Explore Oak Lawn, IL

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants in Illinois should plan for higher loan costs in the months ahead. If you've never heard of loan-level pricing adjustments, you're not alone; they're an obscure mortgage pricing me...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
For certain members of the military, and for certain federal employees, there's just 2 months remaining to get use the federal home buyer tax credit. Eligible persons include members of the uniformed services, members of the Foreign Service, and intelligence community employees who served at leas...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Mortgage markets improved last week as Wall Street's concerns about the Middle East trumped its fears of inflation. Conforming and FHA mortgage rates in Illinois fell to a 3-week low. Last week marked the second straight week in which mortgage rates fell, a streak that follows four straight weeks...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Home resales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. An "existing home" is a home that's been previously occupied and is not considered new construction. The number of existing homes sold on a rolling 12-month bas...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 2
Mortgage markets improved slightly last week, rebounding from the worst 1-week loss in recent history. The gains were geopolitical, however; the result of instability in the Middle East region. Economic data was overlooked as investors made a broad-based flight-to-quality. For just the second tim...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Annualized Single-Family Housing Starts dropped 1 percent in January to 413,000 units nationwide, it's lowest reading almost 2 years. A "Housing Start" is defined as a home on which construction has started.  Now, if you had only seen the Housing Starts story in the headlines today, you wouldn't ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Mortgage markets worsened terribly last week. Amid more reports of an improving economy and fears of pending inflation, mortgage rates skyrocketed to their highest levels since April 2010.  According to Freddie Mac, mortgage rates made their largest 1-week jump in more than a year last week, tack...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
Mortgage rates are surging. Over the last 7 days, conventional, 30-year fixed rate mortgage rates have jumped 24 basis points, or 0.24%, according to Freddie Mac's weekly Primary Mortgage Market Survey. It's the largest 1-week spike in mortgage rates in recent history. The 30-year fixed rate mor...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 3
Americans are getting back to work. Sort of. This morning, at 8:30 AM ET, the Bureau of Labor Statistics released its Non-Farm Payrolls report for January 2011. More commonly called "the jobs report", the government's data showed a large decrease in the number of working Americans as compared to ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Another day, another strong report for housing. The Pending Home Sales Index climbed 2 percent in December, according to the National Association of REALTORS®. A "pending home sale" is an existing home under contract to sell, but not yet closed. Pending Home Sales are up for the fifth time in 6 m...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
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 across the state of Illinois. Last week marks the first time this year that mor...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
>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'...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
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...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 2
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 in places like Chicago ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
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 ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
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 in Illinois are rising. This is why conform...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
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" in Illinois and nationwide. They're ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Consumers keep spending, the economy keeps growing. Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December's sales receipts were $1.5 billion higher from November. Analysts...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 2
According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December. "Foreclosure filing" is a catch-all term, comprising d...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan. Relative to fixed rate mortgages, current ARM pr...

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