Mortgage rates up for first time in 7 weeks
10:18 12/14/2006, CNNMoney.com
Mortgage rates turned slightly higher from mixed economic signals after reaching near their lowest level of the year last week and rallying from a decline for six weeks in a row, a survey said Thursday.
Thursday, December 14, 2006
Monday, December 04, 2006
Rates to (Possibly) Stay Put
This news release was sent from the Associated Press on the 'hint' (its always a hint) that the Fed would not be lowering their short term rates. Predictions were that they would either maintain current rates or possible reduce them next month. Looks like we're looking at steady as she goes for the moment...but don't hold your breath.
AP - Even with the economy in a slowdown mode, Federal Reserve Chairman Ben Bernanke made clear Tuesday that policymakers want to see inflation continue to recede, suggesting the Fed probably won't be cutting interest rates any time soon.
Carbon Monoxide Mandate
Carbon Monoxide Required in 2007
Illinois state legislation has just approved this mandate requiring Carbon Monoxide detectors in all Illinois residences beginning January 1. That goes for rental units as well.
Here is the IAR blurb on the topic with a few links as well. Tell your clients to get them in now (if they are not already installed).
Beginning Jan. 1, 2007, Illinois law (Public Act 94-741) mandates that every dwelling unit in Illinois must be equipped with at least one carbon monoxide alarm within 15 feet of every room used for sleeping purposes. A dwelling unit would include a single-family residence as well as each living unit of a multiple-family residence and each living unit in a mixed use building. Here are some resources developed via the IAR Advocacy Initiative to help you communicate this information to your clients:
Illinois state legislation has just approved this mandate requiring Carbon Monoxide detectors in all Illinois residences beginning January 1. That goes for rental units as well.
Here is the IAR blurb on the topic with a few links as well. Tell your clients to get them in now (if they are not already installed).
Beginning Jan. 1, 2007, Illinois law (Public Act 94-741) mandates that every dwelling unit in Illinois must be equipped with at least one carbon monoxide alarm within 15 feet of every room used for sleeping purposes. A dwelling unit would include a single-family residence as well as each living unit of a multiple-family residence and each living unit in a mixed use building. Here are some resources developed via the IAR Advocacy Initiative to help you communicate this information to your clients:
Wednesday, November 22, 2006
Big Mortgage Rate Decline Last Night
CNN.com just published this market report on the 30 year rates which are now at 6.18% BELOW last years average (6.28%).
Long term rates hit lowest level since first of the year; 30 year fixed hits 6.18%.
November 22 2006: 12:09 PM EST
NEW YORK (CNNMoney.com) -- Mortgage rates continued its downward slide reaching its lowest since the first of the year on slower growth in the market, according to a survey released Wednesday.
The 30-year fixed-rate mortgage averaged 6.18 percent for the week ending Nov. 22, down from 6.24 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year averaged 6.28 percent
The 15-year fixed-rate mortgage averaged 5.91 percent this week, down from 5.94 percent last week. A year ago, it averaged 5.81 percent. This is the lowest the 15-year has been since the week ending March 2, 2006 when it averaged 5.89 percent.
Rates for five-year adjustable-rate mortgages (ARMs) came in at 5.99 percent this week, down from 6.04 percent last week. A year ago, they averaged 5.75 percent.
One-year ARMs averaged 5.49 percent, down from 5.54 percent last week. A year ago, the one-year ARM averaged 5.14 percent.
"Housing starts in October were down more than expected, which the market saw as an indication housing would be a bigger drag on the economy than had previously been thought," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "Slower growth usually means less inflation and less inflation means lower interest rates. Hence, the drop in mortgage rates this week."
Long term rates hit lowest level since first of the year; 30 year fixed hits 6.18%.
November 22 2006: 12:09 PM EST
NEW YORK (CNNMoney.com) -- Mortgage rates continued its downward slide reaching its lowest since the first of the year on slower growth in the market, according to a survey released Wednesday.
The 30-year fixed-rate mortgage averaged 6.18 percent for the week ending Nov. 22, down from 6.24 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year averaged 6.28 percent
The 15-year fixed-rate mortgage averaged 5.91 percent this week, down from 5.94 percent last week. A year ago, it averaged 5.81 percent. This is the lowest the 15-year has been since the week ending March 2, 2006 when it averaged 5.89 percent.
Rates for five-year adjustable-rate mortgages (ARMs) came in at 5.99 percent this week, down from 6.04 percent last week. A year ago, they averaged 5.75 percent.
One-year ARMs averaged 5.49 percent, down from 5.54 percent last week. A year ago, the one-year ARM averaged 5.14 percent.
"Housing starts in October were down more than expected, which the market saw as an indication housing would be a bigger drag on the economy than had previously been thought," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "Slower growth usually means less inflation and less inflation means lower interest rates. Hence, the drop in mortgage rates this week."
Tuesday, November 21, 2006
Economists 2 to 1 say BUST is over
The Wall Street Journal interviewed national economists whopredicted a slight (2.8%) increase in home prices this year. They also on average predicted a 0.5% fall in home prices next year. That is a sharp contrast to the double digit growth we've experienced for the past several years.
2005 showed a 13.5% growth.
Home price predictions varied widely depending upon region or city, from as much as a 7% average increase to a 10% decline for 2007. 20 economist predicted a rise in prices where 24 predicted a decline.
"We're starting to see inventories topping out and possible declining" the WSJ quoted economist Richard DeKaser of National City Corp.
Some are predicting that while the worst is over housing does remain a big risk to the national economy. The 3rd quarter housing slump subtracted 1.1 percentage points from the GDP according to the WSJ citing the Commerce Department .
Stable energy prices and jobs combined with the Feds control of inflation should help neutralize any negative impact the housing industry has on the economy.
2005 showed a 13.5% growth.
Home price predictions varied widely depending upon region or city, from as much as a 7% average increase to a 10% decline for 2007. 20 economist predicted a rise in prices where 24 predicted a decline.
"We're starting to see inventories topping out and possible declining" the WSJ quoted economist Richard DeKaser of National City Corp.
Some are predicting that while the worst is over housing does remain a big risk to the national economy. The 3rd quarter housing slump subtracted 1.1 percentage points from the GDP according to the WSJ citing the Commerce Department .
Stable energy prices and jobs combined with the Feds control of inflation should help neutralize any negative impact the housing industry has on the economy.
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