Mortgage markets were flat last week overall, although mortgage rates were somewhat volatile from day-to-day.  For rate shoppers, the best pricing was available Monday morning and Friday afternoon -- everything in between was slightly elevated. It's the second consecutive week in which rates finished unchanged. There was a string of good news last week about the economy, led by housing.  New Home Sales, Existing Home Sales, and the Case-Shiller Index all surprised to the high-side and consumer confidence numbers came in higher-than-expected, too. In prior weeks, strong data ...

As a reminder, Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009.  Starting next week, being approved for a home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year.  The changes are mostly geared at fraud prevention. Among the updates: Stock options are no longer eligible for "reserves" Relocating families can't use the "trailing" spouse's projected income "Tip" income must be documented and verified Lenders must call employers to verify employment Lenders must verify tax ...

18 of 20 markets tracked by the Case-Shiller Index showed rising home values in June.  It's the 5th consecutive month with strong numbers and the best showing for the benchmark housing index since home values began deflating in 2006.  Some would argue it's a sign that housing has finally bottomed out. Even Case-Shiller representatives acknowledge that home prices are "on an upswing". Despite the Case-Shiller Index's popularity with economists and the press, though, it's falls short of being a perfect housing indicator.  As examples: Its data is reported with a 2-month ...

The housing market continues to surprise.  Last week, the latest good news came in the form of the monthly Existing Home Sales report. An "existing home" is a home sold by an existing owner as opposed to a developer.  It's non-new construction property. The data on Existing Home Sales was noteworthy for its trends: Sales volume rose over four straight months for the first time in 5 years Sales volume rose year-to-year for the first time in 4 years Median home prices fell for the first time since April Furthermore, first-time home buyers and buyers of "distressed" homes ...

Mortgage markets finished the week unchanged last week but don't let that make you think the markets were flat.  It was a bumpy five days and rates were volatile.  Friday was the worst day of the week by far. An all-day deterioration, sparked by better-than-expected housing data, caused mortgage rates to tack on a quarter-percent by the noon hour and markets never recovered.  Rates closed out at their worst levels of the week and the unfavorable momentum figures to carry into this week's trading, too. There are two major reasons why rates could rise higher this week: Fed ...

  Visit msnbc.com for Breaking News, World News, and News about the Economy There's some common sense ways to protect your home from burglary -- keep the doors locked, the windows shut, and the alarm system on, for example.  But drawing from a series of interviews with ex-convicts, NBC's The Today Show reveals there are ways by which a vacationing homeowner can unwittingly make his home a theft target.  Awareness is the key to prevention. As cited in the video, when vacationing: Have neighbors pick up mail and newspapers daily If it snows, have somebody drive tire ...

If you plan to use the First-Time Home Buyer Tax Credit program, time is running out.  The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was passed as part of the 2009 economic stimulus plan. It credits up to $8,000 in tax payments to qualified buyers. The qualification criteria are as follows: Buyer may not have owned a "main home" in the past 36 months The home may not be purchased from a parent, spouse, or child Adjusted ...

Single-family Housing Starts rose for the 4th straight month in July, another sign that the battered housing market may be making its comeback. "Housing starts" are new homes on which construction has recently started.  Not surprising, in a related story, homebuilder confidence moved to a 12-month high. Ironically, an increase in newly-built homes could actually slow a nationwide housing rebound because values are driven by supply and demand. More in-the-pipeline supply means that buyer demand has to stay strong or else prices will eventually fall. So far this year, though, ...