still only at the level of 1994. Over a decade after the housing boom, the homebuilding industry is a third smaller than it was in 2005, while new household formation continues to outpace supply. Supply constrictions are driving home prices up, and pricing more and more potential home buyers out of the market.
Legislative Proposals for a More Efficient Federal Regulatory Regime
Since the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), mortgage lenders and other financial institutions have faced increased precautionary regulation. Almost a decade after the Financial Crisis, and many of these regulations remain intact without any adjustment or review, despite economic recovery. Last week, CMG Financial President and CEO Christopher M. George testified on behalf of the Mortgage Bankers Association before the US House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit in support of the Mortgage Fairness Act of 2017 and the Comprehensive Regulatory Review Act of 2017.
Market Forecast: FOMC Meeting, JOLTS, and Retail Sales
Last week, the Senate passed their version of the Republican tax reform bill. The House and Senate will now go to a conference committee to discuss the differences between the bills and edit one version to send to President Trump. The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday, and Fed Chair Janet Yellen will hold a press conference on Wednesday afternoon. On Monday, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out and on Thursday the retail sales report will be released.
Market Recap: Mortgage Apps Up, ADP Employment Slower, Consumer Credit Surges
Mortgage rates trended slightly downward this week ahead of next week’s Federal Open Market Committee (FOMC) meeting. On Saturday, the Senate approved their version of the tax reform bill. Both new purchase and refinance mortgage applications increased. The ADP employment report increased, but slightly less than last month. Consumer credit expanded to one of the highest levels all year.
Market Forecast: Mortgage Apps, ADP Employment, and Consumer Credit
Mortgage rates trended slightly upward last week, ahead of December’s Federal Open Market Committee (FOMC) meeting. With a low unemployment rate and steady inflation, the FOMC is expected to raise rates once more this year. The only housing report this week is the Mortgage Bankers Association (MBA) weekly mortgage application survey. The ADP employment report will come out Wednesday and consumer credit is scheduled for release on Thursday.
Market Recap: Strong Gains in New Home Sales, Case-Shiller Home Price Index, and Pending Home Sales
Mortgage rates trended slightly upward this week. Several strong housing reports were released. New home sales surged to a 10-year high in October, as post-hurricane recovery appears to be progressing. The Case-Shiller home price index continued to appreciate. Pending home sales were also strong, up 3.5% month-over-month.
Market Forecast: New Home Sales, Case-Shiller Home Price Index, Pending Home Sales
Last week was a short week, with markets closed on Thursday in observance of Thanksgiving. This week, some of the final numbers from November are scheduled for release. Noteworthy housing reports include, the new home sales report on Monday, the Case-Shiller home price index on Tuesday, and the pending home sales index on Wednesday.
Market Recap: Existing Home Sales Surge, New Purchase Apps Up, Refinance Apps Down
Mortgage rates did not move significantly during this short week. Markets were closed on Thursday in observance of Thanksgiving, and the New York Stock Exchange is closing early today. Existing home sales improved month-over-month, but decreased year-over-year. New purchase mortgage applications increased and refinance mortgage applications declined. The consumer sentiment index eased slightly.
Market Forecast: Existing Home Sales, Mortgage Applications, Consumer Sentiment Index
Mortgage rates trended slightly downward last week. This week will be a short week with markets closed on Thursday in observance of Thanksgiving, and the New York Stock Exchange closing early on Friday. In housing news, existing home sales comes out on Tuesday and the weekly mortgage application survey comes out Wednesday. The consumer sentiment index is also scheduled for release on Wednesday.
Market Recap: Housing Market Index Up, Housing Starts Surge, Building Permits Increase
Mortgage rates trended downward this week, ahead of next week’s holiday. Retail sales activity slowed, but remains positive. The housing market index surged, despite some home builders’ reservations regarding the proposed tax plan. Housing starts soared and building permits increased as well.
Market Forecast: Retail Sales, NAHB Housing Market Index, Housing Starts, and Building Permits
Mortgage rates trended slightly upward last week. The new GOP House tax proposal saw a few iterations as well as the release of the GOP Senate tax proposal. This week, the retail sales report comes out on Wednesday, the National Association of Home Builders’ releases their housing market index on Thursday, and housing starts and building permits are scheduled for release on Friday.
Market Recap: Job Openings are Up, Consumer Borrowing Expands, New Purchase Apps Improve
Mortgage rates trended slightly downward this week. There were no market moving housing reports released. September’s job openings report showed little change. Consumer credit greatly exceeded market expectations. New purchase mortgage applications improved, but refinance applications declined.
Market Forecast: JOLTS, Consumer Credit, Mortgage Apps
Housing activity typically slows down during the fall and winter seasons, with predictions for next year starting to come in. The Mortgage Bankers Association (MBA) forecast that new purchase origination volume will increase next year and refinance origination volume will start to decrease. Coming up this week are job openings, consumer credit, and the weekly mortgage application survey.
Market Recap: Case-Shiller Home Price Index Up, Construction Spending Rebounds, and No Rate Hike
Mortgage rates did not move much either way this week. The Federal Open Market Committee (FOMC) met on Tuesday and Wednesday and, as expected, voted to leave interest rates unchanged. On Thursday, President Trump announced Jerome Powell would be the next Chairman of the Federal Reserve, after current Fed Chair Janet Yellen’s term expires in February 2018. The Case-Shiller home price index appreciated and US construction spending rebounded slightly.
Market Forecast: Case-Shiller Home Price Index, Construction Spending, and FOMC Announcement
Mortgage rates trended upward last week, ahead of this week’s Federal Open Market Committee (FOMC) meeting. The FOMC meets Tuesday and Wednesday to discuss monetary policy. The FOMC was in the news last week, as the finance world speculated on what move President Trump will make when Fed Chair Janet Yellen’s term expires in February 2018. The S&P CoreLogic Case-Shiller home price index comes out on Tuesday and US construction spending comes out Wednesday.
