Three major housing-related economic reports and forecasts were issued this past week. Each looked at a different sector and reported results varying from sort-of- ebullient to not-exactly-grim. All three, however, agreed that the days for the building, real estate, and mortgage industries are probably coming to an end

The most upbeat report came out of the Office of the Chief Economist of Freddie Mac. The December forecast was, for the first time since late summer, almost able to ignore the effects of Hurricane Katrina on the economy. Among the notable findings: (read more…)

According to Freddie Mac, mortgage rates were up almost across the board for the week ending December 8. Fixed rates took the biggest hit with the 30-year fixed rate rising six basis points to 6.32 percent and fees and points increasing from 0.5 to 0.6. The 15-year increased by the same amount in each category with a reported average rate of 5.87 percent and 0.6 for fees and points.

Adjustable rates showed more modest changes, the 1-year ARM in fact was unchanged at 5.16 percent and 0.8 fees while the 5/1 ARM crept up two basis points to 5.78 percent with an increase in fees from 0.6 to 0.7.
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Q. Is there such a thing as an interest only loan that has a fixed rate? A. Yes there are fixed rate interest only loans, the downside to these types of loans are, you will get a higher interest rate or points in order for the loan to be fixed.

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Home warranties, which have been around for years, originally gained popularity with real estate companies which used them to promote listing services. They promised that warranties would attract buyers and the seller would be protected from repercussions if appliances or systems broke in the days or weeks after closing.

Agents also found that home warranties saved occasional sales when they purchased them for buyers spooked by an unfavorable home inspection. (read more…)

Some four decades after the first Earth Day and more than thirty years since back-to-back oil shortages forced us to think about our energy consumption, it seems as though the idea of living for rather than in spite of the environment is gaining popularity once again

‘Building Green’ is now a genuine movement, not just among the usual suspects (and we know who we are,) but an initiative that is increasingly being embraced by progressive municipal governments and more than a few savvy home builders. (read more…)

Washington, D.C. (December 15, 2005) – The level of commercial/multifamily mortgage debt outstanding surpassed $2.5 trillion in the third quarter, growing 3.4 percent over the past three months, according to the Mortgage Bankers Association (MBA) analysis of Federal Reserve Board Flow of Funds data.

At the end of the third quarter 2005, $2.5 trillion in commercial/multifamily mortgage debt outstanding was recorded by the Federal Reserve, an increase of $83.8 billion (a new record for a quarterly increase) or 3.4 percent from the second quarter. Multifamily mortgage debt outstanding stood at $641 billion at the end of the third quarter – an increase of $9 billion or 1.5 percent from the second quarter.
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