| Senate Approves Homebuyer Tax Credit Extension
November 4, 2009 at 7:39 pm
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| The Senate today voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date. The credit would be available until April 30, 2010. Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home. The credit currently applies only to first time home buyer. The Senate vote was 98 to 0 Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years. The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000. Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for...(read more) |
| Diving Deep Into the FOMC Statement. How Does It Affect Mortgage Rates?
November 4, 2009 at 3:43 pm
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| Although this may not be necessary, I am going to over-analyze the FOMC statement and relate it to mortgage rates. Below is the FOMC Statement. I highlighted the adjustments and additions the FOMC made today.... Release Date: November 4, 2009 For immediate release Information received since the Federal Open Market Committee met in September suggests that economic activity has continued to pick up. Conditions in financial markets were roughly unchanged, on balance, over the intermeeting period . Activity in the housing sector has increased over recent months. Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower...(read more) |
| Mortgage Applications Increase 8.2%. Refinance Demand Up 14.5%
November 4, 2009 at 7:53 am
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| The Mortgage Bankers Association today released the Weekly Survey on Mortgage Application Activity for the week ending October 30, 2009. Housing is a key component of economic forecasts, thus real estate surveys and housing data are closely scrutinized by policy makers. The Mortgage Banker's application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates home buying interest is increasing, a positive for the housing industry and economy as a whole. Furthermore, in a low mortgage rate environment, a trend of increased refinance applications implies consumers are seeking out a lower monthly...(read more) |
| The Day Ahead: Equity Futures Better Before Busy Day
November 4, 2009 at 7:48 am
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| | Risk is back on the table. As investors await labor data, a key survey on the services sector, and of course the policy announcement from the central bank’s monetary policy board, equity futures are all looking up. More than two hours ahead of the bell, the S&P 500 looks to open 7 points higher at 1048.70 and Dow futures are up 64 points to 9,836. The main action may not be in equities though. Gold hit a new record high Tuesday at $1,089 per ounce, and this morning gold futures are up further to $1,094.60. Meanwhile, oil futures are back above $80, and yields on the benchmark 10-year Treasury Note are up 1 basis point to 3.48%. Analysts have said the US dollar will rally if the Federal Reserve shows any signs of tightening rates sooner than expected. However, in a morning note HFE’s...(read more) | | | 
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