The Federal Open Market Committee (FOMC, Fed) decided to reduce the Fed Funds Rate to 3.0%. The Fed Funds Rate, the overnight rate at which banks lend to each other, affects short-term interest rates such as those on adjustable rate mortgages, credit cards and home equity lines of credit.
New home sales dip, economic stimulus offers hope
by Clayton Closson on January 28, 2008 in Market Update
The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in December decreased 4.7 percent compared to November's numbers.
Economic stimulus plan may spark housing market
by Clayton Closson on January 25, 2008 in Market Update
President Bush and House leaders agreed yesterday on a $150 billion economic stimulus plan that could send rebate checks to 117 million American families and plug $50 billion into incentives for American businesses.
Existing home sales slip, mortgage rates still low
by Clayton Closson on January 24, 2008 in Home Sales
The National Association of Realtors announced today that existing home sales in December 2007 dropped a modest 2.2% when compared to November.
Falling mortgage rates spur refinancing surge
by Clayton Closson on January 23, 2008 in Market Update
This morning the Mortgage Bankers Association reported that for the week ending January 18, 2008, the Market Composite Index, the weekly measurement of mortgage loan application volume, jumped by 8.3 percent overall.
Quicken Loans Rises To #2 On FORTUNE’s “100 Best Companies to Work For” In America List
by brawson on January 22, 2008 in Press Release
Livonia, Mich. – Jan. 22, 2008 – FORTUNE magazine today announced that Quicken Loans, the nation’s largest online lender, has been ranked #2 on the [...]
Rock Holdings Inc. (Parent Company of Quicken Loans Inc. and Title Source Inc.) Acquire Two California-Based Companies
by brawson on January 22, 2008 in Press Release
— Quicken Loans Inc. and Rockbridge Growth Equity LLC join to acquire One Reverse Mortgage. Title Source Inc. acquires TransUnion Title and Escrow of California [...]
Federal Reserve slashes funds rate
by Clayton Closson on January 22, 2008 in Market Update
Quicken Loans Chief Economist Bob Walters says today's action should help loosen credit for consumers.
Fed cuts rates, mortgage rates at historic lows
by Clayton Closson on January 22, 2008 in Market Update
In the biggest rate cut since 1984, The Federal Reserve slashed two key rates by 3/4 of a percent.
Should you buy points or not? Back to math class!
by Clayton Closson on January 18, 2008 in Market Update
Discount mortgage points seem to confuse a lot of people. Many folks aren't sure what they are, when they should buy them, or if they actually did buy points when they got their mortgage. The truth is, points aren't that complicated. In fact, some simple math can make it really easy to determine if you will benefit from purchasing points.
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