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 […]

After reaching record lows near the end of July, mortgage rates have moved steadily higher this month, and the trend accelerated this week. While the US economic data was roughly neutral and there was little news out of Europe, mortgage rates continued to rise. Prior to July 26, two primary factors were responsible for the […]

We’re seeing record lows for interest rates on getting a mortgage in Michigan right now – hanging at around 3.5% – according to the Mortgage Bankers Association.  With those numbers, not only is it a great time for first-time buyers to purchase a home, it’s also a great time to refinance your home in Michigan. […]

While there was a full slate of economic data and Treasury auctions this week, investors were focused on a speech by Fed Chief Bernanke on Friday. The resulting increase in expectations for future Fed action was positive for mortgage rates, which ended the week a little lower. Bernanke did not commit to implementing any additional […]

With interest rates still hanging at record lows, homeowners around the nation have been looking into refinancing their mortgages.  Even here in the Metro-Detroit area people are saying goodbye to their “jumbo” loans and are now working with a Michigan mortgage lender to refinance into a more conventional loan. Sure that homeowner might have to […]

While last week was packed with highly anticipated central bank announcements and significant economic data, there was no major economic news this week. As a result, both mortgage rates and the stock market ended the week with little change. The pace of global economic growth is one primary influence for mortgage rates right now. Slower […]

Mortgage and Stress – Loan Modifications for Michigan Home Owners When the Obama administration rolled out the Home Affordable Modification  Program (HAMP) in 2009, they estimated that up to 4 million people would try to seek relief from their existing mortgages using the program.  This is due mainly to the fact that officials believe we’re […]

There were several significant influences on mortgage rates this week including the possible Fed announcement of further action to stimulate the economy, the European Central Bank (ECB) announcing its plans to help stabilize the euro-zone, and the July Jobs Report here in the US. In the end, the effect of these influences was offsetting and […]