Home ownership is available to renters who don't even know it! Did you know that in 2005, 43% of all first time home buyers made their purchase with no money down? A study by the National Association of Realtors provides that statistic.
There are fantastic mortgage products available for buyers with no money down--including the recently released First Time Home Buyer program available only in Wisconsin which features a LOW fixed rate for 30 years and NO Private Mortgage Insurance. If you are a first time home buyer, call me today at 414.453.7620 to find out if you qualify!
Monday, August 28, 2006
Tuesday, August 15, 2006
Good News For Mortgage Rates
This morning’s economic headlines brought some good news of lower inflation, and Bonds are enjoying a nice pop higher as a result. The Fed is also likely breathing a sigh of relief as their recent decision to pause has some confirmation. What does this mean for you? Mortgage rates aren't jumping any more (for the moment) and have even gone down a touch. We anticipate this to continue for the immediate future.
Call me with any questions!
Call me with any questions!
Thursday, August 10, 2006
THE TECHNICAL STUFF:
Yesterday the Fed decided to take a pause in raising short-term interest rates leaving the Fed Funds Rate at 5.25%. What does this mean? The Fed thinks inflation is probably back in check.
What is interesting is that the vote to pause wasn't unanimous. Richmond Fed President Jeffrey M. Lacker had voted for another 25bp rate hike. Because the hike wasn't unanimous, the mortgage market is jittery because we don't know if the Fed is taking a temporary break from raising rates or if rates will rise again in the fourth quarter.
Here's the relevant language in the Fed's latest statement: “…[I]nflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.” This meands that the Fed will closely monitor economic reports for the next few months, and this will determine whether we see another rate hike in the near term.
WHAT DOES THIS MEAN FOR MORTGAGES?
We have been seeing a move towards lower mortgage rates, and I believe this will continue. In spite of today's news about a foiled terrorist plot, the bond market is pretty stable today. While a turn for the worse is certainly possible, I am optimistic for better rates in the next few weeks.
As always, feel free to call me with any questions about mortgages!
Peter
Yesterday the Fed decided to take a pause in raising short-term interest rates leaving the Fed Funds Rate at 5.25%. What does this mean? The Fed thinks inflation is probably back in check.
What is interesting is that the vote to pause wasn't unanimous. Richmond Fed President Jeffrey M. Lacker had voted for another 25bp rate hike. Because the hike wasn't unanimous, the mortgage market is jittery because we don't know if the Fed is taking a temporary break from raising rates or if rates will rise again in the fourth quarter.
Here's the relevant language in the Fed's latest statement: “…[I]nflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.” This meands that the Fed will closely monitor economic reports for the next few months, and this will determine whether we see another rate hike in the near term.
WHAT DOES THIS MEAN FOR MORTGAGES?
We have been seeing a move towards lower mortgage rates, and I believe this will continue. In spite of today's news about a foiled terrorist plot, the bond market is pretty stable today. While a turn for the worse is certainly possible, I am optimistic for better rates in the next few weeks.
As always, feel free to call me with any questions about mortgages!
Peter
Friday, August 04, 2006
More Insight Into Credit Scoring
There is a great column on realtytimes.com which offers insight into credit scores and highlights the difference between the score you can buy online and what you will see when I review your credit in our first meeting. I welcome the opportunity to review your credit report with you, call me today to set up a meeting! I can be reached at 414.453.7620.
"Not messing with a good thing is sound advice for consumers. Why? Because trying to improve your score could actually result in a lower score, not a higher one. Some steps to a higher number are counterintuitive, such as opening a new account and closing out an old one, a step that you could really mess up your score. "
Read the whole article HERE.
"Not messing with a good thing is sound advice for consumers. Why? Because trying to improve your score could actually result in a lower score, not a higher one. Some steps to a higher number are counterintuitive, such as opening a new account and closing out an old one, a step that you could really mess up your score. "
Read the whole article HERE.
Wednesday, August 02, 2006
Lunch On Us This Friday!
We will be hosting another Lunch On Us at KLM this Friday, August 4. Feel free to stop by our office for lunch and conversation from 11:30 to 1:30. I hope to see you here!
Peter
Peter
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