Norris Bruce
Nov 09, 2015

Of All Affordable Cities for Millennials, Buffalo, NY is #1

Today’s News Synopsis:


Standard mortgage modification rates are at their lowest on record at 3.875% according to the latest announcement by Fannie Mae and Freddie Mac.  Of all the cities most affordable for the millennial generation, Buffalo, New York is at the top of the list.  Eric Rosengren of the Boston Federal Reserve Bank says now is a good time to raise rates, but only time and more economic data will tell.


In The News:


DS News – “Freddie Mac Plans to Use Proven Formula for Assisting HAMP Borrowers With Rate Increases” (11-9-15)

“Freddie Mac is using the results of aggressive loss mitigation experiments the GSE conducted a decade ago in an attempt to ease the impact of scheduled rate increases for homeowners whose mortgages have been modified using the government’s Home Affordable Mortgage Program (HAMP).”

Mortgage Professional America “Buffalo tops list of most affordable cities for millennial homeowners” (11-9-15)

“Buffalo, N.Y. is the most affordable city in the U.S. for millennials to buy a home, according to Credit Karma.”

Bloomberg “S&P 500 Tumbles Most Since September on Prospects of Higher Rates” (11-9-15)

“The Standard & Poor’s 500 Index tumbled the most in more than a month as the possibility that the Federal Reserve will raise interest rates as early as December weighed on equities.”

DS News – “Economic Data Will Ultimately Determine When the Fed Will Raise Rates” (11-9-15)

“The Bureau of Labor Statistics’ October jobs report released last week far exceeded expectations, generating widespread speculation that the Federal Reserve will raise short-term rates in the Federal Open Market Committee’s final meeting of the year in December.”

Housing Wire – “MERS authority upheld in Wyoming District Court” (11-9-15)

“MERSCORP Holdings announced Monday that a Federal court again ruled it MERS’ favor in a lawsuit brought by a homeowner who challenged MERS’ authority to assign a mortgage.”

Mortgage Professional America – “Morning Briefing: It was easier to get a mortgage in October” (11-9-15)

“Mortgage credit was easier to come by in October according to the latest figures from the Mortgage Bankers’ Association. There was an increase in its Mortgage Credit Availability Index of 1.5 per cent which indicates a loosening of credit restrictions.”

DS News – “GSEs Announce Lowest Ever Interest Rate on Standard Mortgage Modifications” (11-9-15)

“Fannie Mae and Freddie Mac recently announced that the standard mortgage modification interest rate will be under 4 percent for the first time ever since the benchmark was established in January 2012.”

Bloomberg – “Fed’s Rosengren Signals Readiness to Lift Rates Amid Strong Data” (11-9-15)

“Federal Reserve Bank of Boston President Eric Rosengren said encouraging U.S. economic data coupled with emerging signs of risk taking by some investors make it appropriate for the central bank to consider raising interest rates as soon as next month, while moving gradually thereafter.”




Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

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