Fed Keep Rates the Same
December 13, 2006 by Perry Corneau · Leave a Comment
Yesterday the Federal Reserve voted to keep the benchmark U.S. interest rate at 5.25 percent. While some expect a quarter point increase sometime in the new year, it is widely held that 2007 will bring declines in rates. Yesterday the 30-year fixed-rate average inched up to 5.63 percent, and the 15-year fixed rate gained to 5.39 [...]
ShareSarasota Mortgages for Canadian Citizens
December 6, 2006 by Perry Corneau · Leave a Comment
In the 19 years that I have been selling real estate herein Sarasota I have had been fortunate to close many deals with Canadian buyers. As with any foreign national, Canadians do not normally have as many financing options as U.S. citizens. RBC Centura Bank, with 450.7 billion in U.S. assets is North America’s 5th [...]
ShareDoing Nothing!
October 26, 2006 by Perry Corneau · Leave a Comment
That’s what the Federal Reserve Board is doing. Nothing! That is the good news. The Federal Reserve Board met yesterday and for the 3rd consecutive meeting they decided to leave the federal funds rate at 5.25 percent. Previously the Federal Reserve had raised the rate 17 consecutive times. The rate has remained at it’s current [...]
ShareTrust but Verify…
October 3, 2006 by Perry Corneau · Leave a Comment
Obtaining financing through the use of “stated income” loans or “no-doc” loan has gotten a bit more difficult. The IRS has begun providing electronic income tax information on borrowers to lending institutions. It has been common place for borrowers with good credit to bypass much of the paperwork necessary to prove income by simply stating [...]
ShareYou've got some explaining to do…
October 1, 2006 by Perry Corneau · Leave a Comment
With nontraditional mortgage such as Option Adjustable Mortgages and Interest Only Mortgages becoming more common, bank have been told by federal regulators to fully explain the inherent risks to borrowers. These nontraditional loans are now making up as much as 30% of all loans made and regulators have become increasingly concerned that borrowers are not [...]
ShareNo News is Good News
September 20, 2006 by Perry Corneau · Leave a Comment
Today, something very important happened; nothing. The Federal Reserve Board met today and for the second time in a row has decided not to raise the rates. This could be a signal that after 17 consecutive rate increases, the worst is behind us. This could go a long way to restoring confidence in the real [...]
ShareMortgage Rates Down.
September 12, 2006 by Perry Corneau · Leave a Comment
Long-term mortgage interest rates were lower Friday, and the benchmark 10-year Treasury bond yield sank to 4.77 percent. The 30-year fixed-rate average dipped to 5.93 percent, and the 15-year fixed-rate sank to 5.64 percent. The 1-year adjustable was down at 5.31 percent. The 30-year Treasury bond yield decreased to 4.92 percent. With gas prices having [...]
ShareInterest Rates Trend Downward
August 24, 2006 by Perry Corneau · Leave a Comment
In Freddie Mac’s survey, the 30-year fixed-rate mortgage sank to an average 6.48 percent this week, down from last week’s average of 6.52 percent, and is now at its lowest since April 6, 2006, when it averaged 6.43 percent. The average for the 15-year fixed-rate mortgage also fell from last week, down to 6.18 percent [...]
ShareRate Trend Down
August 11, 2006 by Perry Corneau · Leave a Comment
Around the country we have seen mortgage interest rates heading down for the last three weeks. Thirty year mortgages are now at their lowest point since April of this year. Interest rates for a thirty year mortgage are averaging at 6.55 %, down from 6.63% from last week. The fifteen year fixed-rate is averaging at [...]
ShareNo Rate Increase
August 10, 2006 by Perry Corneau · Leave a Comment
The Federal Reserve kept the benchmark U.S. interest rate at 5.25 percent, ending a record two-year run of increases. The rate was 1 percent when policy makers began a series of 17 consecutive quarter-point moves in June 2004. New data show slower economic and job growth, while a drop in Treasury yields over the past [...]
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