Danville Mortgage Blog

Falling Consumer Confidence Helps Drag Mortgage Rates Lower. For Now.

For the second consecutive month, U.S. consumer confidence is plunging. July's official reading is its lowest since July of last year and the figures run in stark contrast to just two months ago, when the index touched a multi-year high. Related posts:

Case-Shiller Shows Home Price Improvement In 95% Of Cities

Standard & Poors released its Case-Shiller Index Tuesday. On a seasonally-adjusted basis, between April and May 2010, home prices rose in 19 of Case-Shiller's 20 tracked markets. It's the second straight month of strong Case-Shiller findings. Related posts:

New Homes Sales Gain in June, But Gains Are Relative

June's New Home Sales data is a major improvement over May, but gains are relative. It's possible that the true "new home market" may be softer than the statistics suggest. Related posts:

What’s Ahead For Mortgage Rates This Week : July 26, 2010

Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time. Related posts:

Existing Home Sales Drop In June But Hint At Higher Price Tier Support

Consistent with most post-home buyer tax credit housing news, Existing Home Sales eased lower last month. The 5 percent drop in sales was expected, but a closer look at the month's data reveals some interesting trends. Related posts:

Yes, You Can Still Get A Mortgage If You’re Pregnant

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing. Related posts:

Your Mortgage Approval Isn’t Final Until It’s Funded

Housing Starts Ease 0.7 Percent In June — 7x Better Than The Headline Data

Single-family Housing Starts eased lower last month, falling by 0.7 percent from May, or 3,000 units nationwide. Related posts:

Sagging Homebuilder Confidence Opens The Door For Good Deals

Remember, it wasn't too long ago that most builders were flush with home inventory, unable to find willing buyers. To help move product at that time, builders dropped prices and offered incentives including free upgrades. If confidence continues to sag going forward, home purchase deals of that nature may return -- especially as the foreclosure market gets larger. Related posts:

What’s Ahead For Mortgage Rates This Week : July 19, 2010

Mortgage rates are artificially right now so even the slightest jolt could cause them to spike. It would be similar to what happened in June 2009 when rates rose 1.125% in just 10 days' time. Therefore, if you're shopping for a mortgage and like the rate you've been quoted, consider locking in as soon as possible. Related posts:

The Fed’s June Minutes Keep Mortgage Rates In Rally-Mode

At 7,333 words, the June Fed Minutes is the unabridged version of the more well-known, post-meeting press release. The corresponding press release was just 360 words. It turns out, the Fed's words are doing wonders for mortgage rates. Related posts: