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The Markets

Rates on home loans rose again in the past week. For the week ending February 15, Freddie Mac announced that 30-year fixed rates increased to 4.38% from 4.32% the week before. The average for 15-year loans rose to 3.84% and the average for five-year adjustables climbed to 3.63%. A year ago, 30-year fixed rates averaged 4.15%, higher than today's level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- "Wednesday's Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January ...

February 20th, 2018 The Markets

The Markets

The Markets Rates on home loans continued to increase in the past week. For the week ending February 1, Freddie Mac announced that 30-year fixed rates increased to 4.22% from 4.15% the week before. The average for 15-year loans rose to 3.68% and the average for five-year adjustables climbed slightly to 3.53%. A year ago, 30-year fixed rates averaged 4.22%, virtually the same as today's level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- "The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expect...

February 9th, 2018 The Markets

FHA Hikes Loan Limits

As was the case recently for conventional conforming loan amounts, loan limits on forward and reverse mortgages insured by the Federal Housing Administration have been boosted for next year. FHA floor loan limits are determined based on 65 percent of conforming limits on residential loans that are acquired by Fannie Mae and Freddie Mac. Late last month, the regulator and conservator of Fannie and Freddie, the Federal Housing Finance Agency, reported that the 2018 conforming limit has been set at $453,100. On Thursday, the Department of Housing and Urban Development issued a letter indicat...

December 21st, 2017 FHA Hikes Loan Limits

New Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) announced the maximum conforming loan limits for home loans to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. According to FHFA's seasonally adjusted, expanded-data HPI, housing prices increased 6.8 percent,...

December 6th, 2017 New Conforming Loan Limits

Moving to The Suburbs

Homeowners who earn a high income are showing a preference for the suburbs—and even the far-out “exurbs”—over downtown living. A Census Bureau analysis of the 53 largest U.S. metros shows that only 3 percent of homeowners employed full-time who make more than $75,000 annually live downtown, while 11.4 percent live in inner-ring neighborhoods. But 14 percent live in the exurbs, and 71.5 percent are in the suburbs. In 2015, a $75,000 salary represented the 77th percentile of incomes nationwide, according to Chapman University researcher Erika Nicole Orejola.She found that...

November 22nd, 2017 Moving to The Suburbs

Happy Thanksgiving

Every year it seems like the months go by more quickly than before. Here we are wishing everyone a happy Thanksgiving already. Where did the summer go? Though the year passed quickly, there is plenty for us to give thanks for. This has been another year of economic growth and another year of positive stock growth. We have witnessed over eight years without a recession, and even though growth has not been robust, the total results of economic, stock price and house price growth has been impressive.Speaking of which, many are starting to ask this question -- how long can housing prices keep risi...

November 22nd, 2017 Happy Thanksgiving

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