The Fed’s Official Statement And What It Means To The Mortgage Market (December 14 2010)
December 14, 2010
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. Mortgage rates are rising.
No Correlation: The Fed Funds Rate And 30-Year Fixed Mortgage Rates
December 13, 2010
How can you know the Fed Funds Rate is untied from mortgage rates? A loan using the Fed Funds Rate is for just 8 hours. A loan for a mortgage lasts 263,000. The Federal Reserve meets Tuesday. You may want to lock your mortgage rate before it adjourns.
Fannie Mae Guidelines To Change December 13, 2010 : Here’s A “Cheat Sheet” To The Changes
December 10, 2010
This December, Fannie Mae is changing its mortgage guidelines to favor personal income over personal assets. Check the “Cheat Sheet” to see how you’ll be affected.
Home Affordability Results For All 225 Metro Areas : Q3 2010
December 9, 2010
Jobs growth is happening, manufacturing output is increasing, and Wall Street is going bullish. You would expect homeowner costs to float higher, too. But, so far, however, mortgage rates and home prices have failed to keep pace. It’s great news for home buyers, but the window is closing quickly.
Call to Slash Mortgage Interest Deduction
December 7, 2010
Released on Dec. 1, the final report of President Obama’s bipartisan National Commission on Fiscal Responsibility and Reform includes disturbing recommendations that would curtail or eliminate essential housing incentives such as the mortgage interest deduction (MID).
Prepared for the bad news, NAHB (National Association of Home Builders) immediately rolled out a new consumer-oriented website that will be a critical tool in the association’s fight to preserve the MID as a cornerstone of American housing policy— SaveMyMortgageInterestDeduction.com.
“While we commend the hard work of the President’s deficit commission to improve the nation’s fiscal situation, this is simply the wrong approach to the problem,” NAHB Chairman Bob Jones said in response to the report.
“It would put a huge tax increase on millions of middle-class home owners by eliminating or devaluing the mortgage interest deduction,” he said. “The consequences would be devastating for housing and the economy. Eliminating or scaling back this vital housing deduction will shrink the local tax base of many communities, causing already cash-strapped state and local governments to further cut jobs and essential services. Given the extreme fragility of the housing market, with 21% of construction workers currently idled, tampering with the mortgage interest deduction is just not sound public policy.”
For more information, read the full response here.
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