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Optimism Builds in Housing Market
Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode.
Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market.
Here are a few of the signs that are showing the market moving in a more positive direction:
Read more at Optimism Builds in Housing Market.
Qualifying for the Best Mortgage Rate
Many borrowers are finding that the record-low mortgage rates advertised recently are out of reach. So how can borrowers snag these best rates — which for the 30-year fixed-rate mortgage alone has been under 4 percent recently? Basically, they need to prove to lenders they are less risk: Lenders offer the best rates to those who they perceive as low-risk borrowers.
Here are ways for consumers to show lenders that they are low-risk borrowers, according to a recent article at The New York Times:
Read more at Qualifying for the Best Mortgage Rate.
Mortgage Rates Fall to New Lows
WASHINGTON – Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes.
Freddie Mac says the average rate on 30-year fixed mortgages fell to 3.89% this week. That’s below the previous record of 3.91% three weeks ago.
Read more at Mortgage rates fall to new lows.
Rental History: More Important in Getting a Mortgage?
Borrowers who have a history of paying rent on time may see a boost to their credit score.
Experian, a leading credit report company, added a section to its credit reports last year that reflected on-time rent payments, which helped give a boost in the credit scores to some on-time rent payers. Now the two other major credit reporting companies are following suit.
Read more at Rental History: More Important in Getting a Mortgage?
Mortgage Rates Match Record Lows This Week
With signs of an improving housing market, mortgage rates took another dip this week, matching at or near the all-time record lows, Freddie Mac reports in its weekly mortgage market survey.
For the fifth consecutive week, 30-year fixed-rate mortgages have averaged below 4 percent, which was unheard of until a few months ago.
Read more at Mortgage Rates Match Record Lows This Week.
Freddie Cuts Some Refi Credit Score Requirements
Freddie Mac eliminated the minimum credit score requirement for borrowers seeking a mortgage refinance from their existing servicer, as long as they have at least 20% equity in their home, according to guidance released Thursday.
The change goes into effect for any refinances with a settlement date on or after …
Read more at Freddie cuts some refi credit score requirements.
How Long Will Low Mortgage Rates Last?
For nine consecutive weeks, the 30-year fixed-rate mortgage has been hovering at or below record lows of 4 percent, pushing housing affordability for home buyers even higher.
But will these low rates stick around much longer?
Read more at How Long Will Low Mortgage Rates Last?
Some Good Signs for the Real Estate Market
Sales ticked up for existing homes and new-homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.
In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new homes once again inching up last month. New-home sales rose …
Read more at Some Good Signs for the Real Estate Market.
Mortgage Rates Fall to Historic Lows Again
WASHINGTON – The average rate on 30-year fixed mortgages fell to a record 3.91% this week, third time this year that rates have hit new lows.
Freddie Mac says the rate on the 30-year home loan fell from 3.94% the previous week. The average on the 15-year fixed mortgage was unchanged at 3.21%. That’s also a record.
Read more at Mortgage rates fall to historic lows again.