Market Recap: New Home Sales Surge, Pending Home Sales Unchanged, and GDP Grows
Mortgage rates are trending upward again this week. New home sales hit record highs, climbing to the highest level in a decade. Pending home sales were unchanged from August to September. Third quarter gross domestic product (GDP) exceeded expectations and grew at an annual pace of 3%.
Market Forecast: New Home Sales, Pending Home Sales, and GDP
Mortgage rates are trending upward, heading into the seasonal winter slowdown. This week, the new home sales reports comes out Wednesday and pending home sales index comes out Thursday. The first estimate for third quarter’s Gross Domestic Product (GDP) will be released Friday morning.
Market Recap: Housing Market Index Improves, Housing Starts and Building Permits Down, Existing Home Sales Up
Mortgage rates trended slightly upward this week. The home builders’ housing market index improved to a six-month high. Housing starts and building permits declined slightly, but single-family housing permits are strong. Existing home sales recovered after hurricane-related slowdown.
Market Forecast: Housing Market Index, Housing Starts, Building Permits, and Existing Home Sales
Mortgage rates trended slightly downward last week. This week, the National Association of Home Builders (NAHB) will release its housing market index on Tuesday. The housing starts and building permits reports will come out on Wednesday. Existing home sales is scheduled for release on Friday.
Market Recap: Job Openings Slide, Mortgage Applications Drop, and Retail Sales Recover
Mortgage rates trended slightly downward this week, though there are no significant changes to report. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) declined slightly as the unemployment rate dropped to a historical low. The Mortgage Bankers Association (MBA) reported both new purchase and refinance applications declined last week. The Commerce Department reported that retail sales are up.
Market Forecast: Mortgage Apps, JOLTS, and Retail Sales
Markets will be closed today in observance of Columbus today. This week, the Federal Open Market Committee (FOMC) will release the minutes from its September meeting. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out Wednesday. The Mortgage Bankers Association (MBA) will also release its weekly survey of mortgage applications on Wednesday. The retail sales report comes out Friday.
Market Recap: Construction Spending Up, New Purchase Apps Improve, ADP Employment Grows
Mortgage rates held steady this week. Construction spending improved after the previous month’s declines. New purchase applications increased, but refinance applications declined. The ADP employment report was not hurt greatly by Hurricanes Harvey and Irma, but still trended downward.
Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment Report
There was no significant mortgage movement last week. This week, US construction spending will be released on Tuesday, and on Wednesday the Mortgage Bankers Association (MBA) will release its weekly mortgage application survey and the ADP employment report comes out.
Market Recap: Case-Shiller Home Price Index Up, New Home Sales and Pending Home Sales Drop
Mortgage rates trended slightly upward this week, as housing and construction activity begins to normalize following the destruction of Hurricanes Harvey and Irma. Limited housing inventory continues to impact the housing market. The Case-Shiller home price index increased again, and new home sales and pending home sales each declined.
Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales
Last week, the Federal Open Market Committee met for its semiannual economic policy meeting and voted to leave the benchmark interest rate unchanged. This week, the Case-Shiller home price index, new home sales, and the pending home sales index are all scheduled for release.
Market Recap: Rates Hold Steady, Housing Activity Slows
The Federal Open Market Committee (FOMC) voted to leave rates unchanged at its September meeting, last Tuesday and Wednesday. Housing activity has slowed across the board, with almost every report showing declines. The housing market index dropped, housing starts and existing home sales declined, but building permits increased.
Market Forecast: Housing Market Index, Existing Home Sales, FOMC Meeting, and More
This week will be a full week for housing with numerous important housing reports scheduled. On Monday, the National Association of Home Builders (NAHB) will release the housing market index. On Tuesday, housing starts and building permits comes out. On Wednesday, the National Association of Realtors (NAR) will release the existing home sales report. The Federal Open Market Committee (FOMC) is scheduled to meet Tuesday and Wednesday and a press conference with Fed Chair Janet Yellen will follow on Wednesday.
Market Recap: Job Openings Up, Mortgage Applications Surge, Inflation Slow
Mortgage rates are starting to increase, after dropping to year-long lows earlier this month. Mortgage applications reacted with both new purchase and refinance submissions increasing significantly. Job openings increased again, but the labor market remains tight. The consumer price index exceeded expectations but inflation subdued.
Market Forecast: JOLTS, Mortgage Applications, and the Consumer Price Index
Mortgage rates are trending downward and mortgage application submissions are up. Homeowners and home buyers are looking to lock rates ahead of the Federal Open Market Committee (FOMC) policy meeting next week. This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out on Tuesday, the Mortgage Bankers Association (MBA) mortgage application survey comes out on Wednesday, and the Consumer Price Index comes out on Thursday.
Market Recap: Hurricane Watch Continues, Fed Beige Book, and Mortgage Applications
Mortgage rates dropped slightly this week. Hurricane Harvey recovery is underway in Texas and the government agreed to a short-term debt ceiling extension, in part to help fund the relief effort. Additional hurricanes are forming in the Atlantic and the Gulf of Mexico. Mortgage application submission increased amidst rising rates. The Federal Reserve released its Beige Book on Wednesday.
Small Business Administration to Issue Hurricane Harvey Disaster Loans
Earlier this week, Houston’s mayor announced that many Houston-area businesses are starting to reopen. With floodwaters receding, Houston residents are returning home also. The Small Business Administration (SBA) is actively coordinating with other federal agencies like the Federal Emergency Management Agency (FEMA), the Department of Homeland Security, and the Department of Housing and Urban Development (HUD) to distribute loans to aid hurricane victims. The agency announced it would distribute $3.3 billion in disaster loan funds to help uninsured residents and business owners rebuild.
Market Forecast: Hurricane Harvey Cleanup, Fed Beige Book, Mortgage Applications
Last week, Hurricane Harvey caused major damage across the Gulf Coast. Southeastern Texas and the Houston metro area suffered heavy flooding and parts of the region are still underwater. American Red Cross President Brad Kieserman expects cleanup to last through December. Markets are closed today in observance of Labor Day.
