Want to talk about consumer frustration among home buyers?  We’re constantly bombarded by media headlines that tell us that mortgage rates are at an all-time low and we’ll never see rates this good.  Then, those buyers that want to leverage this period call a lender and find out that the rate being quoted is higher […]

Mortgage rates remained volatile this week, mostly due to shifting expectations about future Fed action. Early in the week, mortgage rates continued last week’s move higher. Comments from Fed officials helped them recover their losses later in the week, though, and they ended the week slightly lower. While the Fed does not control mortgage rates […]

What began as a quiet week quickly turned negative following the release of Tuesday’s Fed announcement. Mixed economic data and Treasury auctions had little impact. Mortgage rates ended the week significantly higher. While it was very similar to the last statement, the Fed announcement reflected some degree of improvement in the economy. This caused investors […]

As the number of foreclosures on the market as well as fixer-uppers continues to hold (and rise in some areas of southeast Michigan), there’s a growing interest in obtaining these homes.  Despite the need for a little TLC before they’re livable and comfortable, people are starting to look for ways to purchase these homes without […]

Myth #1: Foreclosed Homes Are Always In Bad Neighborhoods There really isn’t any point in history where this has been true.  While the “bad” neighborhoods, or those in depressed economic areas, may show significant amounts of foreclosures, they do not represent the bulk of the foreclosures around the U.S. In the current economic climate, every […]

Overall, the economic data came in pretty close to expectations this week, and Greece successfully reached a debt deal with private bondholders. With a lack of surprises in the economic news, mortgage rates ended the week nearly unchanged. While it was a little stronger than expected, the important monthly Employment report had little impact on […]

It was a volatile week for mortgage rates, reacting to mixed economic data and unexpected comments from Fed Chief Bernanke. The various influences roughly offset each other, though, and mortgage rates ended the week essentially unchanged, even for a mortgage in Michigan. Testifying before Congress on Wednesday, Fed Chief Bernanke caused a swift move higher […]

Recently the FHA announced a change in the costs associated with mortgage financing, citing a need to increase the cost for mortgage insurance to counter the steady decrease in housing values.  At the same time, the Obama administration is unveiling a new plan that will allow some borrowers with existing federally insured mortgages to refinance […]

The Greek bailout package was passed on Monday as expected, and there was little reaction in US markets. Mixed US economic data also had little influence. Strong Treasury auctions were the biggest factor for mortgage rates this week, and rates ended the week a little lower. Investors are beginning to focus on the price of […]

Considering an FHA mortgage in Michigan in the near future?  The Federal Housing Administration is making changes that will have an impact on your new home purchase decision. The Federal Housing Administration (FHA) is attempting to improve its capital reserves by implementing a hike in up-front  insurance premiums that it charges to borrowers.  According to […]