Rising Rates Could Get Buyers Moving
Ironically, it could be rising interest rates that finally push home buyers off the fence and into the market.
While Congress is debating the tax-cut compromise, the financial markets have interpreted the proposal as a development that will likely push mortgage interest rates higher than they have been for months.
Analysts are predicting that buyers will move quickly when it looks like rates are going up and are unlikely to come down. "Once people see this might actually be the bottom, they’ll go for it," says Paul Dales of Capital Economics.
The average rate for a 30-year fixed loan increased to 4.61 percent in the week ended Thursday, Dec. 9, from 4.46 percent the previous week. The average 15-year rate rose to 3.96 percent from 3.81 percent.
Source: Fortune, Nin-Hai Tseng (12/10/2010)
Friday, December 17, 2010
Friday, December 10, 2010
The Grinch is busy again and Realtors are battling for you ....
Real Estate Professionals Reiterate MID Concerns
REALTORS® are making calls to their U.S. senators to issue another caution about curbing the mortgage interest deduction and making other changes that could hurt home ownership.
Although President Obama’s bipartisan deficit reduction commission last week didn't receive the 14 votes it needed among the 18 commission members to automatically have its recommendations considered in Congress, some parts of the plan are expected to be included in the administration's budget request next year. That would put parts of the report on the table for consideration.
Among other things, the plan would change MID into a credit, eliminate the deduction for second homes and home equity loans, and could change other tax laws that reflect the country's historical support of home ownership and the stable communities that come with ownership.
Among the concerns by REALTORS® is that the negative impact on housing markets of MID and other changes could hurt the already weak condition of the country's job market.
Last week, U.S. House members received some 20,000 phone calls from REALTORS® to remind them of the country’s historical support of home ownership and its centrality to the American Dream.
NAR has made information on why home ownership matters available on its website at its home ownership matters page.
REALTORS® are making calls to their U.S. senators to issue another caution about curbing the mortgage interest deduction and making other changes that could hurt home ownership.
Although President Obama’s bipartisan deficit reduction commission last week didn't receive the 14 votes it needed among the 18 commission members to automatically have its recommendations considered in Congress, some parts of the plan are expected to be included in the administration's budget request next year. That would put parts of the report on the table for consideration.
Among other things, the plan would change MID into a credit, eliminate the deduction for second homes and home equity loans, and could change other tax laws that reflect the country's historical support of home ownership and the stable communities that come with ownership.
Among the concerns by REALTORS® is that the negative impact on housing markets of MID and other changes could hurt the already weak condition of the country's job market.
Last week, U.S. House members received some 20,000 phone calls from REALTORS® to remind them of the country’s historical support of home ownership and its centrality to the American Dream.
NAR has made information on why home ownership matters available on its website at its home ownership matters page.
Mortgage rates rise to 6 month high and haven't stopped ....
Mortgage Rates Jump to 6-Month High
Mortgage rates rose for a fourth-straight week to reach a six-month high as yields on government bonds continue to rise. The average interest on a 30-year fixed loan hit 4.61 percent, up from 4.46 percent a week ago, Freddie Mac reported.
Also, 15-year fixed loans averaged 3.96 percent, up from 3.81 percent last week; and rates for variable adjustable-rate mortgages floated higher as well.
Source: Los Angeles Times
Mortgage rates rose for a fourth-straight week to reach a six-month high as yields on government bonds continue to rise. The average interest on a 30-year fixed loan hit 4.61 percent, up from 4.46 percent a week ago, Freddie Mac reported.
Also, 15-year fixed loans averaged 3.96 percent, up from 3.81 percent last week; and rates for variable adjustable-rate mortgages floated higher as well.
Source: Los Angeles Times
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