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Home affordability took a slight hit this week after the Federal Reserve’s release of its August 10 meeting minutes.
The “Fed Minutes” is a lengthy, detailed recap of a Federal Open Market Committee meeting, not unlike the minutes published after a corporate conference, or condo association gathering. The Federal Reserve publishes its meeting minutes 3 weeks [...]

http://www.batonrougerealestateappraisal.com/ – Greater Baton Rouge Real Estate: Understanding the difference between an appraisal and an assessment!

Lea Miller has written an article I wanted to share locally: Understanding the difference between an appraisal and an assessment . Here are a few snippets (not the entire article) from her article below:
“A real estate appraisal is an [...]

Mortgage rates are low right now but pinning them down this week could be a challenge. As Labor Day Weekend nears and Wall Streeters take their head-start on the holiday, trading volume will fall, which will cause mortgage rates in Oklahoma to get jumpy.
As mortgage rates change, so does the long-term cost of owning a [...]

http://www.batonrougerealestateappraisal.com/ – Bankrate.com: Summary Of Real Estate Appraisal Rule Changes In Dodd-Frank Act 2010. These are the new rules that apply to Greater Baton Rouge Home Appraisals!

I have provided a few snippet paragraphs from this two page article below. Read the full article here: Real Estate Appraisal Rules Changing
“According to Lucien Salvant, a [...]

Mortgage rates have once again hit record lows in an effort to spur real estate sales nationwide. Poor reports on job creation and high unemployment figures are spurring the lowering of rates, meant to improve the housing sector of our economy.
The current average rate for a 30 year fixed rate mortgage is 4.44%, a [...]

“The disappointing news is that, after declining since the beginning of 2009, the rate of short-term delinquencies is going up and the increase in these short-term delinquencies may ultimately drive the foreclosure measures back up.

The first paragraph of the letter goes like this: “It seems like responsible homeowners like you – who always pay their mortgage on time – are the only ones who haven’t received mortgage “relief.” At Chase, we think you deserve relief as much as anyone else, and we believe we can lower your mortgage rate now through the Chase Rate Reduction Program.”

617,000 trial modifications have now been canceled and 422,000 have been made permanent. The number of Active Trials fell sharply in July to 255,000, down from 364,000 in June.

The latest results from the weekly Freddy Mac Survey show that mortgage interest rates are at new all time lows again. For people with good credit and a substantial down payment, the average 30 Year Fixed loan can be obtained at just 4.44.% 15 year fixed loans are even less, a new average low of [...]

Despite the lowest interest rates in over 50 years, buyer demand is still low, and increasing inventory is just sitting there waiting for sellers to lower their asking prices.

The Fixed Rate vs Variable Rate Conundrum
At Astrum we have noticed an increase in the number of questions being asked about the future direction of interest rates. Clients want to know how to decipher the relevant information in order to understand their choices and what risks are associated with a variable rate mortgage compared to [...]

The House Resolution 5072 (FHA Reform Act) was recently passed with a sweeping margin. Voters agreed to the FHA changing mortgage insurance (MI) premiums that will increase the FHA’s capital reserve. They claim this will benefit FHA borrowers, but we have found the real truth about the FHA Reform Act.

Currently, home buyers who want to purchase a property with an FHA mortgage have to pay a set of costs. These costs include Up Front Mortgage Insurance Premiums (UFMIP), which will be due when you close on your property deal. And, many applicants have had some serious budgeting issues under this program.

HUD has confirmed that after 10/04/2010 FHA guidelines will change & the monthly PMI (private mortgage insurance) factor will increase to .85% – .90% (from .55%) but the Up Front PMI (which can be financed back into the loan) will be reduced to 1.0% (from 2.25%).
 
These results will increase a buyers payment, so if you are [...]

“Assisting” a struggling and unemployed homeowner by lending them $50,000 to pay the mortgage sounds like a trap. The bank eventually gets the $50,000. The homeowner gets stuck with an additional $50,000 in debt and many will lose their homes anyway. It’s a mini bank bailout in disguise.