Mortgage News - Thursday, July 3, 2008 8:32 - 0 Comments
Mortgage rates drop, snapping a 3-week climb
Catherine Clifford of CNNMoney.com wrote an article this morning about our interest rate clime over last couple weeks. This is a topic that all of us need to be paying a little more attention to in the market we are in. Rates have increased steadily from February on with a few dips in between. The beginning of the story goes as follows.
Freddie Mac says 30-year fixed rate fell to 6.35% in latest week as the Federal Reserve indicates that inflation should moderate this year.
NEW YORK (CNNMoney.com) — Rates on 30-year fixed mortgages fell for the first time in three weeks after the Federal Reserve said last week that it expects inflation to level off, according to mortgage backer Freddie Mac.
Freddie Mac (FRE, Fortune 500) said that 30-year fixed-rate mortgages averaged 6.35% with an average 0.6 point in the week ending Thursday, down from 6.45% last week. Last year at this time, the 30-year loan averaged 6.63%.
“Mortgage rates reversed their three-week rise, falling this week after the release of the latest Federal Reserve’s policy statement that it expects inflation to moderate later this year,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. That led to market participants lowering their expectations about future rate hikes, he explained.
For the complete story please click here
Breaking News
- Economy extends job loss streak (Reuters)
- Former Refco CEO gets 16 years in prison (Reuters)
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- Hedge fund swindler Israel denied bail, jailed (Reuters)
- Economy casts pall on Sun Valley media fest (Reuters)
- 62,000 jobs lost, off nearly half-million for year (AP)
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Rate Watch
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Market News - Jul 2, 2008 10:58 - 0 Comments
U.S. Stocks Retreat on Energy Concern; General Motors Tumbles
Eric Martin and Michael Patterson of Bloomberg wrote an article today showing the true volatility in our markets today. There just isn’t much good news to be throwing around in our stock market. The beginning of the story goes as follows.
July 2 (Bloomberg) — U.S. stocks fell, sending the Dow Jones Industrial Average down almost 20 percent from its October peak, as a rise in oil dimmed the outlook for profit growth.
General Motors Corp. tumbled after Merrill Lynch & Co. said “bankruptcy is not impossible” for the largest U.S. automaker. Coal producers Massey Energy Co. and Consol Energy Inc. posted the biggest declines in the Standard & Poor’s 500 Index as European prices for the fuel headed for the biggest decline in more than three years. Banks erased most of an earlier rally after Paulson said home foreclosures will “remain elevated” and that financial firms have borrowed too much.
For the complete story please click here
More In Market News
- Manufacturing in U.S. Unexpectedly Expanded in June
- Most U.S. Stocks Fall as Banks Slump for 3rd Day
- Payrolls Probably Fell, Factories Slowed: U.S. Economy
Mortgage News - Jul 3, 2008 8:32 - 0 Comments
Mortgage rates drop, snapping a 3-week climb
Catherine Clifford of CNNMoney.com wrote an article this morning about our interest rate clime over last couple weeks. This is a topic that all of us need to be paying a little more attention to in the market we are in. Rates have increased steadily from February on with a few dips in between. The beginning of the story goes as follows.
Freddie Mac says 30-year fixed rate fell to 6.35% in latest week as the Federal Reserve indicates that inflation should moderate this year.
NEW YORK (CNNMoney.com) — Rates on 30-year fixed mortgages fell for the first time in three weeks after the Federal Reserve said last week that it expects inflation to level off, according to mortgage backer Freddie Mac.
Freddie Mac (FRE, Fortune 500) said that 30-year fixed-rate mortgages averaged 6.35% with an average 0.6 point in the week ending Thursday, down from 6.45% last week. Last year at this time, the 30-year loan averaged 6.63%.
“Mortgage rates reversed their three-week rise, falling this week after the release of the latest Federal Reserve’s policy statement that it expects inflation to moderate later this year,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. That led to market participants lowering their expectations about future rate hikes, he explained.
For the complete story please click here
More In Mortgage News
- L.A., Miami Home Foreclosure Rates More Than Double
- IndyMac still facing nervous depositors
- Banks brace for tough second half
Real Estate News - Jul 2, 2008 11:07 - 0 Comments
Vulture real estate investors swoop in
Les Christie of CNNMoney.com wrote an article I have been waiting a long time for. The article talks about the prices reaching levels that you can purchase the home and rent them without losing money. Investors fangs are starting to come out, and it’s just the beginning… The story goes as follows.
Let the bargain hunting begin. Prices may still be falling, but they’re low enough for some investors to buy, sell, and pocket a tidy profit.
NEW YORK (CNNMoney.com) — Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.
Sharon Restrepo, a broker in South Florida, where home prices have dropped nearly 27% over the past 12 
months, recently bought a three-family home in Cape Coral from a very motivated seller for a mere $65,000. It listed for $195,000.
She can rent the three apartments out for about $1,500 and turn a profit, while she holds on to the property until the market recovers.
“The savvy investors here,” she said, “are buying up everything they can.”
For the complete story please click here
More In Real Estate News
- Construction spending drops 0.4 percent in May
- Swapping non-real estate for real estate.
- KB Home sustains steeper loss on housing woes
