(WoodleyWonderWorks) The ups and (mostly) downs of the housing market, combined with tax incentives have left many wondering whether or not now might be a good time to finally buy that dream home. Average interest rates on thirty year mortgage loans have plummeted once more, falling a full percentage point below the lowest rate at any time last year. According to Yahoo! Finance, the average thirty year mortgage rate is now a pavement-scraping 4.78%. That’s down from 4.83% just last week, and it matches the record low set in April of this year. Putting the numbers into further ...

Another month, another piece of evidence that the housing market is in recovery. Existing Home Sales surged in October as the nation's homebuyers took advantage of low mortgage rates, low list prices, and, for some, a generous tax credit. Home resales are 23 percent higher versus a year ago and home supply is down to 7 months nationwide. Inventory hasn't been this low since February 2007. The news shouldn't be surprising, however.  The same real estate trade group that produces the Existing Home Sales report also publishes a monthly report meant to predict future home ...

Home affordability improved this week after the Federal Reserve released its November 3-4, 2009 meeting minutes. The FOMC Minutes is a companion to the Federal Reserve's post-meeting press release. It's released 3 weeks after the Fed adjourns and details the internal debates that shape our nation's monetary policy. As compared to the press release, the minutes can be rather lengthy. November's press release featured 428 words, the minutes offered 6531. However, this extra level of detail shapes markets and mortgage rates.  With Wall Street unsure about the economy's path, ...

It's official -- home prices are no longer in free fall.  According to the Federal Housing Finance Agency, the Home Price Index posted its first quarterly increase since 2007 last quarter. The news was reported Tuesday. The Home Price Index is an interesting metric.  It's huge in its scope, accounting for every home sold in the country that backs a mortgage bound for Fannie Mae or Freddie Mac with two notable exceptions: It doesn't track new construction It doesn't track multi-unit homes Because the Home Price Index makes these specific exclusions, and because it doesn't ...

Another month, another piece of evidence that the housing market is in recovery. Existing Home Sales surged in October as the nation's homebuyers took advantage of low mortgage rates, low list prices, and, for some, a generous tax credit. Home resales are 23 percent higher versus a year ago and home supply is down to 7 months nationwide. Inventory hasn't been this low since February 2007. The news shouldn't be surprising, however.  The same real estate trade group that produces the Existing Home Sales report also publishes a monthly report meant to predict future home sales ...

In the spirit of the holidays, American Street Capital is offering a one-time opportunity for any financing request submitted prior to December 31st. Take advantage of this industry leading pricing! 1. No origination fees for any multi-family loan request above $750K 2. 50% discount on origination fees for any multi-family or owner-occupied loan request between $250k-$750k 3. 20% increase in referral fees for all loan requests Multi-family rates starting from 5.20% Owner-occupied rates starting at 5.50% 30-year amortization and non-recourse available Owner-occupied up to ...

Mortgage markets worsened last week on a mixed bag of economic data.  Inflation data came in soft, but so did the start of the holiday shopping season. For the first time in a month, mortgage rates worsened last week, adding roughly 0.125 percent on conforming fixed-rate products, and a little bit more on ARMs. Despite rates worsening, there was still some good news for home buyers and would-be refinancers. Mortgage rate volatility was markedly lower than in recent weeks.  You could shop for mortgage rate last week and actually take your time about it. This is in stark contrast ...

For today's home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products. The 15-year/30-year interest rate spread is near its 5-year high. Despite lower rates, however, homeowners opting for a 15-year fixed mortgage should be prepared for its higher monthly payments.  This is because the principal balance of a 15-year fixed is repaid in half the years as with a standard, 30-year amortizing product. As compared to 30-year terms, 15-year products repay 3 times as much ...