Janet Yellen, the Chair of the Federal Reserve System, took a cautious stance regarding the Fed’s likelihood of raising interest rates in the near future. It appears that fears that the Fed would increase rates were unplaced, and rates that rose in anticipation of this action have fallen. Interest rates on loans tend to be based on the federal funds
According to the results of the Mortgage Lender Sentiment Survey for the first quarter of 2015, lenders anticipate both increased profits and demand. The survey, which was completed by Fannie Mae and Penn Schoen Berland, indicates that a combination of changing credit standards and an improving economy have led lenders to believe that there will be an increase in demand
Although there’s no question that when the housing bubble burst it had the effect of both lowering the value of houses and restricting access to credit, there have been huge inroads made in restoring both the market and the ability for people to obtain mortgages. Despite significant gains, the perception of many is that the housing market is still in
Recently, two important alterations were made to government funding so that credit availability would improve. These changes included Fannie Mae and Freddie Mac’s new 3 percent down payment loans and the FHA’s reduction of fees. Expert mortgage lenders agree these offer a boost to the slumped housing market. Back in November, the FHFA responsible for overseeing Freddie Mac and Fannie
According to the federal jobs report from January, job additions continued, but it isn’t the only sign of the continuing recovery; many homeowners who lost value in their homes during the Great Recession are now seeing their equity restored. NerdWallet used data from Zillow to figure out which cities saw the largest increases in home value since 2009, and they
When most people are in the process of making a major purchase, it’s likely that they will shop around in order to educate themselves about available options and to look for the best price available. However, this trend does not seem to carry over to looking around for the best mortgage, even though it goes hand in hand with one of
A recent survey commissioned by Bankrate demonstrates that a solid number of people have moved past the problems seen in the housing market in 2007. However, survey results also indicate that many individuals are not aware of how much interest rates affect their housing costs. Over a quarter of respondents said that mortgage rates would need to hit 10 percent
For most homeowners, a mortgage is their biggest monthly expense. Yet according to a recent survey by Bankrate.com, 35 percent of 1,000 adults sampled could not readily identify their mortgage interest rate. The good part is that most borrowers do know their general range, with approximately a half- to quarter-percentage point variance. Those who took their loans out within the
Buying a house is a major event and one of life’s most important purchases. In order to be successful in the home buying process, serious buyers must demonstrate stable financial standing. Here are steps to help you accomplish that. Track Expenses You must comprehend exactly how much money you spend and save each month. It is vital to have adequate savings
After the recent housing crisis, you may be feeling wary about homeownership. However, with rents on the rise and the housing market on the rebound, now may be the perfect time to consider buying a home. A home purchase gives you the opportunity to: Transform your space Earn equity Pay a fixed amount Decrease your tax bill Transform your Space
