Mortgage rates worsened last week in response to more indications that the U.S. economy and global economic trends are improving. Global economic data was stronger than expected; which generally boosts investor confidence and leads to higher mortgage rates in Virginia and across the country. Accordi...
Last week's National Association of Home Builders/First American Improving Markets Index (IMI) brought positive news about U.S. housing markets and the broader U.S. economy, in general.
According to the IMI, there are now 201 U.S. markets which can be considered "improving".
To meet this sta...
The Federal Open Market Committee (FOMC) begins a 2-day meeting today, its last of 8 scheduled meetings this year.
The Federal Open Market Committee is a 12-person subcommittee within the Federal Reserve. It's the group which votes upon U.S. monetary policy.
The monetary policy action for w...
Another month, another good showing for the U.S. economy.
Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previ...
The U.S. housing market appears headed for a strong close to 2012.
According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis.
Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 ...
Mortgage rates in Virginia continue to troll near all-time lows, boosting the purchasing power of home buyers statewide.
According to Freddie Mac's most recent Primary Mortgage Market survey, the average 30-year fixed rate mortgage is now 3.39 percent nationwide, just three ticks off an all-time low....
The Federal Open Market Committee ends a 2-day meeting today, the group's sixth of 8 scheduled meetings this year. As a Henrico home buyer or would-be refinancer, be ready for mortgage rates to change.
The Federal Open Market Committee is a 12-person sub-committee of the Federal Reserve. Led by Fed C...
Mortgage rates couldn't fall forever, it seems.
This week, for the first time since mid-June, the 30-year fixed rate mortgage rate climbed on a week-over-week basis, moving 6 basis points to 3.55%, on average, nationwide.
According to Freddie Mac, 3.55 percent is the highest average rate at which the ...
Mortgage markets booked major losses last week after European leaders spoke of their determination to preserve the European Union. Mortgage rates jumped Thursday and Friday as investors sold positions of relative safety, including bonds, and moved their money into stock markets. Mortgage rates close...
New construction housing is in a post-recession rally.
As reported by the Census Bureau, on a seasonally-adjusted, annualized basis, last month's Single-Family Housing Starts rose 5 percent to 539,000 units nationwide. This is the highest reading since April 2010, the last month of that year's federa...
When the calendar flips to a new year, analysts and economists like to make predictions for the year ahead.
So, today, with the year half-complete, it's an opportune time to check back to see how the experts' predictions are faring (so far).
If you'll remember, when 2011 closed, the housing market was...
With mortgage rates down to all-time lows, you can buy a lot more home for your money. Home affordability is at an all-time high. According to last week's Freddie Mac mortgage rate survey, the average 30-year fixed rate mortgage has dropped to 3.62% nationwide. This is down from 4.08% in March, and...
Friday morning, the Bureau of Labor Statistics will release its Non-Farm Payrolls report. More commonly called "the jobs report", Non-Farm Payrolls is a monthly market-mover.
Depending on the strength -- or weakness -- of the data, mortgage rates will change. Perhaps sharply. Unfortuna...
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.
For the fifth consecutive meeting, the Fed Funds Rate vote was nearly unanimous. Just one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dis...
The Federal Reserve has released the minutes from its last FOMC meeting, a 1-day affair held March 13, 2012. Mortgage rates in Virginia are rising on the news.
For the un-indoctrinated, 3 weeks after it meets, the Federal Open Market Committee, the sub-group within the Federal Reserve that votes...
As the new year begins, there are no shortage of stories telling us what to expect in 2012. Housing finished 2011 with momentum and mortgage rates closed at the lowest rates of all time.
Some expect those trends to continue through the first quarter and beyond. Others expect a rapid reversal.
Who's ri...
Despite the lowest mortgage rates of all-time, home buyers are slowing the pace at which they're buying homes.
According to the National Association of REALTORS®, on a seasonally-adjusted basis, the Pending Home Sales Index fell 1 percent in August.
The Pending Home Sales Index measures homes under co...
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