RECENT BLOG POSTS
Home builder confidence is holding firm this month, according to the National Association of Home Builders. The group's monthly Housing Market Index survey posted 16 for December. That's the same value as from November. It's also equal to this 2010's average HMI reading. HMI is scored on a scale ...
12/17/2010
Loan-level pricing adjustments are mandatory loan fees based on a borrower's specific default risk. First introduced in 2008, LLPAs were Fannie Mae's and Freddie Mac's logical response to massive balance sheet losses. At the time, the housing market was deteriorating and mortgage delinquencies we...
12/16/2010
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. In its press release, the FOMC noted that since November's meeting, the "economic recovery is continuing", but at a pace deemed too slow to make a materia...
12/15/2010
The Federal Open Market Committee holds a one-day meeting today, its 8th scheduled meeting of the year and 10th overall. The FOMC is part of the Federal Reserve, the government group that sets U.S. monetary policy. The Fed's primary policy-setting tool is an interest rate known as the Fed Funds R...
12/14/2010
Mortgage markets worsened last week as the U.S. economy showed additional signs of strength; and global demand for mortgage bonds slipped. Conforming mortgage rates rose in Illinois and around the country for the fifth straight week. It's a streak that's been marked by volatile pricing that's ren...
12/13/2010
Fannie Mae rolls out new mortgage guidelines Monday. Therefore, if you're in the process of applying for a conforming home loan, consider giving your complete application by the close of business Friday. All Fannie Mae applications taken on, or after, December 13, 2010, are subject to the changes...
12/10/2010
Last quarter, with home prices still relatively low and mortgage rates making new, all-time lows almost weekly, the cost of home ownership was extraordinarily low in Illinois and most U.S. markets. According to the National Association of Home Builders' quarterly Home Opportunity Index, 72.5 per...
12/09/2010
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Looking for an extra 2010 tax deduction? Consider making your January mortgage payment a few days early. It's a simple strategy that works because of how mortgage interest works. Unlike rent which is paid in advance at the start of a month, mortgage interest is only paid after it's been borrowed....
12/08/2010
The Pending Home Sales Index surged 10 percent in October as low mortgage rates and low home prices spurred Chicago buyers into action. A "pending home sale" is an existing home under contract to sell, but not yet closed. The Pending Home Sales Index is at its highest level since April 2010 -- th...
12/07/2010
Mortgage markets lost ground last week on growing optimism for the economy, a poor run for the dollar versus the euro, plus the lingering concerns that inflation will grip the U.S. long-term. Conforming mortgage rates in Illinois rose for the fourth week in a row, stymying rate shoppers and raisi...
12/06/2010
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Kevin Lanham
Chicagoland FHA Expert
Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!