Mortgage Rates Continue to Rise

Mortgage rates are continuing to move higher this week. We’ve now seen them rise for two consecutive weeks in the Freddie Mac PMMS. The consensus is for them to continue rising for the foreseeable future. Read on for more details. Where are mortgage rates going?                     … View Article

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Have We Seen The End of Record Low Rates?

While it might not seem like the sort of thing mortgage rates should care about, the senate run-off election in Georgia was by far and away this week’s most important event. This wasn’t a surprise either. In fact, interest rates have been bracing for this potential impact since the inconclusive results in early November. But why do rates care about politics? Actually, they don’t! Not too much, anyway. Rates care about the prices and yields of certain bonds in the bond market above all else. Bond prices can take a variety of cues, but the most basic and most objective input is that of supply and demand. Supply and demand can be influenced by several underlying factors. For instance, the Fed currently buys more than $100 billion in bonds each month. That has a huge impact on the demand side of

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Pandemic Took a Bigger Bite Out of Upbeat Housing Attitudes in December

Posted To: MND NewsWire

That the pandemic is worse today than it was last spring appears to be finally dawning on a lot of consumers and the Home Purchase Sentiment Index (HPSI) for December reflects it. Fannie Mae says its index, based on six questions from its monthly National Housing Survey, dropped 6.0 points to 74.0. Five of the components moved lower and the sixth was unchanged from the prior month. It was the second month in a row that the index declined, and it is now 17.7 points lower than one year ago. Positive responses dropped for the question of whether it is currently a good time to buy a home. Fifty-two percent of respondents said it was, down from 57 percent in November, while the percentage who say it is a bad time increased from 35 percent to 39 percent. As a result, the net share of Americans who…(read more)

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Mortgage Borrowers Should Know Their Rates

Not knowing your mortgage rate can be an expensive mistake, especially in this rising interest rate market.

Yet nearly three-in-10 mortgage borrowers (29 percent) either didn’t know their mortgage rate or wouldn’t say, according to a survey by Bankrate.

This is a big problem, says Martin Choy, operations manager at Westwood Mortgage in Seattle.

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