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What’s Ahead for Mortgage Rates This Week: November 9th

[caption id="" align="alignright" width="182" caption="The Economy Is Improving, But Is Not Yet Out of The Woods"][/caption] Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday.  Thankfully for rate shoppers, the overall momentum was positive. Mortgage rates fell for the second time in as many weeks. Rates still ...

Congress Expands And Extends The Home Buyer Tax Credit

Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.  The White House says the President will sign it into law today. The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, ...

A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition)

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased. It's the third consecutive post-FOMC ...

Lock Your Home Loan Rate Before 1:15 PM CST Today

The Federal Open Market Committee caps off a scheduled, 2-day meeting today in the nation's capital, its 8th meeting of the year. The group adjourns at 1:15 PM CST and, as is customary, will issue a press release reviewing its monetary policy and the health of the U.S. economy.  The FOMC's post-meeting statements are brief but comprehensive. They're ...

Pending Home Sales Index Points to Higher Home Prices

The housing market continues to steam forward. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It's the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006. A ...