30 Year Home Mortgage Rates Update

November 23, 2009 by admin · 5 Comments 

Rates for 30-year home mortgages approached the all-time low of 4.78 percent again last week, falling to 4.83 percent from an average of 4.91 percent a week ago. The 15-year rate did reach a new bottom, dipping from 4.40 percent to 4.32 percent – the lowest level since Freddie Mac began tracking rates in 1991. [...]

Freddie Mac CFO Dead; Suicide Suspected

April 22, 2009 by admin · 2 Comments 

This is not the type of news that I like to report on my blog, but the rampant rumors about Freddie Mac’s solvency coupled with some wild speculation about the many plausible reasons for this act has compelled me to post this story. According to the New York Times: “David B. Kellermann, the acting chief [...]

Fannie Mae Makes it Harder for Condo Buyers

March 24, 2009 by admin · 6 Comments 

This article entitled “Fannie Mae adds restrictions for backing condo mortgages : WSJ – Update” appeared in the RTTNews on March the 18th, 2009. The staff writer wrote: “Government backed mortgage finance company Fannie Mae (FNM) has enforced stricter guidelines for obtaining condominium mortgages, effective March 1, the Wall Street Journal reported Wednesday. The restrictions [...]

To Refinance or Not to Refinance, That is the Question

March 9, 2009 by admin · 2 Comments 

Low mortgage rates are expected to continue…at least according to the Washington Post and the Mortgage Bankers Association. Although there have been, and will continue to be, variations from week to week, experts predict rates will remain low for a while, but won’t go very much lower. A boost in refinancing demand usually pushes interest [...]

Fannie Mae Releases New Short Sale Guidelines

March 3, 2009 by admin · Leave a Comment 

Fannie Mae just released new guidelines – effective March 1, 2009 – affecting short sales. These changes are very much welcomed by any Realtor who has been pressured to reduce his/her commission on a short sale:   “Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers Effective March 1, 2009, closing of pre-foreclosure sales may [...]

You Can’t Blame Bush for the Economy

March 1, 2009 by admin · 13 Comments 

I normally write a very straight forward, non-opinionated blog, but today I digress. I simply cannot take hearing one more person blaming the Bush administration for today’s current economic recession. Yes, the Bush administration did contribute, but the whole chain of events was set in motion by the Clinton administration. In fact, I can tell [...]

Mortgage Rates Absolutely Plunge

November 26, 2008 by admin · 1 Comment 

In what was the largest 1 day drop in more than seven years, the average mortgage rate for a 30-year fixed mortgage fell to about 5.50% last night after starting the day at 6.38%. According to Bloomberg.com: “The central bank pledged to purchase up to $500 billion in so-called agency debt as well as up [...]

Fannie Mae and Freddic Mac Suspend Foreclosures

November 25, 2008 by admin · 1 Comment 

Well, here’s some semi-encouraging news for those who are close to eviction:   “The two mortgage giants (Fannie Mae and Freddic Mac) have issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family [...]

Some Believe That National Real Estate Market Rebounding

October 25, 2008 by admin · Leave a Comment 

Nationally, existing-home sales increased in September, as buyers responded to improved housing affordability conditions, according to the National Association of REALTORS (NAR). NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time [...]

National Home Sales are Flat

September 14, 2008 by admin · Leave a Comment 

The level of home sales is expected to show little movement in the months ahead, according to the latest projections. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2% to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8% from May. The July [...]

Nashville Mortgage Rates Move Lower

September 9, 2008 by admin · Leave a Comment 

The 30-year fixed mortgage rate declined for the third consecutive week to 6.35% during the week ended September 4 from 6.40% the prior week, according to Freddie Mac. The 15-year fixed mortgage rate slipped to 5.90% from 5.93% over the same period. Meanwhile, the five-year adjustable mortgage rate dropped to 5.97% from 6.03%; and the [...]

U.S. Seizes Control of Freddie & Fannie

September 8, 2008 by admin · Leave a Comment 

The federal bailout of Fannie Mae and Freddie Mac involves putting the companies under conservatorship and placing the Federal Housing Finance Agency in charge of their operations and appointment of senior managers. The government has dismissed Fannie Mae and Freddie Mac’s CEOs – who will, however, assist in the transition – and will provide capital, [...]