Mortgage Application Decrease
The Mortgage Banker Association (MBA) recently released its survey regarding the number of weekly mortgage applications, percentages of refinances and fixed rate mortgages for the weeks ending December 25, 2009 and January 1, 2010.
2010 Economic Outlook
According to data released by Realtor.com, the 2010 economic outlooks shows interest rates creeping up slightly from the 2009 average for 30 year fixed rate mortgages of 5.1% to 5.5% for 2010. However, it is anticipated that the Fed will not make any rate changes until at least the second quarter of 2010.
November 2009 vs. November 2008 Pending Home Sales
Overall pending home sales for November 2009 vs. November 2008 were up 15.5% according to the National Association of Realtors (NAR). Although pending home sales declined 16% in November 2009 compared to October 2009. The decline is contributed to first time home buyers rushing to complete their home buying transaction before the $8,000 first time home buyer credit was due to expire the end of November 2009.
Starting the New Year with Lower Interest Rates
Freddie Mac reported that interest rates were slightly down the first week of the new year compared to the last week of 2009. That is good news for buyers and sellers.
What's in Store for Summer Home Sales?
March 2010 new and existing home sales were up according to the National Association of Realtors and the National Association of Home Builders as a result of the federal $8,000 and the $6,500 tax credits.