Market Recap: Case-Shiller Home Price Index Up and Construction Spending and Pending Home Sales Down
This week, Hurricane Harvey devastated much of Texas’s Gulf Coast and other parts of the Southeastern United States. Mortgage rates did not shift drastically and the Federal Reserve is reconsidering further rate hikes this year, as the greater Houston area begins the process of rebuilding. Tightened housing inventory has led to an increase in home prices and a decrease in pending home sales. Construction spending decreased overall, but the residential housing segment improved.
How to Help Hurricane Harvey Victims
Last weekend, Texans faced the worst hurricane in recorded history when Hurricane Harvey ravaged the coast. Weather analysts are reporting over 11 trillion gallons of rain fell across over Southeastern Texas. Thirty-three counties are under a disaster declaration, and 30,000 people are expected to be seeking temporary shelter due to flood damage.
File Your Hurricane Harvey Insurance Claims before Friday
Our thoughts and prayers are with the victims of Hurricane Harvey throughout the Texas area. If you or someone you know has had a home or business impacted by Hurricane Harvey, it is imperative that you file an insurance claim before Friday.
Market Forecast: Case-Shiller Home Price Index, Pending Home Sales Index, US Construction Spending
Mortgage rates did not move much last week, and continue to hover year-long lows. This week, the S&P CoreLogic Case-Shiller home price index comes out on Tuesday. The pending home sales index comes out Thursday and US construction spending will be released Friday.
Market Recap: FHFA House Price Index Up, New Home Sales and Existing Home Sales Down
Mortgage rates did not move significantly this week, hovering year-long lows. The Federal Housing Finance Agency (FHFA) house price index appreciated. New home sales and existing home sales each declined amid low housing inventory and a competitive housing market.
More Trees Improve Local Weather and Save Energy
Adding greenery to cities and neighborhoods is more than just an aesthetic choice. According to researchers at the University of British Columbia, adding trees to neighborhoods actually improves the weather by reducing the impact of wind. Researchers designed a computer model and tested the impact of trees on a Vancouver neighborhood. Based on the data, trees could save the neighborhood modeled up to 15% on energy bills in the summer and 10% on energy bills in the winter.
Market Forecast: FHFA House Price Index, New Home Sales, and Existing Home Sales
Mortgage rates dropped last week to a post-election low. This week will be a heavy housing week with reports on the Federal Housing Finance Association’s (FHFA) house price index, existing home sales, and new home sales.
Market Recap: Retail Sales Improve, Housing Market Index Up, Housing Starts and Building Permits Down
Mortgage rates dropped to a new post-election low, but did not translate into increased housing market activity. Housing starts and building permits each dropped, but the housing market index improved. Retail sales exceeded expectations.
How Greensburg, IN Crowdfunds Community Projects
Faced with budget restrictions, Greensburg, IN residents found a new way to make their city beautiful. The residents wanted more art and streetscape items like benches to improve their community’s aesthetic. According to Wendy Blake, executive director of Main Street Greensburg, “if there are things that we want, we might have to make them happen on our own.”
Market Forecast: Housing Market Index, Retail Sales, Housing Starts and Building Permits
Mortgage rates are trending slightly downward. On Tuesday, the National Association of Home Builders (NAHB) will release its August housing market index and the July retail sales report also comes out. On Wednesday, July’s housing starts and building permits data will be released.
Market Recap: Consumer Credit Expands, Job Openings Increase, Mortgage Apps Improve
Mortgage rates trended slightly downward this week. Consumer credit expanded more modestly than the previous month. Job openings surged to a record high. Mortgage applications improved after declining last week.
Sustainable Real Estate
As a leading real estate industry trade association, the National Association of REALTORS® (NAR) is at the forefront of sustainable real estate practices. Last year, the NAR launched the official NAR Sustainability Program to spearhead sustainability research and collaborate with other organizations like the National Association of Home Builders (NAHB), the Urban Land Institute (ULI) and the Council of MLS (CMLS).
Market Forecast: Consumer Credit, JOLTS, and Mortgage Apps
Mortgage rates slid slightly last week, as expectations for additional 2017 rate hikes have dropped. This week, there are no significant housing reports scheduled other than the weekly mortgage application survey on Wednesday. On Monday, consumer credit comes out and on Tuesday the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will be released.
Market Recap: Pending Home Sales Up, Construction Spending Down, and the ADP Employment Report
Mortgage rates edged downward this week. The pending home sales index turned around this month, but total construction spending dropped slightly. The ADP employment report was positive but below expectations.
The Self-Building House
As hype builds around self-driving cars, one UK engineering firm took the concept of autonomous construction a step further with self-building houses. The uBox by Ten Fold Engineering assembles itself automatically without the use of tools or machinery. Once unfolded, the homes measure up to 645 square feet. When folded, the homes are easily stackable and shippable.
Market Forecast: Pending Home Sales Index, Construction Spending, and ADP Employment
Mortgage rates did not move much last week. There were mixed housing numbers with a decline in existing home sales and an increase in new home sales. This week, the pending home sales index comes out on Monday, US construction spending comes out Tuesday, and the ADP employment report comes out on Wednesday.
Market Recap: Existing Home Sales Decline, New Home Sales Increase Slightly, Case-Shiller Home Price Index
Mortgage rates ticked back upwards this week, though there are no significant changes to report. Existing home sales declined after last month’s positive numbers. The S&P CoreLogic Case-Shiller home price index continues to improve. New home sales increased, only slightly.
Over Half of All Home Buyers Put Down Less Than 20%
For most first-time home buyers, the biggest challenge when buying a home is saving for the down payment. However, the 20% down payment is not as rigid of a requirement as it has been in the past. Low down payment programs, especially those targeting first-time home buyers, are growing in popularity.
Market Forecast: Existing Home Sales, Case-Shiller Home Price Index, and New Home Sales
Mortgage rates trended downward last week. There are numerous housing reports scheduled for this week, including last month’s existing home sales and new home sales reports, and May’s Case-Shiller home price index. Last week’s reports showed positive gains in mortgage applications filed, housing starts, and building permits issues. This week’s reports will reflect whether or not that momentum persists.
