No Bull Agent
Information in this post is provided by Ron McGowan, Senior Mortgage Consultant with PrimeLending. He is a guest blogger who provides us information from a lender’s perspective. For additional information on Ron, please visit his website at ILoanSanDiego.com.
Inside Lending Newsletter from Ron McGowan for the week of October 4, 2010
INFO THAT HITS US WHERE WE LIVE Last week’s housing market data centered on Standard & Poor’s S&P/Case-Shiller Home Price Index. This showed home prices UP in July for the fourth month in a row, but the pace of their gain had slowed from prior months. With the expiration of the government’s home buyer tax incentives, some observers wonder if the S&P/Case-Shiller will keep moving up. The composite 20-city index, a broad measure of U.S. home prices, showed a 3.2% increase year over year, the sixth month in a row it posted an annual gain.
Nonetheless, home price gains did slow in the waning days of the tax credits. In July, only 12 of the 20 cities surveyed showed price gains, compared to 17 cities reporting rising prices in June. Analysts pointed out that these results underscore the fact that the spring/early summer months are the best for home sales. Most experts feel the next few months should give us a better idea of the true strength of the housing market. Read the rest of this entry »
What’s Ahead for Mortgage Rates this Week: September 13, 2010
By: Greg Wickstrand
Information in this post is provided by Greg Wickstrand, Home Loan Consultant for HomeServices Lending. He is a guest blogger who provides us information from a lender’s perspective. For additional posts by Greg, please visit his BLOG.
A shift in Wall Street sentiment caused mortgage markets to worsen last week. There wasn’t much in the way of new data, but the numbers that did hit the street helped quell fears of a double-dip recession.
Conforming mortgage rates rose between Monday-Friday for the first time since June, and mortgage-backed securities have now lost ground on six of the last 7 trading days.
During this period, conforming mortgage rates have risen by as much as 0.375 percent.
Mortgage rates for FHA-insured home loans are higher, too.
Remember, concern for the future of the U.S. economy was a major catalyst for low rates this summer. The drop in rates, which began in April on weaker-than-expected data, accelerated through July and August on record-low home sales and a stalled jobs market.
Lately, though, these concerns are turning to hope. Read the rest of this entry »