Reporting on a two-month lag, the government said home values rose 0.7 percent in November. National home prices are at their highest point since February 2009. But before we look too much into the FHFA’s Home Price Index, it’s important that we’re cognizant of its shortcomings; the most important of which is its lack of real-time reporting.
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy â??has continued to strengthenâ?, that the jobs markets is getting better, and that financial markets are supportive of growth.
The Federal Open Market Committee ends a scheduled, 2-day meeting today in Washington. It’s the first of 8 scheduled meetings for the policy-setting group in 2010. The group adjourns at 2:15 PM ET. Here is a rate-locking strategy for you.
Just one month after from blowing away Wall Street, December’s Existing Home Sales hit the skids, shedding nearly 17 percent and falling to a 4-month low. Don’t be alarmed, though. It was expected.
Since shedding 300 basis points in December, mortgage bond pricing has recovered a bit more than half of those losses. It’s helping with home affordability and opening new refinance opportunities around the country. This week, though, mortgage rates could rise back up. There’s a lot going on.
After posting a 7 percent gain in November, permits rose by another 8 percent in December. It’s a signal that housing is in recovery. More permits mean that builders plan to bring more homes on the market for what’s expected to be a very busy spring home-shopping season.
In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials. For consumers, the changes mean higher costs.
November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There’s 100 days left to claim it.
Mortgage markets showed little conviction last week, carving out just a narrow trading channel. There was very little data on which for markets to move, leaving mortgage rates momentum-bound. Luckily for rate shoppers, mortgage rate momentum was favorable.
Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.