Market Recap: Mortgage Applications, Housing Starts, and Building Permits Rebound
Mortgage rates started to trend downward this week, following Federal Reserve Chair Janet Yellen’s dovish remarks at her semiannual testimony last week. The housing market index dropped slightly, but remains positive. Mortgage applications turned around after last week’s Independence Day slow down. Housing starts and building permits also rebounded.
Texas Town 100% Powered by Renewable Energy
A little change goes a long way in Georgetown, Texas, located about thirty miles north of the state capital, Austin. Georgetown is one of the first cities in the United States to be completely powered by renewable energy. To date, Texas produces more wind energy than the next three leading states combined.
Market Forecast: Housing Market Index, Housing Starts, and Building Permits
Mortgage rates were trending upward last week, then edged downward after Federal Reserve Chair Janet Yellen’s semiannual testimony before the Senate Banking Committee. This week, the National Association of Home Builders (NAHB) releases its housing market index on Tuesday. Housing starts and building permits come out Wednesday, along with the weekly mortgage application survey.
Market Recap: Consumer Credit Expands, JOLTS Increases, Retail Sales Drop
This week, mortgage rates started to fall after Federal Reserve Chair Janet Yellen’s remarks at her semiannual testimony before the Senate Banking Committee. Expectations of a September or December rate hike have dropped. Consumer credit expanded at the fastest pace in seven months, there were fewer job openings than expected and retail sales declined.
“Smishing” Scams Target Texters
Smishing scams are similar to email phishing scams, but they are delivered through SMS text messages. Unsuspecting recipients tend to trust text messages more than emails. However, responding to a smishing text that looks like it is from a bank, store, or other official organization can lead to financial fraud.
Market Forecast: Consumer Credit, JOLTS, and Retail Sales
Mortgage rates started to increase last week. This week, there are no monthly housing reports scheduled, but several other important reports on consumer activity and job openings. On Monday, the consumer credit report comes out, on Tuesday, job openings will be released, and retail sales comes out on Friday.
Market Recap: Construction Spending Unchanged, Mortgage Apps Up, ADP Employment Numbers Positive
Mortgage rates started to trend upward after a few weeks of holding steady. This month, US construction spending remained unchanged and private-sector jobs grew less than anticipated. New purchase mortgage applications rebounded after last week’s declines, and refinance applications decreased slightly.
5 Affordable Locations for Vacation Homes
Vacation homes and investment properties can be used as a “home away from home” and also potentially become a source of rental income when occupied. The cost of the vacation home largely depends on the location.
Average American Credit Score Highest in 12 Years
The FICO credit score ranks consumers’ credit-worthiness on a scale of 300 (poor credit) to 850 (excellent credit). The FICO score is the most widely accepted credit score used by lenders and other financial institutions. The average FICO score hit a record-high, reaching 700 for the first since tracking began 12 years ago.
Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment Report
Mortgage rates trended slightly higher last week, but there are no significant changes to report. This week, markets will be closed tomorrow in observance of Independence Day. In housing news, US construction spending comes out on Monday and the weekly mortgage application survey comes out Wednesday. It will also be a big week for job news with the ADP employment report scheduled for release on Thursday and several other employment reports on Friday.
CMBA 45th Annual Western Conference
Meet Us In San Francisco at the CMBA 44th Annual Western Conference July 19-21, 2017!
Market Recap: Case-Shiller Up, Pending Home Sales Down, GDP Expands
Mortgage rates started to trend upward this week, though there are no significant changes to report. Home prices are continuing their steady trend of appreciation and contracts signed declined slightly as limited housing inventory continues to strain housing activity. The third revision for first quarter’s Gross Domestic Product (GDP) came out Thursday, with a positive expansion.
Beware: Home Improvement Scams
Did you know, in 2016 over 32,000 home improvement-related scams were reported to the Better Business Bureau (BBB)? The average cost of these scams was $1400. Be prepared to avoid falling victim to dishonest contractors, repairmen, or other service professionals.
Market Forecast: Case-Shiller Home Price Index, Pending Home Sales and GDP
Mortgage rates stayed low last week, trending slightly downward according to Mortgage News Daily. Housing market activity picked up with gains in both existing home sales and new home sales. This week, the S&P CoreLogic Case-Shiller home price index comes out Tuesday, the pending home sales index comes out Wednesday, and on Thursday we get the third estimate for first-quarter Gross Domestic Product (GDP).
Market Recap: Gains All Around with Existing Home Sales, New Home Sales, and FHFA House Price Index
Mortgage rates stayed low this week, trending downward according to Mortgage News Daily, despite the June rate hike. The final numbers from the spring selling season were mostly positive, with existing home sales and new home sales rebounding and the Federal Housing Finance Agency (FHFA) house price index also improving.
How the High Line Network Helps Cities
The High Line is a public park that spans along an elevated former freight rail line on Manhattan’s West Side. The urban oasis stretches from Gansevoort Street in the Meatpacking District to West 34th Street, between 10th and 12th Avenues and is a popular destination for tourists and local New Yorkers.
Market Forecast: New Home Sales, Existing Home Sales, and FHFA House Price Index
Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate to a level of 1.00% - 1.25%, the second rate hike of 2017. This week, the final numbers from the spring selling season will be available including existing home sales, new home sales, and the Federal Housing Finance Agency (FHFA) house price index.
Market Recap: Rate Hike, Home Builders Confidence Declines, and Housing Starts and Building Permits Drop
As expected, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate. Mortgage rates did not change drastically following the announcement, increasing slightly according to some sources. The National Association of Home Builders’ (NAHB) housing market index declined slightly. Housing starts and building permits declined.
Rental Risks You Could Face This Summer
Considering renting a beach-house this summer? Summer is the prime season for rental homeowners to make some extra income, especially in vacation hotspots like Florida and California. According to Airbnb, reservations in Destin, FL are up 232% from this time last year. Before venturing into the short-term rental market, consider these five common risks hosts face.
