Real Estate Information Archive


Displaying blog entries 1-5 of 5

Post Title

by Mayes Harris Team

Visit for more articles like this.



Interest Rates Predicted to Rise in 2010

by Mayes Harris Team

We all know that the current low rates can't last forever.  It's not a question of if, but when home mortgage interest rates will rise. 

The following article is just one we are seeing about the future of mortgage rates.  In addition to increasing rates, you can expect qualification requirements to continue to be more stringent. So if you are considering a possible home purchase, now may be a better time to move forward with your plan.

Interest Rates Predicted to Reach 6%
Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.

The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.

"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."

Source: Washington Post, Dina ElBoghdady (12/26/2009)

Feds Keep Short Term Rates Same

by Mayes Harris Team

Good news from the Feds today......keeping short term rates the same which led in upward finish for stocks  The economic factors are showing the economy is stabilizing.  The following article was just release from the Associate Press.

Fed Will Keep Key Rates Low
When the Federal Reserve ends its meeting on Wednesday afternoon, it is almost certain to leave the key rate at or near zero and pledge to hold it there.

That makes it likely mortgages will stay historically low and rates on home-equity and other consumer loans will hug 3 percent.

But it is unclear whether the Fed will continue some programs that have kept mortgages and other consumer debt even lower than the market might expect. One such program involves buying U.S. Treasurys. The Fed is set to buy $300 billion worth of Treasury bonds by the fall. It has bought $235 billion already this year.

"I think they'll let it expire. It seems the mood turned against Treasury purchases in the last couple of months, and there's been some skepticism whether it has worked in bringing rates down," says Michael Feroli, an economist at JPMorgan Economics.

Source: The Associated Press, Jeannine Aversa (08/11/2009)

Having Difficulty Making Your Mortgage Payment?

by Mayes Harris Team

Are you having difficulty in making your mortgage payment?  Perhaps you are like many other home owners in Charlotte,chose one of the adjustable mortgages offered in the past few years a low interest rates. Now the loan rate has adjusted, and you find it difficult to make the new payment.  You are not alone and there is a program out there to help borrowers like you. 

The Loan Modification Program implemented earlier this year is expiring in November unless extended by Congress.  Simply, the loan modification requires lenders to work with "qualified applicants" to adjust their loan payments to prevent them from losing their home. Now is the time to act!!!

 Not sure you qualifiy?  Go to the link below and quickly take the test to see if you qualify....if so, please contact your lender to proceed with the process.

Mortgage Rates Continue Falling to Record Lows

by Mayes Harris Team

For the fourth consecutive week, mortgage rates have fallen to all-time lows. The 30-year mortgage rates averaged 5.01 percent this week, which is a drop from last week's 5.1 percent. Last year at this time, rates averaged 5.87 percent.

"Interest rates for 30-year fixed-rate mortgages fell for the 10th week ... due in part to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae," says Freddie Mac Chief Economist Frank Nothaft.

Other rates also dropped for the week:

  • 15-year fixed rates: dropped to 4.62 percent from 4.83 percent last week. Last year at this time 15-year mortgage rates averaged 5.43 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 5.49 percent, a drop from 5.57 percent last week.

The only slight increase in rates this week was in 1-year ARMs, which were 4.95 percent, up from 4.85 percent last week. Overall, 1-year ARMs were still down for the year from last year's 5.37 percent.

Freddie Mac began tracking rates in 1971.

Source: The Wall Street Journal, Amy Hoak (1/09/09)

Displaying blog entries 1-5 of 5




Subscribe to our blog for the latest in real estate news.