Fannie Mae’s Mortgage Credit Availability Index (MCAI) declined for the fourth straight month in June. The index, which measures the available credit offerings for home financing, fell 1.3%. Is this more bad news for the housing market? The drop is primarily due to decreased credit offerings for conventional high balance loans. This was mainly due to the discontinuance of 7-year,…
The economy got a little shot of good news with the June employment report. New jobs jumped by 287,000. Which is a far cry better than May’s adjusted 11,000. Overall more than 414,000 people were added to the workforce in June. Nice bump. Unfortunately, the average hourly wage rose by only 2 cents up to $25.61, following a 6-cent hike in…
With Brexit, mortgage rates have fallen to their lowest levels. Also feeding this decline is the lack of growth in the economy. This presents us with yet another good news; bad news scenario. Fannie’s latest Home Purchase Sentiment Index dropped 2.1% from last month. Overall, this index is now down 1.5% since last June.( Sentiment ) This means that people have…
It takes 7 years for a foreclosure to clear someone’s credit report. The housing crash hit in 2008 and as a result, many lost their homes in 2008 and 2009 through a foreclosure. That means that many of those foreclosures should be clearing off their credit reports. Get ready, the “Boomerang Buyers” are ready to come back into the home…
Those seeking their first home or affordable housing have had a difficult time recently finding housing that they can actually afford. Millennials and those who lost their homes in the 2008 crash have driven up the cost of rental housing, while other existing homeowners took advantage of the low rates and have already refinanced. This removed many affordable homes from…
The jury is still out on what the overall effects will be from Britain’s exit from the European Union. One thing seems certain, home mortgage interest rates will remain low, and may even decrease further in the short-term. Would that be “Ratefall” or “Lowrates”? That is good news for consumers. With the fed expected to keep rates low, for now,…