Market Forecast: FOMC Meets, Home Builders’ Index, Housing Starts, and Building Permits
Mortgage rates trended downward last week, ahead of this week’s Federal Reserve policy meeting. The Federal Open Market Committee (FOMC) is scheduled to meet Tuesday and Wednesday and hold a press conference Wednesday afternoon. The National Association of Home Builders (NAHB) will release the home builders’ sentiment index on Thursday and housing starts and building permits come out on Friday.
Market Recap: Mortgage Apps Rebound, Job Openings Surge, Consumer Credit Slows
Mortgage rates trended downward this week. There were no major housing reports scheduled, aside from the weekly mortgage application survey. Job openings surged and consumer credit growth was sluggish. The labor market and consumer spending patterns influence the housing market. When consumers are gainfully employed and confident in the labor market, they are more inclined to spend and borrow.
The Case for the 10% Down Payment
One of the most common misconceptions home buyers face is the iron clad 20% down payment. There are many flexible mortgage financing programs available that do not require a 20% down payment. Bank of America CEO Brian Moynihan offered his thoughts on the 20% down payment in an interview with CNBC.
CMG Financial Ranked as One of the Nation’s Top Mortgage Lenders
Scotsman Guide, the leading resource for mortgage originators, named CMG Financial one of the top mortgage lenders of 2016. CMG Financial was ranked among entries from hundreds of mortgage companies across the country, in three categories: Top Overall Volume (15), Top Wholesale Volume (9), and Top Correspondent Volume (7).
Financial Incentives of Going Green
Following last week’s withdrawal from the Paris Climate Accord, there have been many discussions on energy efficiency and housing sustainability. Environmental preservation and protection efforts are not limited to international decrees, and can start right at home. Here are three ways homeowners can reduce carbon emissions and also save some money.
Market Forecast: JOLTS, Mortgage Apps, and Consumer Credit
Mortgage rates did not move much last week, hovering the year-long low. This week will be light on housing news, aside from the weekly mortgage application survey. Other significant economic reports include the Job Openings and Labor Turnover Survey (JOLTS) and the consumer credit report.
Market Recap: Case-Shiller House Price Index Increases, Pending Home Sales and Construction Spending Decline
Mortgage rates did not move significantly this week and are holding near year-long lows. The Case-Shiller house price index appreciated to the highest level in over two years. Pending home sales and construction spending each declined.
Fannie Mae Offers Healthy Housing Rewards
Last week, Fannie Mae announced a new program designed to give price breaks to developers who provide healthier living options for tenants in multifamily rental properties. Multifamily housing faces unique challenges in sustainable design. The Healthy Housing Rewards program’s goal is to encourage innovation to improve housing conditions and communities.
CMG Financial Recognized as 2017 Best Places to Work in the Bay Area
This month, CMG Financial was named one of the 2017 Best Places to Work in the Bay Area. CMG attributes this honor to its strong culture of success. CMG’s culture depends on all team members working together to deliver the right loans, for the right reasons, in a way that exceeds all expectations.
Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and Construction Spending
Markets are closed today in observance of Memorial Day. This week’s scheduled reports will include the final numbers of May and the first numbers of June. The Case-Shiller home price index comes out Tuesday, pending home sales index comes out Wednesday, and construction spending comes out Thursday.
Market Recap: Existing and New Home Sales Disappoint, FHFA House Price Index Improves
This week, mortgage rates hovered year-long lows. New home sales and existing home sales flattened, each declining month-over-month but still improving year-over-year. The Federal Housing Finance Agency (FHFA) house price index appreciated slightly.
Tesla’s Solar Roof System for Consumers
Advancements in engineering and energy-saving incentives has prompted companies like Tesla and Solar City to improve the upon the concept of solar roof panels. Earlier this month, Elon Musk announced the launch of Tesla’s solar roof tile system for consumer purchase.
Market Forecast: New Home Sales, FHFA House Price Index, and Existing Home Sales
Mortgage rates trended downward last week, amidst some political turmoil in Washington. This week, there will be some significant reports on the first numbers from second quarter including new home sales and existing home sales. The Federal Housing Finance Agency (FHFA) will release its house price index, also.
Market Recap: Home Builders Positive Despite Drop in Housing Starts, Building Permits, and Mortgage Apps
Mortgage rates are down from last week, hovering year-long lows. The home builders’ sentiment index posted positive numbers in May after a decline in April. Housing starts and building permits each dropped, and both new purchase and refinance mortgage applications decreased.
Increase in Credit and Debit Card Fraud Alerts
A new survey reports that the number of credit and debit card fraud alerts received by cardholders has spiked from 2015 to 2016. This increase is not necessarily a result of more fraudulent activity, rather more diligent fraud reporting.
Market Forecast: Housing Starts, Building Permits, and Housing Market Index
Mortgage rates trended upward last week following continued uncertainty surrounding tax and healthcare reform. This week, the National Association of Home Builders (NAHB) will release their monthly housing market index, housing starts and building permits come out Tuesday, and the weekly mortgage applications survey comes out Wednesday.
Market Recap: Mortgage Applications Up, Retail Sales Up, Job Openings Stall
Mortgage rates trended upward this week, but remain near year-long lows. Both new purchase and refinance applications increased, after last week’s lack of rate movement. Job openings remained unchanged from February to March. Retail sales improved, but were less than expected.
MIT Debuts 3D Printer for Buildings
Since their inception, 3D printers have been used to recreate everything from household objects to prosthetic limbs. Recently, researchers from the Massachusetts Institute of Technology created a large enough 3D printer to build the basic structure of a building in less than fourteen hours.
Market Forecast: No Rate Hike, JOLTS, Mortgage Apps, and Retail Sales
Last week, the Federal Open Market Committee (FOMC) left rates unchanged after their meeting. As a result, mortgage rates trended slightly downward. This week, the Labor Department releases its monthly Job Openings and Labor Turnover Survey (JOLTS), the Mortgage Bankers Association (MBA) puts out a weekly mortgage applications survey, and the retail sales report comes out Friday.
Market Recap: No Rate Hike, Construction Spending Drops, ADP Falls Short
Mortgage rates decreased slightly, following the Federal Open Market Committee’s decision to not raise the benchmark interest rate. US construction spending showed gains in residential construction, but not much elsewhere and the ADP employment report posted modest gains.
