After increasing for much of 2018 due to the strong economy; mortgage rates have stabilized and have declined recently. Despite the Federal Reserve raising the benchmark earlier in June, mortgage rates have not followed. The Federal Reserve has hinted at two more increases in 2018 as they seek to normalize rates with the strong economy. …read more
About 25% of home purchases in Minnesota have been cash sales (i.e. no mortgage). This is lower than the national average of 36% and is down from a few years back in the Great Recession. During the downturn and ensuing Great Recession; real estate investors purchased homes at discounted rates and accounted for a significant…read more
When shopping for mortgage rates online, rates can vary significantly from lender-to-lender. If a rate seems “too good to be true”..it probably is! Some lenders may advertise low rates; but when analyzing the terms many times they may include hidden fees or points buying down the rate. The Mullins Group recommends engaging multiple mortgage broker…read more
Over the past few weeks, mortgage rates jumped at the higest levels in the past 30 years as a percentage increase. This jump was in response to the Fed pulling back on the Qualitative Easing program as the economy improves. This announcement resulted in a rise in the 10-year treasuries which mortgage rates follow. After…read more
As any buyer, Realtor, lender, or anybody else in the real estate industry will tell you…appraisals have been a hurdle through the economic downturn and housing correction. Lenders tightened underwriting criteria, while appraisers had few competitive properties to compare and have been extremely conservative. As a result, many offers with agreed upon terms between a…read more
Today’s article from Time Magazine highlights an ongoing issue regarding housing and the economy. Undoubtable the housing market crash was one of the primary catalysts for the economic downturn. But housing also creates jobs and can fuel economic recoveries. New construction has a trickle down effect..from construction workers, realtors/brokers, morgtgage lenders, title companies, engineering firms,…read more
No Question about, lenders over corrected after the housing bust. Most everybody agrees lenders needed to tighten underwriting standards, however most industry experts agree they went to far as many households with steady jobs and good credit still are having difficulty in obtaining a mortgage. This has affected the housing recovery as many would be…read more
Mortgage rates fell again this week..sending to a new record low. According to Freddie Mac, the average 30-year fell to 3.34% and the 15-year to 2.65%. Rates continue to drop due to the concern over the fiscal cliff and demand for government bonds. Since the presidential election, investors have pulled from the stock market and…read more
Today’s Star Tribune article explains the recent changes to Minnesota State law that will effect nearly all property owners in the State. Unfortunatley when our governor and legislature compromised on a budget deal, the property tax issue was a piece of the deal that was not readily understood until just recently. The bottom line.. property…read more
Bankrate.come just released a closing cost estimate by state. Out of the 50 states, Minnsota has the 17th highest closing costs based on a hypothetical example of a $200,000 priced home and 20% down. New York has the highest closing costs in the nation. http://www.bankrate.com/finance/mortgages/2011-closing-costs/closing-costs-by-state.aspx
