With change on the horizon after last night's election, it's only natural to wonder what “change” will come to the mortgage market as a result. Furthermore, what change to mortgage interest rates have U.S. elections stirred up in the past? We always hear rumblings about mortgage interest rates dropping after an election, but is there any truth to it? Should you refinance now, or wait it out a couple months for rates to drop? In order to find out, some number crunching is in order.
There are a few common questions that mortgage professionals hear over and over again. It doesn’t matter what the market is doing or if the economy is booming or tanking. The questions are the same.
Mortgage rates have remained low, but ongoing financial unrest on Wall Street continues to have a negative impact on the national mortgage market.
The U.S. Census Bureau and the Department of Housing and Urban Development today announced that sales of new, single-family homes fell in the month of August, decreasing 11.5% from July’s numbers.
Despite rates remaining low, the surge of applications from the previous week did not continue, according to a report released today by the Mortgage Bankers Association.
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Rapidly falling mortgage rates are bringing consumers seeking a mortgage out in droves, according to the report released today by the Mortgage Bankers Association. The association’s Weekly Mortgage Applications Survey, which measures week-over-week volume of people applying for a mortgage to either purchase a home or refinance an existing mortgage, showed loan application activity increased 9.5%.
While mortgage rates may have increased slightly over the past four years, they’re still the lowest they’ve been over the course of 25 years. So while we may be hearing that mortgage rates have increased, it’s still an excellent time to purchase or refinance with a low mortgage rate.