03
Jun
By Jim Hasek
Mortagage Tips, ,

Small Business Owner? Here’s What You Need To Know About Mortgages

If you are an entrepreneur or a small business owner, you probably know that there are a lot of advantages to this lifestyle - the freedom, the exciting challenges, the opportunities and the ability to make a living doing what you love. However, you also know that being a small business owner can make some things more challenging - such as apply for a mortgage for your home. Many small business owners find it tough to get approved for a mortgage, because their income can be erratic and the banks want to see proof of consistent earnings over a significant…
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02
Jun
By Jim Hasek
Mortgage Rates, , , ,

What’s Ahead For Mortgage Rates This Week – June 2, 2014

Last week's economic news was fairly quiet due to the Memorial Day holiday on Monday and no scheduled news released on Wednesday. Home Prices Post Modest Gains, But Growth Rate of Home Prices Slows Tuesday's release of the S&P Case-Shiller Home Price Index for March showed that home prices are edging up, but at a slower pace than last year. Home prices increased by 12.40 percent year-over-year as compared to February's reading of 12.90 percent year-over-year. Analysts expected prices to fall as construction picks up and more homes are listed for sale. Lower demand due to strict mortgage lending standards…
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27
May
By Jim Hasek
Uncategorized, ,

What’s Ahead For Mortgage Rates This Week – May 27, 2014

Last week's economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April's FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released. Federal Reserve Speeches Suggest Concerns Over Monetary Policy Dependence, Low Inflation Here are highlights of comments made by each of the Fed presidents' speeches. Richard Fisher, president of the Dallas Fed, and John Williams, President of the San Francisco Fed, spoke at a conference held at the Bush Institute. Mr. Fisher said that 98 percent of jobs lost during the…
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19
May
By Jim Hasek
Uncategorized, ,

What’s Ahead For Mortgage Rates This Week – May 19, 2014

Last week's economic news was relatively flat, but highlights include the NAHB Housing Market Index for May, which posted its lowest reading since May 2013. Although analysts expected a May reading of 48, the May 2014 index reading was 45 as compared to April's reading of 46. The NAHB reported that rising home prices and unpredictable job markets were factors in builders' loss of confidence. Although the economy is growing stronger, many would-be homebuyers remain skeptical of economic conditions and remain on the sidelines. NAHB: Stronger Builder Confidence Expected in Coming Months Builder confidence in market conditions for single family…
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12
May
By Jim Hasek
Uncategorized, ,

What’s Ahead For Mortgage Rates This Week – May 12, 2014

Results from a Federal Reserve survey of senior bank loan officers indicated that lenders have held the line on prime lending standards and have raised standards for sub-prime and non-traditional home loans. Survey respondents represented 74 U.S. banks and 23 foreign banks. Survey respondents also said that demand for mortgage loans was lower; this could be an unintentional result of tight credit standards for mortgage loans. Analysts said that tight credit requirements and less demand for home loans could mean more trouble for the housing industry. Home Prices Rise In March, But At Slower Rate The annual rate of increase…
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05
May
By Jim Hasek
Uncategorized, ,

What’s Ahead For Mortgage Rates This Week – May 5, 2014

Last week's economic news included several reports related to housing and mortgages. The NAR started the week on a positive note with its Pending Home Sales Index released Monday. Pending home sales in March were higher with an unexpected increase of 3.40 percent over February for an index reading of 97.40. This is encouraging news for home sales that were severely affected by a hard winter in many areas, and suggests that as warmer weather approaches, home sales will pick up. Analysts do not expect the rapid rate of price appreciation seen in 2013. The Fed's tapering of its "quantitative…
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