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April 10, 2010 by o9NydDn3
Filed under Lowest Mortgage Refinance Rates
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Analysts Fear Housing Market Still Unstable
April 2, 2010 by o9NydDn3
Filed under Lowest Mortgage Refinance Rates
As the Federal Reserve finally pulls out its continued support to the housing markets, the sector is poised to witness major changes in the near future.
While the announcement by the Fed to stop further purchases of to shore up the sector is not exactly a bolt out of the blue, the actual event is still likely to leave a trace of uncertainty and fear in the minds of investors. However, so far the market has not shown any drastic changes following the news of the Fed pullout.
January statistics show a slight improvement in home values – evidence that the segment could on a rebound. However, some analysts fear that the improvement may be temporary. Home values have seen an increase in January when compared with the previous month according to the Standard & Poor’s/Case-Shiller home price index.
The improvement was the eighth consecutive increase recorded showing a steady enhancement in home values. The index tracks real estate in 20 cities to arrive at the statistical conclusions. Los Angeles, San Diego and Washington were all among cities that recorded a growth in home prices when seasonally adjusted prices are taken into account. Some economists see this trend as a sound beginning for an expected turnaround.
In spite of this data, some analysts fear that it is too early to consider. The improvement may be hampered by many external factors, they say. Also, the data from the index includes November figures, which were disproportionately high when compared with January prices when values actually dipped slightly. The index may not actually indicate the current price trend. To illustrate their point, analysts point out falling house prices in Las Vegas, Charlotte, and Seattle, when calculated on a non seasonal basis.
These contradictory indications and lack of consensus show that housing segment is yet to stabilize and any disturbance may well set off another crash. In view of these facts, the Fed withdrawal, which is expected to put some pressure on mortgage rates, may increase volatility in an already unstable market, and keep new investors away.
The first time home buyer has also failed to be successful in its second run after the Obama administration extended the deadline to April 30. Experts believe that almost everyone who could avail the credit did so before the first deadline, leaving only a handful of people qualifying during the extension period.
How Long Will Mortgage Rates be Low?
December 9, 2009 by mortgage refinancing
Filed under Best Refinance Mortgage Rates
In an effort to keep people in their homes and encourage more home purchases, the Federal Reserve’s actions to reduce interest rates have been a success. Many homeowners have taken advantage of low interest rates and have purchased homes or refinanced their current mortgage. However, prospective homeowners who have not taken advantage of the savings should consider acting soon because many industry analysts say the low interest rates may soon end.
Mortgage interest rates have seen an astounding drop to as low as 4.5 percent after President Obama’s mortgage refinance stimulus plan was announced as well as the Federal Reserve announcement last November about their plan “to buy as much as $500 billion of securities backed by Fannie Mae (FNM.P), Freddie Mac (FRE.P) and Ginnie Mae.” Mortgage experts are now warning that the low interest rates for mortgages are not going to last. Celia Chen, senior director of housing economics at Moody’s Economy.com in West Chester, Pennsylvania says, “The downward trend we have seen in mortgage rates will not last beyond the first half of this year.” She continued to say, “By then, the Federal Reserve’s program will have run its course and other issues will move to the forefront that could push mortgage rates higher.” Chen also said, “By the first quarter of 2010, rates should be at 5.87 percent.”
The reasons the interest rates will start to increase include an increase in government debt and a positive outlook that the economy is beginning to rebound. This may be the perfect time to secure a mortgage or refinance an existing mortgage because as the economy begins to recover, interest rates will begin to rise. For instance, economic analysts have recently reported that “last year, the yield on the 10-year treasury was only about 2%. Recently, there has been an increase to over 3.5%.” The result will be that interest rates on loans and mortgages will start increasing again. As well, 30-year loan interest rates have seen a jump. Recently, the average interest rate rose to 5.27%. This is up from about 4.75%.
Greg McBride, senior financial analyst at Bankrate, Inc, in North Palm Beach, Florida, says, “Expectations of a 30-year fixed-rate mortgage at 4.50 percent are too ambitious. Inflation worries may begin to spook investors and that could send Treasury yields higher, which would cause a corresponding move in higher mortgage rates.”
Cameron Findlay, chief economist at online loan broker LendingTree.com in Charlotte, North Carolina, says “mortgage rates at 4.50 percent remained possible, but not probable.” As well, Moody’s Economy.com has forecasted interest rates at “4.5% by mid 2009 after dipping to a low of 4.37% in the second quarter. In the third and fourth quarter, rates are expected to rise to 4.57% and 5.18 %.”
If the increase in interest rates continues, people who are considering refinancing an existing mortgage, buying a new home, or selling their new home, may miss out on a great deal if they wait too long. This may be the best time to lock into a low interest rate mortgage.
