Mortgage Rates Inch Higher on Mixed Economic Data
Mortgage rates ticked higher this week after approaching all-time lows, mortgage financier Freddie Mac said today.
The benchmark 30-year fixed mortgage increased three basis points to 5.07 percent during the week ending February 26, but still sits far below its year ago average of 6.24 percent.
“Mortgage rates were little changed this week amid mixed data reports of a slowing economy,” said Freddie Read more
Stimulus Bill to Push Refinance Volume 55 Percent Higher
The $800 billion stimulus bill signed into law last week will have a massive impact on refinance volume, but not so much on purchases, according to market research firm iEmergent.
The company, which provides mortgage volume forecasts, updated its 2009 forecast as a result of the bill, noting that purchase activity would increase slightly and refinance volume would jump 55 percent.
For 2009, iEmergent expects Read more
Higher Loan Limits, Tax Credit Included in Stimulus
Things are looking up, kind of.
As expected, higher conforming loan limits and a larger homebuyer tax credit are part of the latest stimulus package to be signed into law by President Obama in Denver today.
The $787 billion bill will push the high-cost conforming loan limit to as much as $729,750 in more expensive regions of the country, helping scores of borrowers refinance into more affordable loans Read more
Higher Priced Home Sales Hindered by Pricey Jumbo Financing
The recent drop in the high cost conforming jumbo loan limit has hurt home sales in higher-priced areas of the country, according to data from the National Association of Realtors.
The latest existing-home sales report revealed that transactions under $400,000 were off just three percent from a year ago, while homes priced at or above $750,000 have declined a startling 47 percent.
“Buyers in higher Read more
Congresswoman Says Higher Conforming Limits to be Part of Stimulus
San Jose Congresswoman Zoe Lofgren said the return of higher conforming loan limits will be a part of the new stimulus bill floating around Washington.
On January 1, the high cost conforming limit fell from $729,750 to $625,500 in some of the most expensive areas of the country, making it more difficult for certain homeowners to take advantage of the record-low interest rates available at the moment.
Speaking Read more