About MeMark Fitzpatrick
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I've been in the mortgage banking industry for nearly seven years and my goal with this website is to help consumers make educated mortgage financing decisions.
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The continuing carnage in the bond market has pushed the 10-year bond to 22-month highs, causing an ugly spike from early May lows in mortgage rates. For a housing market that is continuing to try to recover, higher mortgage rates is not welcome news because it erodes buyer purchasing power. Today, most borrowers can expect to be in the mid to low 4% range for a conventional 30-year fixed – a nearly 1% rise since early May. Continue reading
Conventional wisdom says that once an asset bubble bursts, it can’t be blown up again for a very long time. Well, the Federal Reserve and its zero interest rate policy may be bucking conventional wisdom. As I wrote last week, home prices in many areas of the country have gotten positively “bubbly” recently. We’re seeing prices increase at rates not seen since the heady days of the housing bubble in many areas. Continue reading
Is the housing market getting a little bubbly all over again? Sure seems like it – at least in certain areas, anyway. When buyers start acting like they’re buying to avoid missing the boat, it’s a good bet a new housing bubble is in. Continue reading
It looks like the housing market might be getting a little better. Home prices have posted eight consecutive months of gains and foreclosure activity nationally is at lows not seen since 2007. Could this finally be the bottom for real estate? Continue reading
The Pending Home Sales Index posted 101.4 in March, a four percent gain from the month prior and the index’s highest reading since April 2010, when the home buyer tax credit expired.
A “pending home” is a home under contract to sell, but not yet closed. The Pending Home Sales Index is tracked and published by the National Association of REALTORS® every month. Continue reading
Home prices continued their slide in February, according to Standard & Poor’s Case-Shiller home price index. National home prices have now fallen a total of 35% from the highs hit in 2006 and are back at 2002 levels. With prices and mortgage rates as low as they are, this is a great time to purchase a home. Home affordability has already been better than it’s been in years, but it continues to get even better. Continue reading
Is it hard to conceive that you can buy a house for the price of an average car? Thanks to the real estate bust and subsequent foreclosure mess, in many areas it’s now possible. AOL Real Estate has an interesting slideshow that demonstrates just how the real estate market has turned from the heady days of the real estate bubble. Continue reading
It’s looking like the housing market is about to take another hit thanks to an increase in foreclosure activity by the banks. Foreclosures were largely put on hold through 2011 as the so-called “robosigning” scandal was sorted out, but now that five major banks have settled, they’re once again ramping up foreclosures. Continue reading
February’s Pending Home Sales Index slipped 0.5 percent from the month prior to 96.5, according to data from the National Association of REALTORS®. The Pending Home Sales Index reports the number of homes nationally that are under contract but are not yet sold. Continue reading
The affordability picture continues to improve in the housing market. According to the S&P/Case-Shiller home price index, home prices are at the lowest they’ve been since 2002. Between low home prices and low interest rates, home affordability hasn’t been this good in a very long time. Continue reading