Today’s News Synopsis:
Mortgage rates took a turn this week by showing signs of increase with 30-year rates now at 3.66% and 15-year rates at 2.98%. Unemployment claims decreased this past week to their lowest in 15 years at 265,000. Homeownership is at its lowest in 20 years, having decreased to 64%.
In The News:
Housing Wire – “Freddie Mac: Mortgage rates reverse course, move higher” (1-29-15)
“Mortgages rate finally reversed course and slightly edged higher, the latest Freddie Mac Primary Mortgage Market Survey said. The 30-year, fixed-rate mortgage averaged 3.66% for the week ended Jan. 29, up from last week’s 3.63%, but still down from 4.32% last year.”
Mortgage Professional America – “S&P close to $1.4B deal over shoddy mortgage bond ratings” (1-29-15)
“Standard & Poor’s may complete a $1.37 billion settlement with regulators over accusations it knowingly inflated its ratings of risky mortgage investments during the run up to financial crisis as early as Monday.”
Bloomberg – “Jobless Claims in U.S. Plunge to 15-Year Low” (1-29-15)
“The fewest Americans in almost 15 years filed applications for unemployment benefits during a holiday-shortened week that typically makes the data more volatile.”
Housing Wire – “Homeownership hits 20-year low in 4Q14” (1-29-15)
“The homeownership rate in America hit a 20-year low, dropping to 64% in the fourth quarter of 2014. This was 1.2 percentage points (+/-0.4) lower than the fourth quarter 2013 rate (65.2%) and 0.4 percentage points (+/-0.4) lower than the rate last quarter (64.4%).”
OC Housing News – “Republican lawmakers warn of housing bubble 2.0” (1-29-15)
“Nobody wants to see a repeat of the previous housing bubble. Lenders, loanowners, and the politicians that pander to them all celebrate the reflation of the old bubble, but they hope it’s done on stable terms this time around to prevent a major crash.”
Bloomberg – “To Hike Rent, Landlords Swap Plain Walls for Exposed Brick” (1-29-15)
“Depending on your bank account, a three-bedroom apartment in an up-and-coming Brooklyn neighborhood renting for $2,899 a month may seem like a good deal.”
Housing Wire – “Pending home sales see second biggest monthly drop since May 2010” (1-29-15)
“Pending home sales fell a very steep 3.7% in December, according to the National Association of Realtors. All major regions experienced declines in December and this was the second worst monthly drop since May 2010.”
“A new policy issued by the Federal Housing Administration (FHA) on Thursday under its Home Equity Conversion Mortgage (HECM) Program will allow reverse mortgage lenders to delay calling HECMs from a surviving non-borrowing spouse following the death of the last surviving borrower.”
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.
Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.
Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.
The Mortgage Bankers Association reported a decrease in mortgage applications by 0.2%. The amount of foreclosure inventory decreased by 31% according to the latest report from CoreLogic. Federal Reserve Chairman Ben Bernanke’s term term ran out.
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