Posts Tagged: ‘Mortgage Rates’

Why are mortgages getting cheaper?

April 19, 2017 Posted by kingcade

The average rate of a 30-year fixed mortgage fell to 4.08% this week, the fourth consecutive week of declines and the lowest level this year, according to Freddie Mac.

A higher Federal Funds rate makes it more expensive for banks to borrow money, which can translate into higher borrowing rates for consumers. But recent global uncertainty and signs that the White House might not be as productive with its agenda as many thought has caused yields to recently fall. The 10-year Treasury yield is around 2.23%, down from around 2.62% nearly a month ago. Mortgage rates have moved lower as well.

Freddie Mac predicts that we will see rates increase to around 4.5% by the end of the year.  Potential home buyers should welcome the drop in rates with open arms as the busy buying season heats up.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

New Home Sales Surge to Seven-Month High in February

March 30, 2017 Posted by kingcade

Last month, new single-family home sales jumped to a seven-month high. The hike suggests the housing market recovery is stable despite the challenges of high prices, increased mortgage rates and tight inventories. According to the Commerce Department, new home sales increased 6.1 percent to a seasonally adjusted annual rate of 592,000 units last month, the highest level since July of last year.

New home sales were up 12.8 percent when compared to February of last year. Economists believe the hike in sales is partially due to the unseasonably warm weather across most of the country. In the Northeast region, new single-family homes dropped 21.4 percent. However, in the Midwest, sales were up 30.8 percent and in the South sales were up 3.6 percent.

Fortunately, high mortgage rates have not had a negative impact on home sales this year, largely due to a tightening labor market that is improving employment opportunities for young adults. The market is also benefitting from a shortage of properties for sale in most areas.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Mortgage Rates Surge after Donald Trump’s Election Win

November 25, 2016 Posted by kingcade

Mortgage giant Freddie Mac said that the average rate on a 30-year fixed rate loan rose to 4.03 percent, which is the highest rate since July 2015. It is up from 3.94 percent the previous week. Rates on 15-year home loans also rose to 3.25 percent, up from 3.14 percent last week, which is the highest rate since January.

Long-term mortgage rates have been increasing each week since Donald Trump was elected as President on November 8th. Experts believe that investors are fearful of the president-elect’s plan to cut taxes and spend massively on roads, bridges, airports and other infrastructure could provoke inflation. As a result, investors demand higher long-term rates and pay lower prices for bonds.

The anticipation of economic stimulus has also caused a surge in stock prices. On Wednesday, the Dow Jones industrial average closed above 19,000 for the first time.

However, rising mortgage rates pose a threat to the housing market and the economy. In the past, lower mortgage rates have fueled the real estate market by causing an increase in home sales. According to the National Association of Realtors, existing home sales rose two percent in October to a seasonally adjusted annual rate of 5.6 million, which was the highest rate since February 2007.

Real estate experts believe that mortgage rates will continue to rise until there is more understanding of where the economy and housing policies are headed during Trump’s presidency.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Mortgage Rates Fall to Record Low

August 9, 2016 Posted by kingcade

The national average 30-year fixed home mortgage rate fell to 3.36 percent last week. The number matches the record low reached in December 2012, according to Bankrate.com. It is down seven points from the last week in July. With a 30-year fixed-rate mortgage of 3.36%, a homeowner would pay approximately $441 per month in principal and interest for every $100,000 borrowed.

Financial experts believe low mortgage rates mean that now is the best time to re-finance. Many homeowners and homebuyers have both benefited from the drop in mortgage rates, according to Bloomberg.com.

The average 15-year fixed-rate mortgage is down four points from the previous week at 2.65%. With shorter-term loans such as 15-years, homebuyers pay more per month but save thousands of dollars in the long run.

If you are considering refinancing your home or purchasing a new home, make sure you get your paperwork in order beforehand. Mortgage lenders have strict requirements on paperwork including copies of proof of income, debts, assets, etc.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

Related Resources:

http://www.bankrate.com/financing/mortgages/mortgage-rates-monday-august-1/

http://www.bloomberg.com/news/articles/2016-08-01/u-s-mortgage-rates-fall-to-lowest-on-record-chart

Refinance with HARP before Mortgage Rates Increase

March 19, 2015 Posted by kingcade

The Home Affordable Refinance Program (HARP) is a program that was set up in 2009 to assist struggling homeowners in refinancing their homes- reducing mortgage payments by an average of $3,000 a year. It has also allowed homeowners to pay their mortgages off faster. Taking advantage of the benefits HARP has to offer can reduce your monthly mortgage payments and pay your mortgage off in less time.

How do you know if you qualify for HARP? If your mortgage is $625,000 or less, you most likely qualify for the program. HARP was created by the Government as a way to help the economy recover from the recession. Homeowners who have refinanced through HARP have saved an average of $250 a month. But you must act NOW!  These valuable benefits are set to expire at the end of this year.

Click here to read more about how to reduce your mortgage payments through HARP.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.