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Mortgage rates are at record lows, the Wall Street Journal reported today. Interest on 30-year fixed loans fell from 4.54% last week to 4.49% this week. This week’s 15-year mortgage rate is 3.95%, down from 4% last week. Five-year adjustable-rate mortgages are at a new low of 3.63%, compared to 3.76% a week ago. One-year … Continue reading Affordable Financial Services Weekly Finance Review Reuters reported today that Fannie Mae’s gross mortgage portfolio grew 6.3% in June over the previous month. Last month, the government-owned lender’s portfolio grew by $4.1 billion to $817.8 billion, which has gone up 12.1% since the beginning of the year. The portfolio growth could be attributed to a drop in May’s mortgage delinquency rate. … Continue reading Affordable Financial Services Weekly Finance Review Never did we see a more important dichotomy in the releases on the state of real estate in the past week. First, Standard and Poor’s released a report that stated it will take three years to clear the shadow inventory from the markets, though this number will vary widely based upon location. Three years of … Continue reading Affordable Financial Services Weekly Finance Review While the 30-year mortgage rate increased, the rate for the 15-year mortgage went down to a record low. The Wall Street Journal reported that the 30-year rose slightly from 4.78% last week to 4.79% for the week ending June 3. Meanwhile, the 15-year rate dropped from 4.21% last week to 4.2% this week — the … Continue reading Affordable Financial Services Weekly Finance Review Reuters is reporting that foreign investors — discouraged and anxious about the debt incurred by Greece and the ensuing problems of other Euro zone economies as the result — are turning to U.S. mortgage-backed securities as a viable investment option. From January 2009 to March 2010 — as a way to spur the housing market — … Continue reading A Foreign Accent on U.S. Mortgage-Backed Securities Recent government data showed that sales of new homes rose by 26.9% in March, breaking a four-month slump that was the result of both the sagging economy and the brutal snowstorms that blanketed much of the country. According to the data, 411,000 new homes were purchased in the month of March, up from February’s dismal figure … Continue reading New Home Sales Bounce Back in March The National Association of Realtors reported that existing home sales rose 6.8% in March to 5.35 million units — up from 5.01 million in February. Compared to March 2009, when 4.61 million units were sold, last month’s figure was 16.1% higher. This increase could be attributed to the rush of people still trying to take advantage … Continue reading Existing Home Sales On The Rise Bloomberg News reported yesterday that most U.S. stocks rose as the Federal Reserve suggested it plans to leave its benchmark interest rate at a record low to safeguard the economic recovery and banks rallied on analyst upgrades. Stocks turned higher yesterday as the minutes from the Fed’s March 16 meeting that were released yesterday showed that … Continue reading Affordable Financial Services’ Weekly Finance Review |
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