"I'm on my way, I'm on my way home sweet home" - Home Sweet Home, Motley Crue Last Tuesday, many politicians went "home" after the midterm election results and the day ended with a split of power between the House and Senate. The markets and the Fed will now be watching to see if the split Congress can deliver a more fiscal policy or get caught in political gridlock. The latter would likely slow the pace of future Fed rate hikes. Speaking of the Fed, they met on Thursday and, as expected, didn't raise rates. However, they offered some good news to both ...
Mortgage lenders loosened their mortgage credit standards in October, according to data from the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability Index rose to 186.7, up 2.5% from 182.1 in September and 181 in October 2017. That index reading indicates that there is now more mortgage credit available than at any time since the housing market crashed back in 2008. Lenders appear to be making credit standards slightly more attainable in order to accommodate increased demand among first-time home buyers in Utah.
November 7th, 2018 | Mortgage News, Mortgage Credit Availability Jumped to Highest Level in 10 Years
CoreLogic reports that home prices nationwide, including distressed sales, rose 5.6 percent year over year in September 2018 compared to September 2017. The 5.6 percent is down from June's 7.1 percent year over year increase as home price gains moderate to more historical levels. Month over month saw a 0.4 percent rise. From September 2018 to September 2019, CoreLogic forecasts a 4.7 percent gain ... still a great story with rates at historically low levels.
"Workin' 9 to 5, what a way to make a livin'"- 9 to 5, Dolly Parton This past week showed more and more people working 9 to 5 and home loan rates didn't like it. First, the ADP Report on Wednesday showed 224,000 private jobs created, well above the 184,000 expected. Then on Friday, the Bureau of Labor Statistics (BLS) Jobs Report showed 250,000 job creations in October, well above expectations. This sent Utah mortgage rates up. Within that report, Hourly Earnings (wages) rose 3.10% year over year, the highest rate since April 2009. The pickup in wages is infla...
The average rate on a 30-year fixed rate mortgage fell to 4.83% in the latest week, according to mortgage guarantor Freddie Mac, down from 4.86% the week before. Investors flocked to bonds for safety as the stock market tumbled, and mortgage rates typically follow bond yields. The 15-year fixed rate mortgage also saw rates decline, falling to 4.23% from 4.29%. The average rate on a 5-year Treasury-indexed adjustable rate mortgage sank to 4.04% from 4.14%.
The number of “zombie foreclosures” – vacant properties in the foreclosure process – fell to 10,291 homes, down 4.18% during the 2018 third quarter from a year earlier. The new total represents just 3.38% of all properties in foreclosure, according to ATTOM Data Solutions and is less than a fourth of 44,000 zombie foreclosures in 2014 when the company began tracking them. The report also said the total vacant U.S. single-family homes and condos (including those in foreclosure) decreased to 1.5 million in Q3, a decline of 1.58% from 2017.