ARCHIVED BLOG POSTS
2011
Mortgage markets improved this week as positive economic data was overshadowed by geopolitical strife. A flight-to-quality drove buy-side activity in mortgage bond markets, which, in turn, helped conforming rates fall. Last week marks the first time this year that mortgage rates fell on a week-ov...
01/31/2011
There has never been a time when it’s more important to choose the right mortgage lender. The recent foreclosure and mortgage crisis we’ve experienced has caused regulators to react with more and more stringent regulations which in turn has caused the lenders to become more cautious. Even overly...
01/28/2011
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Sales of new homes rose sharply in December, posting a 17.5 percent gain from the month prior. According to the Department of Housing and Urban Development, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis. Last month's...
01/28/2011
Today, the Federal Open Market Committee voted 10-to-0 to leave the Fed Funds Rate unchanged within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that since December's meeting, economic growth is ongoing, but at a pace deemed "insufficient" to make a material impac...
01/26/2011
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Home values were reported unchanged in November 2010, on average, according to the Federal Home Finance Agency's Home Price Index. We say "on average" because the government's Home Price Index is a data composite for the country. The index doesn't measure citywide changes , nor does it get granu...
01/26/2011
The Federal Open Market Committee begins a 2-day meeting today in Washington D.C. It's the group's first meeting of 2011 -- one of 8 scheduled for the year. The Fed meets every 45 days, on average. Its last meeting was December 14, 2010. Rate shoppers and home buyers should make a note. Mortgage ...
01/25/2011
During the Great Depression, the federal government sought to create a stable platform for economic growth, and that platform was homeownership. Through bolstering the rate of homeownership, the feds felt citizens would be in a better position to give back to the economy. With that in mind, in 1...
01/24/2011
Mortgage markets worsened last week in a holiday-shortened trading week. As the body of U.S. economic data continues to show slow, steady improvement, Wall Street is becoming a net-seller of mortgage-backed bonds. As a result, conforming mortgages rates are rising. This is why conforming and FHA ...
01/24/2011
Existing Home Sales surged 12 percent last month, closing 2010's housing market with strength. An "existing home" is a home that cannot be categorized as new construction; a resale. According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures cli...
01/21/2011
Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have "broken ground" nationwide. They're called "Housing ...
01/21/2011
Rainmaker
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Michael Haigh
Production Manager/Top Producing Sr. Loan Officer