Getting approved for a mortgage is about to harder. For the second time in less than 3 months, Fannie Mae announced changes to its mortgage guidelines. In its official announcement, Fannie Mae details the updates, meant to reduce the mortgage firm’s overall risk. The first major change is with respect to credit scoring.  All Fannie Mae loans [...]

The mortgage market resumed its winning streak last week after a 1-week hiatus.  Markets rallied into the weekend and mortgage rates eased lower overall. It’s the third week out of four that rates improved and, ironically, rates may have dropped last week because traders were watching the wrong metrics. With respect to housing, analysts found [...]

As reported by the National Association of REALTORS©, the number of Existing Home Sales dipped last month, ending the metric’s 5-month winning streak. Newspaper headlines today are overwhelmingly negative on housing. You’d almost believe this year’s housing recovery had ended. That’s hardly the case. See, the other side of the Existing Home Sales story is that — while the [...]

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. It also reiterated plans to support the mortgage market to the tune of $1.5 trillion. In its press release, the FOMC noted that the U.S. economy is “picking up following its severe downturn” and that financial markets [...]

As reported by the government, home prices are rising nationwide, up 0.3 percent in July. Furthermore, versus November 2008, the Home Price Index has clawed back to unchanged. The housing market appears to be holding its own. However, we have to be careful about putting our full faith in the Federal Housing Finance Agency’s data.  It’s somewhat flawed. The Home Price [...]

The Federal Open Market Committee starts a 2-day meeting today in Washington. The scheduled get-together ends at 2:15 PM ET Wednesday after which the FOMC will issue a press release to the markets. Consider locking your mortgage in advance of the press release. The FOMC meets 8 times annually and its adjournments are among the biggest [...]

After improving in the two prior weeks, mortgage markets finished last week unchanged overall. Mortgage rates were down early in the week but managed to give up all of their gains late-Friday afternoon.  It’s the same volatility variety we’ve seen in most weeks this year. Markets moved on to both positive- and negative-type news last week.  [...]

    Surmise Mary and I began searching for a play place for Brianna about 3-4 weeks ago.  My Little Gym was the first place we went, mainly because of its convenient location.  Just like you wouldn’t buy the first home you see when looking for Lake Mary real estate, we were not ready to [...]

Housing Starts on single-family homes took a step backwards last month, falling month-over-month for the first time since January. A “housing start” is new home on which construction has started. Don’t let the slowdown fool you, however – the housing market’s recovery is still very much underway. Sales volume is up in most cities Home values are up in [...]

According to home builders around the country, the housing market is looking good. Each month, the National Association of Home Builders releases its Housing Market Index report, a survey meant to “take the pulse of the single-family housing market”. Respondents report on three facets of their business, each series weighted and averaged: How are market [...]