News 

This is how much bad credit affects your mortgage

“Borrowers who come to the table with lower credit scores can find that their mortgage loan costs more because of their bad credit scores” writes Scott Sheldon for marketwatch.com. A loan costs someone with a bad credit score more because of higher interest rates and the resulting higher monthly mortgage payments imposed on those with less-than-perfect credit.Generally, a good financial rule of thumb is to keep your credit card balances at no more than 30% of the credit limits per credit card—this is also known as your credit utilization ratio which…

Read More
News 

Mortgage rates skid to lowest level in a year

“Mortgage rates skidded last week to the lowest level in a year” writes D C for marketwatch.com. Freddie Mac said the 30-year benchmark mortgage rate fell 10 basis points to 4.31% in the week ending March 14.The 15-year fixed rate fell to 3.76% from 3.83%, while the 5-year hybrid adjustable rate mortgage fell to 3.84% from 3.87%. “Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,” said Sam Khater, chief…

Read More
News 

Manhattan DA Indicts Manafort on Mortgage Fraud Charges

“While the president could spare Manafort from his federal charges, he does not have the authority to issue pardons in state cases” reports thehill.com. The indictment was announced within minutes of Manafort’s sentencing at a Washington, D.C., courthouse on conspiracy charges that he pleaded guilty to as part of a deal with federal prosecutors. Source: thehill.com

Read More
News 

Ex-Trump aide Manafort charged with mortgage fraud in New York

“The indictment may be a bid to guard against the possibility of a Trump pardon for Manafort” writes Midwest Communications Inc for 95kqds.com. NEW YORK/WASHINGTON (Reuters) – Paul Manafort, the former campaign chairman for U.S. President Donald Trump, has been indicted in New York on residential mortgage fraud and other charges, as state lawmakers move to insulate the case from a possible presidential pardon.He said Manafort’s state crimes “strike at the heart of New York’s sovereign interests, including the integrity of our residential mortgage market.”.  Source: 95kqds.com

Read More
News 

Mortgage rates rise, snapping a four-week streak of declines

“The 30-year fixed-rate mortgage averaged 4.41% in the March 7 week, mortgage guarantor Freddie Mac said Thursday” writes Andrea Riquier for marketwatch.com. See also: Here’s what mortgage rates will do next year, from the people who usually get it wrong. Over that period, the 30-year fixed-rate mortgage averaged 4.83%, and housing finance professionals started to grow nervous about a “5-handle” on home loans.The 15-year adjustable-rate mortgage averaged 3.83%, also up six basis points.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.87%, up from 3.84%. Source: marketwatch.com

Read More
News 

Homeowners in expensive US cities should be some of the first to notice how Trump’s tax reform affects this year’s filing

“When deciding whether to take the standard deduction or itemize, taxpayers choose the higher of the two amounts for obvious reasons” writes Holly Johnson for businessinsider.com. A homeowner can deduct interest from their HELOC or home equity loan only if they use the proceeds to make substantial improvements to their property.Taxpayers can either take the standard deduction or add up itemized deductions (like mortgage interest, student-loan interest, property taxes, and charitable contributions) and use that number instead.Homeowners will probably be some of the first filers to notice the change to…

Read More
News 

Weekly mortgage applications fall, but hint at who is buying homes today

“A slight rise in interest rates caused a pullback in mortgage demand last week” writes Brown Afp for cnbc.com. Interest rates are almost exactly the same now as they were a year ago, so there is not a huge incentive for borrowers to refinance. Those who might want to pull cash out of their homes are more likely to take out a second loan, rather than lose that rock-bottom rate on their primary mortgage. Source: cnbc.com

Read More
News 

Where mortgage payments take the smallest bite out of people’s bank accounts

“Moreover, while affordability has worsened in recent years, homeowners today are still devoting less of their income to housing payments than they had to back in the 1980s and 1990s” writes Jacob Passy for marketwatch.com. Renters, meanwhile, are doling out a larger chunk of their income toward housing (27.7%) than their peers who own their homes.Housing affordability worsened last year due to a combination of rising mortgage rates and increasing home prices. Renters in San Jose, Calif., had the most money left over after paying the rent, followed by Washington.So…

Read More
News 

Home prices could be on the verge of heating up again, according to a new report

“Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago” writes Diana Olick for cnbc.com. With interest rates at this level, we expect a solid homebuying season this spring.”. Interest rates are not as low as they were following the recession, but they have pulled back enough to entice buyers again.Higher interest rates were the tipping point for buyers.Home prices in January rose at the slowest pace in nearly seven years, but buyers shouldn’t feel too confident just yet. Source:…

Read More
Markets News 

The housing market is not dead: Banks post surprise rise in mortgage offers

“Enthusiastic homebuyers showed there is still life in the housing market, with fresh figures showing an increase in the number of mortgage approvals from the start of the year” writes Tim Wallace for telegraph.co.uk. Almost 67,000 mortgages were given out to buyers in January, an unexpected rise of more than 2,000 compared with December’s figure.It is down a touch on January 2018’s number, but indicates the housing market may not be as weak as feared.By value this amounts to £12.6bn of mortgage approvals, according to Bank of England data, the…

Read More