Real Estate and Events in Katy TX and Surrounding Communities

Posts tagged ‘mortgage’

Real Estate Market Conditions – Video Update 01/23/2012

See the Home Inspections section for information on hardwood floors and more…

Real Estate Market Conditions Video Update 01/23/2012

     Real Estate Outlook:  Housing at the Forefront of Concern
     City Report:  Beige Book
     Relying on an Agent
     Sell Your Home with Pictures
     Real Estate Outlook:  More Markets Show Measureable Improvement
     Mortgage Moment
     Home Inspections
     Buyers: Making the Right Choice
     Ready to Buy?
     How to Sidestep the Spread of Mortgage Fraud
     The Joys of Home Ownership
     Why Show / Why Buy Webcast

4 Steps to Minimize the Risk of Owning a Home

Tara-Nicholle Nelson, a Broker in San Francisco, is one of my favorite real estate/mortgage bloggers. Here is what her article in has to say about minimizing the risk in home ownership.

“Not so long ago, in a not-so-distant land, owning a home was thought of as the safest ‘investment’ around. Fast forward to the present day, and home ownership seems super scary to many people who can afford homes, and would like to own them, but are paralyzed by the fear of buying a lemon, or having a mortgage catastrophe.

Here are 4 simple steps to minimize the risk that you’ll become the main character in a homeownership horror story.

1. Stick with a fixed-rate mortgage. Recent data shows that adjustable rate mortgages, or ARMs, are increasingly popular, rising from 9 percent of the mortgage market in the fourth quarter of 2010 to 12 percent in the first quarter of this year. This might seem crazy to some, but in financially aggressive crowds, the lure of low, 3 percent#ish# interest rates on ARMs is enough to overcome any qualms. As well, today’s ARMs tend to have lower lifetime interest rate caps and require payment of principal, so they don’t adjust as violently as the subprime interest-only and option ARMs that contributed to the foreclosure crisis.”

Continue: 4 Steps to Minimize the Risk of Owning a Home: 

via Katy Real Estate and Events Blog.

Kelly’s View | FHA Homebuyer’s Costs Increase April 18th

FHA Homebuyer’s Costs Increase April 18

Read the full article:   via Kelly’s View | Blog on Mortgage News from Kelly’s Point of View.

‘Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points.

The change will add $250 to an FHA-insured homeowner’s annual loan costs per $100,000 borrowed, and applies to all borrower’s equally. Current FHA borrowers are unaffected.”

REALTOR® Magazine-Daily News-30-Year Rates Return to 5% Levels

30-Year Rates Return to 5% Levels

The 30-year fixed-rate mortgage inched above 5 percent this week, rising to its highest level since the last week in April 2010, and continuing its steady climb upward the last few weeks.

The 30-year rate averaged 5.05 percent this week, up from 4.81 percent the week prior, according to Freddie Mac’s weekly mortgage market survey. Last year at this time, 30-year rates averaged 4.97 percent.

Here’s how other rates fared for the week:

▪ 15-year fixed rates: averaging 4.29 percent this week, up from 4.08 percent last week.

▪ 5-year, adjustable-rate mortgage: averaging 3.92 percent this week, up slightly from 3.69 last week.

▪ 1-year, adjustable-rate mortgage: averaging 3.35 percent, up from 3.26 percent last week.

“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week,” says Frank Nothaft, Freddie Mac’s chief economist.

Meanwhile, earlier this week, the Mortgage Bankers Association announced a drop in the number of people applying for a mortgage as rates continued to rise.

MBA’s overall mortgage application index dropped 5.5 percent from last week. The refinance index fell 7.7 purchase from last week, and refis made up two-thirds of the mortgage activity last week–the lowest share since May 2010.

Source: “30-Year Fixed-Rate Mortgage Rates Rise to 5.05 Percent, Highest Level Since April 2010,” Freddie Mac (Feb. 10, 2011)and “Fewer People Applied for a Mortgage Last Week as Rates Increased on Better Economic Data,” Associated Press (Feb. 9, 2011)

via REALTOR® Magazine-Daily News-30-Year Rates Return to 5% Levels.

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