MBA Supportive of PACE Loan Regulation
Property Assessed Clean Energy (PACE) loans are a type of financing homeowners use to fund the installation of solar panels or other home efficiency improvements, like air conditioning and window insulation. The loan is a lien paid back through property tax payments, requires no underwriting, and often has high fees and interest rates. Currently, these loans are not subject to federal consumer protection requirements, even though they have all the attributes of a mortgage product.
Market Forecast: FOMC Meeting, Construction Spending, and ADP Employment
Mortgage rates trended upward last week, after hitting year-long lows earlier in the month. This week, the Federal Open Market Committee (FOMC) will meet for the third time this year. There is not a press conference scheduled after this meeting, but there will be an official announcement released on Wednesday at 2 PM. Also scheduled for release this week, are the US construction spending report and the ADP employment report.
Market Recap: Home Prices Increase, New Home Sales Surge, Pending Home Sales Decline
Mortgage rates trended upward this week. The S&P CoreLogic Case-Shiller home price index and new home sales report each posted significant gains. Pending home sales declined slightly, due to mixed regional numbers.
Secretary Carson’s Listening Tour is Underway
In an effort to better understand the state of American public housing, US Department of Housing and Urban Development (HUD) Secretary Ben Carson is traveling the nation to get an up close look at local communities.
Market Forecast: Home Price Index, New Home Sales, and Pending Home Sales
Mortgage rates did not move significantly last week, after hitting a year-long low earlier in the month. There will be a full schedule of housing reports this week including the S&P CoreLogic Case-Shiller home price index, new home sales, and pending home sales.
Market Recap: Housing Market Index, Existing Home Sales, Housing Starts and Building Permits
Mortgage rates did not fluctuate much this week, hovering the year-long lows they hit last week. The housing market index gave a positive reading. Housing starts declined, but building permits ticked up. Existing home sales surged to the highest level since 2007.
Beware! Common Real Estate Scams
Scammers target homebuyers or sellers because of the amount of money at stake during the real estate transaction. Using trusted real estate professionals, keeping communication open, and staying aware throughout the process can help reduce the risk of fraud.
MBA National Secondary Conference & Expo 2017
It’s time for one of the biggest Mortgage Conferences of the year in the biggest financial center in the country: the MBA National Secondary Market Conference & Expo 2017 in New York, New York.
Market Forecast: Low Rates, Housing Market Index, Existing Home Sales and Starts and Permits
Last week, Freddie Mac reported mortgage rates dipped to new 2017 lows. The lower rates bode well for the spring home buying season, typically the busiest of the year. This week, the National Association of Home Builders (NAHB) will release the housing market index on Monday. On Tuesday, housing starts and building permits come out and on Wednesday there will be the existing home sales report.
Market Recap: Mortgage Rates Drop, Consumer Sentiment Soars, and More
This week, Freddie Mac reported the 30-year fixed-rate average interest rate dropped to the lowest level of the year so far, driven down by the political climate. Job openings increased, but hiring declined. The consumer sentiment index continued to surge and retail sales dropped.
April is National Fair Housing Month
The Office of Fair Housing and Equal Opportunity (FHEO) was established on April 11, 1968, when President Johnson signed the Fair Housing Act into law. This act prohibits the discrimination concerning the sale, rental, and financing of housing based on the race, religion, national origin, sex, handicap, and family status of the buyer or renter.
Market Forecast: JOLTS, Consumer Sentiment, Retail Sales
Mortgage rates trended downward last week. This week, economic reports of significance include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), the consumer sentiment index, and retail sales report.
Market Recap: Construction Spending and ADP Employment Improve
Mortgage rates trended downward this week after an uptick last week. US construction spending increased, mortgage applications returned mixed numbers, and the ADP Employment report posted a sizable gain.
Joining the 800+ Credit Club
Lenders use credit scores to determine a borrower’s ability to repay debt like mortgages and vehicle loans. Credit scores impact lending terms, mortgage rates, and financing eligibility. Typically, scores above 700 are considered good. TransUnion reports only about 20% of Americans have a score above 780 and even fewer rank above 800. How can consumers improve their credit score and reach these elite ranges?
Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment Report
Mortgage rates continued to hold steady last week, trending slightly upward according to Mortgage News Daily. This week will be light on housing news and heavy on jobs reports. Jobs reports, like this week’s ADP employment report, are still relevant to the housing market because labor market growth triggers spending and borrowing by gainfully employed consumers.
Market Recap: Home Prices, Pending Home Sales, and Consumer Spending Gain
Mortgage rates did not move much this week, trending slightly upward from last week. The S&P CoreLogic Case-Shiller home price index surged at a record pace, pending home sales increased, and consumer spending improved also.
MBA Opens Doors Foundation
We truly believe home is where the heart is. For those suffering from illnesses, having a place to call home can be just as healing as the hospital. Unfortunately, unexpected medical expenses have the potential to cause major financial damage to families. The MBA Opens Doors Foundation is here to help.
Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and Core Inflation
Mortgage rates trended downward last week. When the Federal Reserve raises the short-term interest rate, long-term rates like mortgage rates may not react immediately. This week, there will be the S&P Case-Shiller home price index, the pending home sales report, and the consumer spending, personal income, and core inflation report.
Market Recap: FHFA House Price Index Unchanged, Existing Home Sales Down, New Home Sales Up
Mortgage rates continued to trend downward this week. There was a mixed bag of housing news. The Federal Housing Finance Agency (FHFA) house price index was unchanged, existing home sales dropped, and new home sales increased.
Your Home Insurance Checkup
From flooding in California, to tornadoes in the Midwest, to last week’s Northeastern snow storm, 2017 has already seen its fair share of inclement weather. Each season and region is susceptible to its own natural disaster and homeowners’ insurance is not one size fits all.
Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales
Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate. In response, mortgage rates trended downward. Long-term interest rates will move more slowly than short-term rates in reacting to movements by the Fed. This week, there will be several important housing reports including the Federal Housing Finance Agency’s house price index, existing home sales, and new home sales.
