As usual, foreclosure density varied by region last month, with just 5 states accounting for close to half of the nation’s repossessed homes.
For the period July-September 2010, 52 of 54 responding loan officers admitted to tightening their prime guidelines, or leaving them “basically unchanged”.
Mortgage rates have been falling since April, shedding more than 1 percentage point since the Refi Boom began. Today, that momentum could lose some steam.
The Federal Reserve ends a scheduled, 2-day meeting today. It’s the seventh of 8 scheduled Fed meetings in 2010, and the eighth overall this year. Mortgage rates should be especially jumpy.
Mortgage approvals are primarily based on good income, good equity and strong credit, and, without all three, the best rates of the day remain out of reach. Do something about your credit score.
Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORSÂ®. But for as common as foreclosures can be, they remain a localized concern.
The number of foreclosure filings rose 3 percent in September, according to foreclosure-tracking firm RealtyTrac.
The Federal Reserve released its September 21, 2010 meeting minutes Tuesday afternoon. Mortgage rates are slightly higher today.
In 2011, for the 6th consecutive year, the government is fixing $417,000 as the country’s conforming mortgage loan limit.
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.