Markets News 

US mortgage rates fell this week, boosting housing market

“Mortgage giant Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage fell to 3.66% this week from 3.75% last week” writes The Associated Press for seattletimes.com. WASHINGTON (AP) — U.S. mortgage rates turned down this week, lowering the cost of purchasing a home and supporting the housing market. Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures. Source: seattletimes.com

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Mortgage rates continue to seesaw — and this week they fell

“From an affordability perspective, though, low mortgage rates are something of a double-edged sword for home buyers” writes Jacob Passy for marketwatch.com. Mortgage rates roughly track the direction of the 10-year Treasury note TMUBMUSD10Y, +1.92%  the yield on which has fallen slightly over the past week.The 30-year fixed-rate mortgage averaged 3.66% for the week ending Nov. 21, down nine basis points from the previous week, Freddie Mac FMCC, +2.96%  reported Thursday.Yet again mortgage rates have fallen on a weekly basis, providing people with another chance to lock in low financing…

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In 2020, home sales to rise but refinancing to dip, mortgage bankers say

“The total volume of mortgage loan originations in 2019 is predicted to be about $2.06 trillion by the end of 2020” writes Michele Lerner for washingtonpost.com. Fratantoni said he believes continued low mortgage rates and millennial buyer demand will lead to the slight increase in purchase activity next year.If the answer is “no,” homeowners can sign up for monthly updates that tell them if the answer is different because mortgage rates have changed.The calculator requires a few simple inputs about the homeowners’ current loan and estimates the net cost or…

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Markets News 

US housing starts climbed 3.8% in October

“The Commerce Department said Tuesday that housing starts reached a seasonally adjusted annual rate of 1.31 million” writes The Associated Press for seattletimes.com. Lower mortgage rates and a healthy job market have aided the housing market in recent months, yet housing starts are still down 0.6% year-to-date as a shortage of land and high construction costs have limited building. Source: seattletimes.com

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U.S. housing outlook improves but not breaking new ground: Reuters poll

“The U.S. housing market continues to struggle from a dearth of properties for sale but may get some benefit from increased construction of single-family homes” writes Midwest Communications Inc for 95kqds.com. The 30-year fixed mortgage rate hit a near nine-year high of over 5.0% last November but has since dropped to around 4.0%.However, nearly 60% of 32 analysts who answered an additional question predicted U.S. housing market activity would rebound over the coming 12 months.”Demand for housing is going to be strong, but it’s still going to be a supply…

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Are traditional IRA withdrawals taxable for mortgage payments?

“Q. Are withdrawals from a traditional IRA taxable when used to pay off a mortgage?” writes Karin Price Mueller for nj.com. Every dollar you take as a distribution from your IRA is 100 percent taxable at your tax rate, said Altair Gobo, a certified financial planner with U.S. Financial Services in Fairfield.He said if you wanted to pay off your mortgage with IRA money, you would have to calculate the amount you need to withdraw to cover the mortgage and the tax bill.How much tax you will pay depends upon…

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Markets News 

This home mortgage disaster is ready to punish housing markets

“In a MarketWatch column last March, I discussed the serious threat that cash-out refinances (cash-out refis) pose for major U.S. housing markets” writes Keith Jurow for marketwatch.com. Because of the terrible experience with cash-out refis during the bubble collapse, the FHA decided to lower the loan-to-value (LTV) cap for cash-out refis to 80% from 85%. Source: marketwatch.com

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Markets News Regulators 

Here are 5 things to know about the surge in Fed mortgage bond buying

“Here are five things to know about the near $30 billion of mortgage bonds that the Fed has set out to buy since late May” writes Markets Reporter for marketwatch.com. Why does it buy mortgage bonds?. The Federal Reserve has dramatically picked up the pace of its mortgage bond purchases in recent months, with this week alone seeing the central bank snap up $1.8 billion.Anything above that $20 billion rolling does gets reinvested back into mortgage bonds, again to manage an orderly exit of its massive holdings.Not on the mortgage…

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I’m a disabled American living in poverty, and buying my house gives me 2 things: stability and a home

“From the very start, buying my house was a near-impossible feat, and much of it was a matter of luck and good timing” writes Charis Hill for businessinsider.com. From here forward, having this house means I have stability and a true home.Countless people told me it wouldn’t be possible for me to qualify for a mortgage loan on disability income. Source: businessinsider.com

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