Market Recap: Record Home Builders’ Reports and a Federal Rate Hike
Happy St, Patrick’s Day! As expected, the Federal Open Market Committee (FOMC) voted to raise interest rates. Mortgage rates reacted by trending down. The home builders’ sentiment index increased at a record pace and housing starts also posted gainful numbers. However, building permits declined.
Warning: Four Common Household Fire Starters
House fires are devastating tragedies that may lead to substantive loss of property and even injury or fatality. The National Fire Protection Association attributes electrical failure or malfunction as the cause of over 47,000 fires annually.
Market Forecast: Federal Open Market Committee Meets Tuesday and Wednesday
The Federal Open Market Committee (FOMC) will meet this Tuesday and Wednesday and vote on whether or not to raise the benchmark interest rate. Last week, the European Central Bank voted to leave interest rates unchanged. In the United States, Mortgage rates were on the rise last week as the market priced in a federal interest rate hike.
Market Recap: Will Robust Job Growth Lead to Rate Hike Next Week?
Mortgage rates were on the rise this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting. After this week’s positive job numbers from the ADP employment report, many economists are predicting a rate hike will take place next week.
How to Protect Personal Information When Filing Taxes
Tax season is an opportune time for hackers to gain access to an abundance of secure information. Consumers are transmitting sensitive data and many are anticipating refund payments. The IRS estimated that it halted more than $4 billion in fraudulent refunds, on 787,000 tax returns during the first nine months of 2016.
Market Forecast: MBA Mortgage Applications, Consumer Credit, and ADP Employment
Mortgage rates did not move much last week, trending upward according to some surveys. There are no major housing reports scheduled this week, except for the weekly Mortgage Bankers Association (MBA) purchase application survey. Other notable economic reports include consumer credit and the ADP employment report.
Market Recap: Case-Shiller Home Price Index Improves, Pending Home Sales and US Construction Drop
There was not much movement from mortgage rates this week, trending upwards according to some sources. The S&P CoreLogic Case-Shiller home price index improved, but the pending home sales index and construction spending declined. On Wednesday, the Federal Reserve released its Beige Book ahead of the Federal Open Market Committee (FOMC) Meeting later this month.
Ikea’s Build Your Own Urban Garden
Furniture retailer Ikea, popular for its do-it-yourself assembly, released a new structure through its innovation lab Space10 called Growroom. This spherical, wooden planter is designed to facilitate gardening in dense urban areas where many residents do not have backyards.
Market Forecast: Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending
Mortgage rates did not change significantly last week, and trended downward according to some sources. This week includes the end of February and the beginning of March, bringing some important monthly housing reports. The National Association of Realtors (NAR) pending home sales index and US construction spending will forecast what to expect for housing in the coming months.
Market Recap: Existing Home Sales Surge, New Home Sales Rebound, and FHFA House Price Index
Mortgage rates trended downward this week. New home sales and existing home sales each showed signs of strength and the Federal Housing Finance Agency (FHFA) house price index increased. New Treasury Secretary Steve Mnuchin addressed Fannie Mae and Freddie Mac reform is on the agenda but stated that it was not the number one priority.
No Substitute for the FICO Score
One of the first steps in securing a home loan is determining the borrower’s credit score. With multiple credit bureaus reporting on different factors, the borrower may see multiple versions of their credit score. Additionally, lead generation websites are constantly phishing consumers to get their free “credit scores.” HousingWire reports that new research suggests that the VantageScore is not the same as a FICO score despite claims asserting otherwise.
Alert: Increase in Utility-Related Phone Call Scams
The number of phone scammers posing as heating or electric companies increased 109% in 2016. The top five companies phone scammer claim affiliation with are General Electric, Duke Energy, ConEd, Georgia Power, and Consumers Energy.
Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales
Last week, Steve Mnuchin was sworn in as Treasury Secretary, Fed Chair Janet Yellen suggested an interest rate hike is coming soon, and mortgage rates started to rise. This week’s important housing reports will include existing home sales, new home sales, and the Federal Housing Finance Agency’s (FHFA) House Price Index.
Market Recap: NAHB Housing Market Index, Housing Starts, and Building Permits
This week, Federal Reserve Chair Janet Yellen delivered her semiannual testimony on the Fed’s monetary policy. Because of her hawkish tones, economists have increased March’s rate hike expectations to 35%. The National Association of Home Builders’ (NAHB) housing market index dropped this month and housing starts declined, but building permits increased. Retail sales posted modest increases as well.
Homes for Hope Designed to House Homeless Population
The homeless population in Los Angeles, CA has grown so substantially, that the mayor declared a state of emergency. In November, voting citizens approved a $1.2 Billion bond to build 10,000 apartments to help house the chronically homeless over the next ten years. At this time, an estimated 50,000 people sleep on the streets every night. Homes for Hope is trying to reduce that number.
Market Forecast: Housing Market Index, Housing Starts, and Building Permits
Mortgage rates dropped somewhat last week. Rates in 2017 have stayed relatively unchanged following volatility toward the end of 2016. This week, the National Association of Home Builders (NAHB) will release a housing market index. Other scheduled reports include retail sales, housing starts, and building permits.
Market Recap: Consumer Credit and Mortgage Apps Up, JOLTS Down Slightly
After some volatility earlier in the month, mortgage rates started to drop this week. Last week, the Federal Open Market Committee (FOMC) voted to leave interest rates unchanged. This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) dropped slightly, and consumer credit posted modest gains. Mortgage applications also increased this week, following a drop last week.
Pittsburgh Area Mall Sold for $100 at Foreclosure Auction
Pittsburgh Mills, a 1.1 million-square-foot mall in Frazer, Pennsylvania, sold at auction for just $100. The sprawling shopping center once valued at $190 Million in 2007 was foreclosed by Wells Fargo in November 2015, when its developers did not pay back the $143 Million owed.
Market Forecast: No Rate Hike, Jolts Report, and Consumer Credit
Mortgage rates fluctuated only slightly last week, and the Federal Open Market Committee (FOMC) voted to not raise interest rates. This week, the Labor Department releases its Job Openings and Labor Turnover Survey (JOLTS), the consumer credit report for December comes out, and the MBA releases its weekly mortgage purchase application index.
