Marc Edelstein

During a reasonably quiet week, global concerns caused investors to seek relatively safer assets. Stronger than expected US economic data had little impact. As a result, mortgage rates  ended the week a little lower. Worried about the pace of global economic growth and unrest in many regions, investors shifted to relatively safer assets, including US […]

Where Have All the Metro Detroit Foreclosures Gone? Investors are scooping up foreclosures in Michigan and other states.  On top of that, first-time buyers are shooting for deep discounts available through foreclosures when they buy homes in cities around metro Detroit (Northville, Novi, Plymouth, Canton, Royal Oak, etc.) The result is that foreclosures throughout the […]

An improving US economic outlook and increased optimism about Europe were unfavorable influences on mortgage rates this week. Fed purchases of mortgage-backed securities (MBS) under QE3 helped offset the losses, though. As a result, after several weeks of declines, mortgage rates ended the week just slightly higher. Friday’s Employment report was the big news this […]

If you’re one of the many interested in buying a home in Northville, you may have considered the potential of purchasing a Northville foreclosure in hopes of saving some money. It’s not a bad idea when you consider that foreclosures have stayed on the rise in more than 26 metro markets around the nation for […]

It was another good week for mortgage rates. Concerns about the level of global economic growth and about the progress of reforms in Europe were favorable for mortgage rates, which ended the week lower. Nearly all of the major economic data released this week reflected slower economic growth. In the US, GDP, Durable Orders, and […]

Global central banks continued to add monetary stimulus this week, which was favorable for US bonds. The economic data was roughly neutral. As a result, mortgage rates ended the week a little lower. On Wednesday, the Bank of Japan (BOJ) announced that it will increase its level of monetary stimulus, following similar recent moves by […]

With few surprises from Europe or the economic data, by far the biggest story of the week was Thursday’s Fed announcement. The Fed’s decision was extremely favorable for mortgage rates, which improved after the news and ended the week lower. The Fed announced that it will implement a third round of quantitative easing (QE3) to […]

There were two big economic events scheduled this week, and they both produced large reactions in mortgage rates, but in opposite directions. A new aid program in Europe caused mortgage rates to increase, while weaker than expected Employment data resulted in a substantial improvement in rates. The net effect was a modest decline in mortgage […]

Where do you go when you need a mortgage in Michigan?  Most first-time buyers go straight to their personal banking institution – the big bank lenders like Bank of America, Comerica Bank, or a credit union.  While banking with the institution you’re familiar with can provide a certain level of comfort, there’s also some drawbacks […]

The Fed Minutes were the big story this week, raising expectations that the Fed will provide additional monetary stimulus soon. Mixed US economic data and minor news out of Europe had little impact. As a result, mortgage rates ended the week lower. Released on Wednesday, the detailed Minutes from the August 1 Fed meeting stated […]