Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August. It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years. It’s also another signal that...

In what’s becoming a regular occurrence, housing data blew away economists expectations Tuesday. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 6th consecutive monthly gain in July. After a meteoric rise that started in January, the index is now at...

The number of homes under contract to sell rose in June for the fifth straight month. It’s the Pending Home Sales Index’s longest winning streak since 2003 and another piece of evidence that the housing market may be rebounding. The supply of new homes is falling The supply of existing...

The First-Time Homebuyer Tax Credits – Cannot Be Used For The 3.5% Required Down Payment. •    Pursuant to 12 U.S.C. 1709(b)(9), the homebuyer’s downpayment required for eligibility for FHA insurance may not consist of any funds (including funds derived from a sale of the homebuyer tax credit)...

The first week of May is officially over, and Mortgage backed securities once again sold off at the end of the week giving up a total of 30bp this week (FNMA 30 YR 4% Chart). The selloff pushed Mortgage Rates higher for the first week of May. May 2009 Mortgage Rates. This week we saw the economy shed...

Mortgage rates ended the week of April 24, 2009 lower.  The MBS FNMA 30 YR 4.0% finished up 21bp higher for the week (higher is better for the MBS, price and interest are inverse).  The historically low rates for both conforming and FHA products are intended to help stimulate the economy by giving...

Mortgage Rates increased April 17, for a second day as MBS posted another day of losses.  Week over week rates are posted a 10bp improvement.  Although there was 3bp improvement lenders sill took advantage of the decline in MBS and increased Mortgage Rates. Overall rates remain low for the time being,...

What a great way to start the week. Mortgage Rates improved today, with an increase in MBS. After a light data week last week, data returns. Tuesday, we’ll get a look at Retail Sales.  Because consumer spending accounts for two-thirds of the economy, a lower-than-expected figure for Retail Sales...

The appraisal process often baffles consumers. They may feel that their home is worth a higher dollar amount, and so the appraised value doesn’t always make sense to them. It is important to know that the appraiser is completely independent from lenders, buyers, sellers, and real estate agents,...

There are 138 million taxpayers in the United States and, according to the IRS, 20 percent of them file their taxes within 7 days of April 15.  In a holiday-shortened week, that means that 27 million people had better get a move on. And while a portion of this year’s last-minute filers will...