4 Things Every Home-Shopper Should Do Before They Hit the Market

Buying a home is a big deal. It’s typically one of the biggest financial transactions that many Americans undergo in their lifetimes. It is not something you just do. You need to get your ducks in a row. You absolutely have to prepare if you want to ensure your home-buying success. How do you prepare? You prepare by following these 4 simple steps that are guaranteed to make your home buying experience smoother. Get pre-approved Check Your Credit Scores Your credit scores ultimately play a key role in determining your mortgage rate, so…continue reading →

Existing Home Sales Numbers Rebound in September

The end of the summer buying season brought good news for the housing market. After weaker than expected numbers in August, existing home sales numbers rebounded nicely in September. Total existing–home sales, which are closed transactions that include single–family homes, townhomes and condominiums and, increased 4.7 percent to a seasonally adjusted annual rate of 5.55 million in September from a slightly downward revised 5.30 million in August, and are now 8.8 percent above a year ago (5.10 million). Get Pre-Approved The numbers continue the 12 consecutive months of gains that the housing market…continue reading →

The Best Month to Buy Your Next Home

Want a discount on your next home purchase? Now is the time to get pre-approved and start your home search if you want the best deal.  According to recently released data, along with real estate agents consensus, the best month to buy is right around the corner. RealtyTrac analyzed more than 32 million sales of single family homes and condos since 2000, and we found that the month where buyers have gotten the best deal on average is October. Of the 2.7 million sales closed in October over the last 15 years, the…continue reading →

August Housing Data Raises Eyebrows

Following three straight months of gains, existing–home sales dipped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, according to theNational Association of Realtors®. Total existing–home sales fell 4.8 percent to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. Despite last month's decline, sales have risen year–over–year for 11 consecutive months and are 6.2 percent above a year ago (5.00 million). Get Pre-Approved Lawrence Yun, NAR chief economist, says home sales in…continue reading →

Its One Of The Worst Times To Be A Renter

It’s not a great time to be a renter. In fact, it might be the worst time in 36 years. The median rent nationwide now takes up 30.2 percent of the median American income, the highest cost burden recorded since 1979. In the late 1980s and throughout the 1990s, the median American looking to lease a home could expect to spend a little less than a quarter of what she earned on rent. Last year at this time, the median cost burden for renters was 29.5 percent of income. For rent and utilities…continue reading →

How Greece and China Woes Will Affect Your Mortgage Rates?

Have you ever wondered how the number is derived that makes up your mortgage rate? Why is your mortgage rate 4.5%? 5.25%? 3%? Mortgage rates are born from bonds and the mortgage-backed securities (MBS) markets. Similar to corporate bonds and the stock market, mortgage-backed bonds trade actively every day. Pricing changes constantly. Rates change constantly. Your mortgage rate is a moving target until you lock it. Feeling lucky? Get A Live Mortgage Rate Quote Mortgage Backed Securities Market Movers So, if the mortgage backed securities market is actively traded, what moves the market?…continue reading →

First Time Home Buyers Heat Up Summer Buying Season

Homes are selling like its 2006 all over again. Contracts to buy home reaches 9-months high. Where the economic tides go so goes the the housing market typically. That is why continued strength in the US economy has led to continued strength in the housing market recently, especially with first-time homebuyers. The National Association of Realtors® (NAR) reported recently in their monthly numbers  that sales of existing homes in May were at the highest rate in nearly six years and April sales, originally reported down by more than 3 percent, weren't hit as…continue reading →

Mortgage Rates Continue To Climb – Now At Highest Level Since Oct, 2014

Mortgage backed securities (MBS) suffered one of the worst weeks in recent times. As a result, mortgage rates continued to climb higher. After the recent MBS sell off, rates are now at the highest level since October, 2014. However, they are still ~.0.25% lower than at the same time last year. MBS is a type of bond traded on Wall Street. It's daily yield impacts the mortgage rates. Just this past week, MBS lost a whopping 160 bps pushing the 30 Year Fixed rates over 4% for most borrowers. A quick look at…continue reading →

April Housing Data Show Robust Price Increase, Shorter Selling Time

Total existing-home sales, which are completed transactions that include single–family homes, townhomes, condominiums and co–ops, declined 3.3 percent to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March. Despite the monthly decline, sales have increased year–over–year for seven consecutive months and are still 6.1 percent above a year ago. The problem does not appear to be a sign of housing market weakness however. Lawrence Yun, NAR chief economist, says sales in April failed to keep pace with the robust gain seen in March. "April's…continue reading →

Mortgage Rates Jump Sharply – Reach Highest Level In 6 Weeks

Mortgage Rates climbed swiftly this week, reaching the highest point since March 17th, 2015. Mortgage rates are directly impacted by the trading of mortgage bonds on Wall Street. This week there has been rapid and deep movement to Bond Markets both in the US and Europe - like shaking a bottle of Coke before opening it. See the chart below for how mortgage bonds (Called Mortgage Backed Securities or MBS in short) have been doing for last week or so. A Red stick means MBS declined in price that day and a green…continue reading →