The Mortgage Bankers Association announced this morning that applications for mortgages slipped 2.1 percent last week when compared to the week prior.
The economic stimulus package penned by House leaders and President Bush 2 weeks ago is one signature shy of becoming a law. It was passed by the House last week, and after some added provisions by the Senate, it has won an overwhelmingly positive vote in the Senate. It should be in the President's hands next week, where he has promised swift action.
The housing market received a welcomed bit of good news this morning, as the Mortgage Bankers Association (MBA) announced the number of consumers applying for a mortgage to purchase a home jumped 12 percent in the past week.
As the baby-boomer generation ages and the availability of post-retirement income diminishes, there has been a clear demand for ways for people to tap into the equity in their homes in new and innovative ways. Enter the rise of the reverse mortgage.
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.
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.
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.
The National Association of Realtors announced today that existing home sales in December 2007 dropped a modest 2.2% when compared to November.
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.
In the biggest rate cut since 1984, The Federal Reserve slashed two key rates by 3/4 of a percent.