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If your adjustable rate mortgage is due to adjust this year, don't go rushing to replace it just yet. Your soon-to-adjust mortgage rate may actually go lower this year.
For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages.
This week marks the start of August, a popular vacation month for Americans. Maybe you're among the many that will leave town for a few days -- or a few weeks. But, before you leave your home, make sure you don't leave clues for burglars.
According to the Standard & Poors Case-Shiller Index, home values rose 5 percent in June versus the month prior, and 4 percent from a year earlier. It's the 16th consecutive month in which Case-Shiller reported an increase in home values and the third straight month of outstanding results.
Home builder confidence held firm this month, according to the National Association of Home Builders' monthly Housing Market Index. September's reading of 13 equaled a 17-month low.
Home values "crept forward" in July. But not that it matters -- the Case-Shiller Index is a better tool for economists than it is for homeowners. There's 3 reasons why.
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
Although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July's rate of sales, the nation's new home inventory would be exhausted in just about 9 months.
With home prices holding firm and mortgage rates still dropping, home affordability is reaching new heights.