Raleigh, NC Housing Market – Will 10% Unemployment Crash this Market?
Today’s unemployment data showed that North Carolina has an unemployment rate of 10.7%. While this is the unemployment for the entire state, it is sure to shake the Raleigh economy. Recently, IBM decided to cut jobs in RTP which will leave over 300 jobless. There are no doubts that many more job cuts are to [...]
CNBC WTF Moment – Dylan Ratigan Leaving CNBC
Today we learned that Dylan Ratigan will be leaving CNBC. Theere are two sides to the story as to why Ratigan is leaving. CNBC feels that he wants to be as big as Letterman while others say that he had a severed relationship with the GE Business News Station. Either way, it will be interesting [...]
Low Rate Refinance Could Save You Money
With Freddie Mac reporting that mortgage rates currently average 4.85% across America, it makes sense that now is the time to refinance. By refinancing in the current mortgage environment, you could save over $30,000 on a $249,000 mortgage and have it paid off five years earlier than predicted. You will need to make sure that [...]
Mortgage Rate Predictions – March 27th – Subprime Blogger Hit the Nail on the Head
On Monday, this was the prediction I made: Now that mortgage interest rates have made national headlines, we can expect to see an increase in mortgage applications. This swarm of mortgage applications will keep rates from freefalling but I do not expect them to hold up for very long. This week my prediction is 30 [...]
Mortgage Rates Lower, Applications Rise, but the Housing Market is NOT Getting Better
Mortgage rates continue to free fall to levels never seen before. The Mortgage Bankers Association (MBA) reports that 30 year fixed mortgage rates averaged 4.63% last week. Freddie Mac reports that average mortgage rates, at the most dependable lenders, dropped below 5% for only the second time in history. The MBA also reports that mortgage [...]
Obama Housing Plan Will NOT Help You Refinance
I recently wrote an article on how the Obama Housing Plan would help you refinance; I truly had hope. Sadly, the same restrictions that were in place in January, before the housing plan, are still in place today. Obama and his administration attempted to give lenders incentives to ensure that borrowers would be able to [...]
Mortgage Rates Trends – March 24th – Prime Rate Pulling Mortgage Rates Lower?
When looking at trends of mortgage rates and all financial markets, I prefer to look at the long term trend before zooming into shorter term movements. If we look at the last month alone, it is very difficult to find a distinctive trend. Mortgage rates could change directions over 10 times in 30 days and [...]
Low Mortgage Rates with Inflation?
Since 1971, we have never seen a period of inflation with low mortgage rates. This begs the question, what will give in the current economy? Will we see a deflationary period continue as mortgage rates stay at historic lows? This is highly unlikely as the Federal Reserve Bank is printing money at their leisure; will [...]
Mortgage Rate Predictions – March 23rd – Mortgage Rates Decline Under 4.9%
Last week I correctly predicted that mortgage rates would break the psyhcological barrier of 5% for the second time in 2009. Thanks to Ben Bernanke and the Federal Reserve Bank, I fully expect mortgage rates to stay under this level for quite some time. It will be interesting to see if 5% now serves as [...]
Obama “Refinancings have significantly increased. Interest rates have never been lower”
In his 60 minutes interview Preside Obama made the statement “”Well, we’re already starting to see flickers of hope out there. Refinancings have significantly increased. Interest rates have never been lower. That promises the possibility at least of the housing market bottoming out and stabilizing. It’s not going to happen equally in every part of [...]
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