The interest rates on mortgage loans have been moving in a downward direction for the past few years. Recently, the rates even fell below the five percent mark, coming in at about 4.92 percent on average for a 30-year fixed rate loan. This leaves many financial experts and consumers alike wondering if the interest rates […]
Housing Affordability Remains Very High
Low home prices and mortgage rates combined to bring housing affordability to its second-highest level ever, according to a new report from the National Association of Home Builders. For the third quarter of the year, the association’s Housing Opportunity Index rose to 72.1, indicating the percentage of homes sold that were affordable for those earning […]
Top 5 Barriers to Buying a Home
Buying a home is worlds away from just a few years ago. In 2000, approval rates were around 90 percent. Today, the home loan approval rating has fallen to a mere 30-40 percent. While decreased access to credit is a by-product of the recession (largely caused by lax lending and the ensuing defaults) and the […]
Could We See 0% Mortgage Rates?
Imagine financing a home purchase with a no-interest mortgage. You’d probably never want to move again. Granted, it’s doubtful you’ll ever have that luxury. But if rates continue to drop, as some in the mortgage industry suggest they may — especially after the Federal Reserve’s recent statement that it was prepared for more extraordinary measures […]
Housing Affordability The Highest in More Than 40 Years
With interest rates continuing to decline to new record lows and home prices being down in most places around the country, a new report from Beacon Economics finds that buying a home is more affordable than it has been in roughly two generations. Using median incomes and home prices, the company said that an average […]
Credit Unions: 5 Reasons to Join One
Credit unions offer many advantages when compared to a traditional bank. Here are 5 good reasons to look at one today: Do you still bank at regular banks, or have you joined a credit union? We’d love to know which banking category you fall into. Leave us your thoughts and comments at the “comment” link […]
Buying a Home is More Affordable Now
Families that have steered cleared of the housing market may want to reconsider their decision to rent instead of own. A new report from the federal government indicates that U.S. homes are the most affordable they have been in 10 years. The Obama administration’s Housing Scorecard found that a combination of record low interest rates […]
Closing Costs: 4 Ways to Save
The interest rate on your home loan isn’t the only thing you need to be concerned with. It pays to negotiate on all your home loan terms. Closing costs for a home average 3% of the purchase price, and could go as high as 6% in higher-tax areas. Plus, you still have to come up […]
Getting a Mortgage: Tougher Than It Used to Be
Getting a Mortgage: Tougher Than It Used to Be Freddie Mac VP Patricia McClung on what is needed in this economy for potential home buyers to get a mortgage. Have questions or comments about today’s tougher standards for getting a mortgage? Use the comment link below to contact us.
Where Should You Put Your Money?
Where Should You Put Your Money? With things being so shaky in the real estate and stock markets, where should you put your money? Money Editor Stacy Johnson has some predictions… Comments about Stacy’s predictions? Just use the comment link below and tell us what YOU think. We’d love to hear from you.