Explore Oak Lawn, IL

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.   According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won't pay off for 16,127 years. That's one reason why it's important to manage your credit card rates, a...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Mortgage markets gained last week as a combination of safe-haven buying and an improving economic outlook attracted new buyers. Demand for mortgage-backed bonds outweighed supply and conforming and FHA mortgage rates edged lower. Last week marked the second straight week that mortgage rates fell ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 2
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly called "the jobs report", the government's data include raw employment figures and the Unemployment Rate. The jobs report hit the wires at 8:30 AM ET today. It's making big waves...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs. Loan-level pricing adjustments are mandatory closing costs. They're assigned by Fannie Mae and Freddie Mac, and based on a loan's specific risk to Wall Street in...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn't much there to disturb mortgage markets, thankfully. The "Fed Minutes" is an official recap of the most recent meeting of the Federal Open Market Committee. It's published 8 times annually, 3 weeks after t...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 3
The housing market continues to expand, and surprise. According to the National Association of REALTORS®, November's Pending Home Sales Index gained 3 percent from October. A "pending home sale" is a home under contract but not yet closed.  The index is now at its highest point since April 2010's...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Mortgage markets improved last week during a snow- and holiday-thinned series of sessions on Wall Street. Mortgage bonds improved on year-end profit-taking, mostly, leading conforming mortgage rates in Illinois lower. Last week marked the first calendar week in which mortgage rates dropped since ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
The Case-Shiller Index posted awful numbers in its most recent reading. Each of the index's 20 tracked markets showed home price deterioration between September's and October's respective report. Some markets fell as much as 2.9 percent. The drop in values is nothing about which to panic, howeve...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
With 2010 coming to a close, the "experts" are out in full force, making predictions for next year's housing and mortgage markets on business television and in the papers. Predictions for 2011 are wide-ranging: Some say home prices will rise in 2011 Some say home prices will fall in 2011 Some say...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Like most housing data in November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling. According to the U.S. Department of Commerce, sales of new, single-family homes increased to 290,000 in November on an annual basis, a figure equal to th...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
Mortgage markets worsened again last week as the holiday-shortened sessions did little to buck recent momentum. Although Freddie Mac reported mortgage rates dropping 0.02% from the week prior, loan officers on the street will report the opposite. Rates did not fall last week. Conforming mortgage ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Existing Home Sales jumped another 6 percent in November, the report's third month of improvement since bottoming in July. According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October.  An "e...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
The number of single-family Housing Starts increased in November, adding 30,000 units as compared to October. The Census Bureau defines a "housing start" as a home on which construction has started. November's starts represents a 7 percent increase from the month prior. However, if you see the Ho...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
According to foreclosure-tracking firm RealtyTrac, the foreclosure filings fell 21 percent in November to 262,339 units nationwide. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.  November marked the first time since February 2009 that the number of m...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Mortgage markets worsened again last week as belief in a U.S. recovery and concerns for inflation took hold on Wall Street.  Conforming mortgage rates rose in Illinois for the 6th straight week. According to Freddie Mac's weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortg...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Home builder confidence is holding firm this month, according to the National Association of Home Builders. The group's monthly Housing Market Index survey posted 16 for December. That's the same value as from November. It's also equal to this 2010's average HMI reading. HMI is scored on a scale ...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Loan-level pricing adjustments are mandatory loan fees based on a borrower's specific default risk. First introduced in 2008, LLPAs were Fannie Mae's and Freddie Mac's logical response to massive balance sheet losses. At the time, the housing market was deteriorating and mortgage delinquencies we...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. In its press release, the FOMC noted that since November's meeting, the "economic recovery is continuing", but at a pace deemed too slow to make a materia...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 1
The Federal Open Market Committee holds a one-day meeting today, its 8th scheduled meeting of the year and 10th overall. The FOMC is part of the Federal Reserve, the government group that sets U.S. monetary policy. The Fed's primary policy-setting tool is an interest rate known as the Fed Funds R...

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Comments 0
Mortgage markets worsened last week as the U.S. economy showed additional signs of strength; and global demand for mortgage bonds slipped. Conforming mortgage rates rose in Illinois and around the country for the fifth straight week. It's a streak that's been marked by volatile pricing that's ren...

Oak Lawn, IL Real Estate Professionals