Mortgages MAX

This month single family new home sales fell for the first time since March. The annual pace of new homes sales was 402,000 sales per year, well below economist expectations for a pace of 440,000 annual new home sales. This is a 3.6% month over month decline. August new home sales data was also revised lower, from 429,000 to 417,000 sales per year.
New home supply was unchanged at 7.5 months. The median home sale price was 204,800, 9.1% lower from September 2008.
New home sales in the Northeast were unchanged, the Mid-West was 34% higher, the South experienced 10% less new home sales, and the West was 10.6% slower. Once again, only one geographical region experiences growth….(read more)

Original post by Adam Quinones

In an unlikely scenario last week, mortgage applications slipped despite current mortgage rates edging lower toward 5%. For the third consecutive week, mortgage applications fell, with a decline of 12.3% from the week prior for the week ending Friday, October 23, 2009.
Many industry experts believe the drop in mortgage application activity is due largely to the looming expiration of the $8,000 first-time homebuyer tax credit. The uncertain future surrounding the popular tax credit has left a void in purchase transactions. With little more than a month before the November 30 expiration, borrowers interested in purchasing their own home are hoping the federal government extends the tax credit into the first quarter of 2010, at least.
According to the Mortgage Bankers Association (MBA), in addition to the 5.2% decline in purchase applications, a surprising 16.2% decline in refinance applications was reported. Also reported by the MBA, current mortgage rates on the ever-popular [...]

Original post by Robert Hyder

The Nutmeg State is enjoying another round of historically low current mortgage rates. Connecticut, while not immune to the nationwide downturn in property values, has not experienced the dramatic rates of depreciation experienced in large portions of the rest of the country. In comparison to some marketplaces in CA and AZ where property values have been cut in half over the last 24 months, CT has seen values come down about 15%-18% on average. While certainly nothing to sneeze at, these numbers are not as catastrophic as others and reflect the continued strength of the CT marketplace on the whole.

How are current mortgage rates determined?
Current mortgage rates can vary from State to State based on several factors. The formula that lenders use to determine the value of loans from one State over another is so arcane and mysterious that I don’t think anyone can claim to be an expert on [...]

Original post by BillSchettler