Mack's Blog

Long-term mortgage rates bumped up slightly this past
week, but
they remain near record lows. Freddie Mac reported that average
interest on a 30-year fixed loan was 5.14
percent, up from 5.12 percent a week ago. Rates for
15-year home loans, meanwhile, rose to 4.58 percent from 4.56
percent last week.
[SOURCES: Freddie Mac; Information, Inc.]

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.22 percent during the week ended Aug. 6 from 5.25 percent the prior week. Over the same period, the 15-year fixed-mortgage rate slipped to 4.63 percent from 4.69 percent. As for adjustable-mortgage rates, the five-year fell to 4.73 percent from 4.75 percent, and [...]

Earlier this year, Congress passed the American Recovery and Reinvestment Tax Act of 2009 (”2009 Tax Act”). In division B, Title I, Section 1006, there is a provision for a First Time Homebuyer Tax Credit (Form 5405) up to $8,000 or 10% of the purchase price. This act provides for an exception for principal residences [...]

The National Association of REALTORS says over 50 percent of March’s home sales were tied to first-time buyers, many of whom snapped up foreclosed homes and other distressed properties. Experts believe getting first-time buyers off the sidelines to take advantage of historically low interest rates and federal tax credits will reduce the glut of homes [...]

Realogy CEO Richard A. Smith was a featured speaker at the prestigious Milken Institute 2009 Global Conference on April 28 as part of a lively panel titled “Jump-Starting the Housing Market.” During the hour-long panel discussion, Smith stated that while the Obama administration has focused on the foreclosure issue, the solution to the problem is [...]

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended April 16 from 4.87 percent the prior week, while interest on 15-year fixed loans fell to an average of 4.48 percent from 4.54 percent. The five-year hybrid adjustable mortgage rate slipped to 4.88 percent from 4.93 percent, [...]

From NAR’s Research Division this past week:
*** BEGIN QUOTE ***
Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of REALTORS. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading [...]

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Freddie Mac reports a jump in the 30-year fixed mortgage rate to 4.87 percent during the week ended April 9 from record lows posted during the last couple of weeks. The 15-year fixed mortgage rate climbed to 4.54 percent from 4.52 percent. Meanwhile, the five-year hybrid adjustable rate bumped up to 4.93 percent from [...]

With the Federal Reserve planning to purchase another $750 billion in mortgage-backed securities and up to $300 million in Treasuries, Freddie Mac reports a drop in long-term mortgage rates. The average interest on a 30-year loan fell to a 38-YEAR LOW OF 4.85 PERCENT during the week ended March 26 from 4.98 percent the prior [...]