Freddie Mac reports that long-term mortgage rates moved south again this week.
Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent last week and 4.63 percent a year ago.
Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.
Source: The Wall Street Journal, Amy Hoak and Nick Timiraos (08/06/10)
Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Friday, August 6, 2010
Monday, August 2, 2010
Prudential Real Estate Ranks Highest for Seller Satisfaction
J.D. Power and Associates announced July 28 that the Prudential Real Estate Network ranked “Highest Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms” in J.D. Power and Associates' 2010 Home Buyer/Seller Study. This marks the second time in three years that the Network ranked highest in seller satisfaction.
The annual study measures customer satisfaction of home sellers and buyers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home-selling experience: agent (44%); marketing (30%); office (15%); and services (11%). Among home sellers, Prudential Real Estate scored highest on a 1,000-point scale and received particularly high ratings from customers in the marketing and agent factors.
PRERS Chairman Jim Mallozzi said the award speaks for the quality and consistency of the Prudential Real Estate Network. “Affiliate to affiliate, our sales professionals are the local-market experts who market and price homes right, while providing attentive service,” Mallozzi said.
The annual study measures customer satisfaction of home sellers and buyers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home-selling experience: agent (44%); marketing (30%); office (15%); and services (11%). Among home sellers, Prudential Real Estate scored highest on a 1,000-point scale and received particularly high ratings from customers in the marketing and agent factors.
PRERS Chairman Jim Mallozzi said the award speaks for the quality and consistency of the Prudential Real Estate Network. “Affiliate to affiliate, our sales professionals are the local-market experts who market and price homes right, while providing attentive service,” Mallozzi said.
Tuesday, July 20, 2010
Pregnant Women Have Trouble Getting Mortgages
Some lenders are balking at approving loans when a new parent has temporary lost income because she is home taking care of the baby.
Even if a parent expects to be back at work in weeks, banks still may deny the mortgage. “If you are not back at work, it’s a huge problem,” says Rick Cason, owner of Integrity Mortgage, a mortgage firm in Orlando, Fla. “Banks only deal in guaranteed income these days. “
Lenders will not consider disability payments as income because they don’t last for three years.
A spokesperson for Fannie Mae said that a borrower on maternity or paternity leave could qualify for a mortgage by providing a letter from a doctor with the approved return-to-work date and a letter from the employer confirming the acceptability of the return date.
But mortgage brokers and practitioners say lenders aren’t interpreting the guidelines that way. “There is no real assurance that the new mom will come back to work after she has the baby,” says Marc Savitt, president of the Mortgage Center, a brokerage in Martinsburg, W.Va. “It’s just prudent underwriting to go ahead and approve the loan, but she has to be back before closing.”
Source: The New York Times, Tara Siegel Bernard (07/19/2010)
Even if a parent expects to be back at work in weeks, banks still may deny the mortgage. “If you are not back at work, it’s a huge problem,” says Rick Cason, owner of Integrity Mortgage, a mortgage firm in Orlando, Fla. “Banks only deal in guaranteed income these days. “
Lenders will not consider disability payments as income because they don’t last for three years.
A spokesperson for Fannie Mae said that a borrower on maternity or paternity leave could qualify for a mortgage by providing a letter from a doctor with the approved return-to-work date and a letter from the employer confirming the acceptability of the return date.
But mortgage brokers and practitioners say lenders aren’t interpreting the guidelines that way. “There is no real assurance that the new mom will come back to work after she has the baby,” says Marc Savitt, president of the Mortgage Center, a brokerage in Martinsburg, W.Va. “It’s just prudent underwriting to go ahead and approve the loan, but she has to be back before closing.”
Source: The New York Times, Tara Siegel Bernard (07/19/2010)
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