Market Recap: Housing Numbers are Up and No Rate Hike, Yet
Mortgage rates did not move much this week, following the Federal Open Market Committee’s (FOMC) decision not to raise interest rates. Despite a week-over-week drop in new purchase and refinance mortgage applications, monthly housing numbers posted strong gains.
Ultra-Affordable Housing
Hex House, not to be confused with the Tulsa’s most terrifying haunted attraction of the same name, is an affordable housing solution that reduces the cost of design and construction. Each home is assembled on-site, by the buyer, much like do-it-yourself furniture.
Market Forecast: FOMC Meets, Pending Home Sales, and Case-Shiller Index
Mortgage rates experienced some volatility last week. On Tuesday, Dr. Ben Carson’s nomination for the Secretary of the Department of Housing was approved by the Senate Committee. On Wednesday morning, the Dow Jones Industrial Average opened at 20,000. This week the Federal Open Market Committee meets on Tuesday and Wednesday. Upcoming housing reports include pending home sales and the S&P Case-Shiller home price index.
Market Recap: Carson Approved, Dow20K, and Mortgage Movement
Mortgage rates experienced some volatility this week, opening with a decline and then climbing throughout the week. The Senate Banking, Housing, and Urban Affairs Committee approved Dr. Ben Carson’s nomination for the Secretary of the Department of Housing and Urban Development. The next step in his proceedings will be facing the entire Senate vote. On Wednesday, the Dow Jones Industrial Average broke 20,000 for the first time ever. Important housing reports that were released this week include existing home sales, new home sales, and the Federal Housing Finance Agency House Price Index.
How ReGen Village is Pioneering Sustainability
Self-sufficiency is not a new concept. Before the modern age communities thrived for centuries without relying on trade and export from around the world. Today, disconnecting from the grid is a new concept and one that challenges the idea of sustainability in housing and development.
Market Forecast: Existing Home Sales, FHFA House Price Index, and New Home Sales
Mortgage rates went up last week and the Department of Housing and Urban Development suspended their plan to cut mortage insurance premiums on Federal Housing Administration Loans. This week, there will be important housing reports including existing home sales, the Federal Housing Finance Agency’s House Price Index, and new home sales.
Market Recap: New Administration Overturns Mortgage-Fee Cut
The Federal Housing Administration had planned to reduce annual Mortgage Insurance Premium starting January 27th. However, the new Trump administration suspended this change. Still, homebuilders remain confident, and housing starts are up but building permits dropped slightly.
Benefits of More Walkable Neighborhoods
As the car-centric world starts shifting toward the walkability trend, neighborhoods are seeing property values rise and quality of life improve. Enabling pedestrianization of a neighborhood is the first step toward urban renewal, commitment to a better environment, and a revamped sense of community.
Market Forecast: Short Week with Big Housing News
It is going to be a short news week with markets closed today in observance of Martin Luther King Jr. Day and no major events scheduled on Friday because of Inauguration Day. Looking ahead there will be important housing numbers released with the National Association of Home Builders’ housing market index, and housing starts and building permits. The consumer price index is scheduled for release Wednesday morning.
Market Recap: Consumers Confident, Job Openings are Up, and Retail Sales are Soft
Mortgage rates opened the week with a slight week-over-week decline and did not change much from Monday to Friday. This week, the Federal Reserve released its consumer credit report, the Bureau of Labor released the JOLTS Survey, and the retail sales report for December came in. Several incoming cabinet members sat for their confirmation hearings this week including Dr. Ben Carson for Secretary of the Department of Housing and Urban Development.
Market Forecast: Consumer Credit, Job Openings, and Retail Sales
Last week, mortgage rates opened the year with a week-over-week decline. This week is the first full week of the new year with several important economic reports including consumer credit, JOLTS, and retail sales.
Market Recap: ADP Employment Gains and Increase in Construction Spending
Mortgage rates started the New Year with a drop from the previous week and dropped further by the end of the week. In housing news, US Construction spending increased somewhat and mortgage applications dropped. The ADP Employment report was also released this week, showing continued steady job growth.
New York Pledges $8 Million for Community Redevelopment
Andrew Cuomo, Governor of New York and former HUD Secretary, announced Tuesday the disbursement of $8 Million for the construction, rehabilitation, and repair of homes across the state of New York. The funds will be administered by the state’s Affordable Housing Corporation to make improvements to existing owner-occupied homes, to acquire and rehabilitate homes for sale, and to construct new homes for sale.
Market Forecast: Rates Drop, US Construction Spending, and ADP Employment Report
Happy New Year! Mortgage rates started to drop last week, after a steady climb following the election and the FOMC rate hike. This week is a short week with markets closed on Monday in observation of New Year’s Day. US construction spending comes out Tuesday, the weekly MBA purchase applications survey comes out Wednesday as well as the ADP employment report.
Breaking News: First Increase in Loan Limits Since 2006
Since the Housing and Economic Recovery Act (HERA) of 2008 established the baseline loan limit of $417,000 there has not been an increase in loan limits. When instituted, HERA stated the baseline loan limit would not rise until the average US home price rebounded to a pre-decline level. Until this year, the average US home price was below the level achieved in Q3 of 2007.
CMG Financial Correspondent Lending Sponsors the MBA’s Annual Convention & Expo 2016 #HEROES
CMG Financial Correspondent Lending is proud to be a Diamond Sponsor at the MBA’s Annual Convention & Expo 2016 #HEROES
CMBA 44th Annual Western Conference
Meet Us In San Francisco at the CMBA 44th Annual Western Conference July 25-27, 2016!
Featured in California MBA's Finance News Magazine
CMG Financial on the Future of the Industry
In this special edition of our Roundtable series, we interviewed three top executives with one of our President’s Council sponsors, CMG Financial, a top residential mortgage lender based in San Ramon. The future of the industry will be determined by how innovative companies like CMG Financial respond to new regulatory realities, market disruptions, and more.