Earlier this morning, the Labor Department  U.S. unemployment rate fell for the fifth straight month in January, moving down to 8.3%, the lowest level since February 2009. 243,000 jobs were added to the economy during the last month as well. The market was surprised by these numbers, which were much more healthy than expected. Expectations were [...]

During the State of the Union Address a few weeks ago, President Obama announced plans for a new refinancing plan to help Americans, today he announced a series of proposals to make those plans a reality. What Does The Plan Do? The goal of the program is to help borrowers that are current on their [...]

The NAR’s Pending Home Sales Index (PHSI) is showing yet another sign of strength in the housing market. Recent data is showing that pending sales (home sales with a signed contract but have not closed) reached the highest level in 19 months during November. The index showed that contract signings increased 7.3 percent to 100.1 in November. [...]

Mortgage rates improved yet again last week, yet again hitting and ending near all time historic lows. Last week was marked the FOMC meeting and their announcement that they would be continuing their projection of  ”exceptionally low rates” beyond 2013 into 2014. The market reacted and mortgage rates went lower. Events Affecting Mortgage Rates This [...]

The FOMC (Federal Open Market Committee) or sometimes referred to as the “Fed”, concluded its two day meeting today. In a press release,  the FOMC announced it’s thoughts on the state of the economy today and moving forward in addition to its plans for future monetary policy. The equities and bond markets pay close attention to [...]

Last week mortgage rates again hit all time historic lows. There were also signs of an improvement in housing and the economy as a whole based on some of the Economic data that was released. The markets have opened up this week with mortgage rates close to the all time historic lows of last week. [...]

The Commerce Department released December’s Housing Starts data this week. A housing start is the beginning of a new home build (breaking ground). The data showed that new construction starts for single family homes increased 4.4% over November starts. The chart below also provides clarity in the upward trend in housing starts, a good sign [...]

This week is a shortened week due to the Martin Luther King holiday being observed today. Last week saw the market hit, yet again, all time historic lows on mortgage rates. Every time we think we’ve hit the bottom, mortgage rates set a new low. Not the worst problem to have! There are some important [...]

Once again we’re seeing mortgage rates close near all time historical lows. Again? We may sound like a broken record, but Eurozone debt issues continue to weigh on the markets, pushing mortgage rates lower. This means that there is still an opportunity to refinance or purchase a home with a mortgage that will cost you [...]

This week is starting off slow with little economic data being released. Two major data releases may impact mortgage rates this week with Beige Book data (relied upon by Fed during their meetings) being released on Wednesday and Retail Sales being released on Thursday. Some Fed members are speaking as well and the market is [...]