New homes rose sharply in December, posting a 17.5 percent gain from the month prior. The Department of Housing and Urban Development claim that, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis. Last month’s reading is
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01/28/2011
The Federal Open Market Committee voted 10-to-0 to leave the Fed Funds Rate unchanged within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that since December’s meeting, economic growth is ongoing, but at a pace deemed “insufficient” to make a material impact on th
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01/27/2011
The Federal Open Market Committee begins a 2-day meeting today in Washington D.C. It's the group's first meeting of 2011 - one of 8 scheduled for the year. The Fed meets every 45 days, on average. Its last meeting was December 14, 2010. Rate shoppers and home buyers should make a note. Mortgage r
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01/25/2011
Mortgage markets worsened last week in a holiday-shortened trading week. As the body of U.S. economic data continues to show slow, steady improvement, Wall Street is becoming a net-seller of mortgage-backed bonds. As a result, conforming mortgages rates in California are rising. This is why confo
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01/24/2011
Existing Home Sales surged 12 percent last month, closing 2010′s housing market with strength. An “existing home” is a home that cannot be categorized as new construction; a resale. According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures cli
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01/21/2011
Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have "broken ground" in California and nationwide. They're
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01/20/2011
Keep Your Home California introduces new program for unemployed Unemployed California homeowners now can apply for up to $3,000 a month in mortgage assistance to tide them over for up to six months while looking for work. The Unemployed Mortgage Assistance Program (UMA) is the first of four pro
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01/19/2011
Consumers keep spending, the economy keeps growing. Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December's sales receipts were $1.5 billion higher from November. Analysts
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01/17/2011
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments. According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won’t pay off for 16,127 years. That’s one reason why it’s important to manage your credit card rates, an
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01/14/2011
For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan. Relative to fixed rate mortgages, current ARM pri
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01/12/2011
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