5% Down Payments are being offered by banks. Could this help increase mortgage applications?
An important aspect for borrowers to know is the cost of the mortgage over the life of the loan. Check http://mortgagebiweeklycalculator.com/for a great way to calculate those cost.
Source:
http://money.cnn.com/2013/11/05/real_estate/down-payment-mortgages/
The rise in the mortgage rates and prices have change the forecast for pending home sales.
A quote from the NAR -
“The National Association of Realtors said Monday that its seasonally adjusted pending home sales index dropped 5.6 percent last month from August to a reading of 101.6. That also pushed the index below its year-ago level, the first time that’s happened in nearly 2 ½ years.”
Source:
http://www.mercurynews.com/business/ci_24403584/home-sale-contracts-sink-mortgage-rates-prices-rise
News in from RealtyTrac.com & Nationalmortgageprofessional.com on the US foreclosure rate rises by 2%.
The 2008 fallout can still be seen with foreclosures still on the horizon. Mortgage Saver and Bi Weekly Mortgage Calculator are tools to help ensure people pay their mortgages on time and know what the costs will be.
http://nationalmortgageprofessional.com/news44273/US-Foreclosure-Rate-Sees-Two-Percent-Monthly-Rise-September?utm_source=dlvr.it&utm_medium=twitter
Sales of homes dipped in September while the affordability of homes has fallen to a 5 year low as quoted by Lawrence Yun. The real effects of the #governmentshutdown will be seen as delays that had been felt will now be seen firsthand in the coming months. The affordability of homes shows the need for buyers and brokers to use a mortgage calculator to see the true cost of home ownership. Mortgage Saver offers a free mortgage calculator which can be found here,
http://mortgagebiweeklycalculator.com
Sources:
http://www.cbsnews.com/8301-505145_162-57608435/rising-mortgage-rates-slow-pace-of-home-sales/
After a 16 day shutdown, business is now back to normal in Washington.
Lets hope this delay won’t change the outlook of the economy. With the mortgage and real estate industry being major backbones to the economy we need to ensure steady growth in these areas.
Source:
http://www.nytimes.com/2013/10/18/us/politics/government-reopens.html?_r=0
As the Government Shutdown goes on it effects the mortgage industry on the consumer and business side. With deals being negotiated over the debt ceiling in Washington the world waits and it is beginning to show in different areas of the economy. In an article posted by Reuters news is showing that mortgage applications are nearly flat as demand has fallen.
Source:
http://www.reuters.com/article/2013/10/16/usa-economy-mortgages-idUSN9N0AR00Z20131016
More updates on the how the government shutdown and possible US default could effect the mortgage industry.
As reported from Market Watch there are two days left to reach a deal otherwise the debt ceiling will be breached.
It is important for homebuyers to be aware as their has been a link between the government shutdown and mortgage rates.
At mortgage saver we provide a great solution that lowers the net effective interest rate and pay off your mortgage faster with a money back guarantee. Find more on how much you can save
http://mortgagesaver.com/cms/page/id/43/
Reported from MarketWatch.com Sources Below:
http://www.marketwatch.com/story/mortgage-rates-could-spike-if-us-defaults-2013-10-15
A quick read for the Monday back to work. 5 Reasons Mortgage Applications Get Denied from the Motley Fool.
http://www.fool.com/investing/general/2013/10/13/5-reasons-mortgage-applications-get-denied.aspx
The average mortgage rate for 30 years stands at 4.23% up from 4.22% last week, the average 15 year fixed rate rose to 3.31% up from 3.29%.
http://abcnews.go.com/Business/wireStory/average-us-30-year-mortgage-rate-423-pct-20529159
News from Forbes Magazine:
Over two million tax transcripts are processed a month by the IRS and are now being held up with the Government Shutdown. This delays loans for many people applying.
