Home Prices Jump

Home Prices Rise

Home Prices Rise at Fastest Rate in 7 Years

Home prices rose at the fastest rate in almost seven years signaling ongoing housing market recovery. The S&P/Case Shiller index of 20 metropolitan areas released on Tuesday showed single-family home prices rose 9.3 percent in February from a year earlier.

The S&P/Case Shiller index showed prices gained 1.2 percent in February on a seasonally adjusted basis from January, topping forecasts for a 0.9 percent gain.

Attributed to David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices:

“Home prices continue to show solid increases across all 20 cities. The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005.”

Home Price Increases Boost Economy

Home price increases boost the overall economy. Besides the jobs created by a pick-up in construction and home sales, rising prices mean fewer homeowners are underwater on their mortgages, owing more than the home is worth. That allows more homeowners to refinance, saving money they can spend on other things.

“Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy. The 2013 first quarter GDP report shows that residential investment accelerated from the 2012 fourth quarter and made a positive contribution to growth. One open question is the mix of single family and apartments; housing starts data show a larger than usual share is apartments,” said Blitzer.

Buying a Home in this Environment

The price of a home is a major consideration for those considering a home purchase. Home buyers want to know they are making wise financial decisions.

A nationwide panel of more than 100 professional forecasters expects home values to end 2013 up an average of 4.6 percent and rise cumulatively by 22 percent, on average, over the next five years, according to the first quarter Zillow® Home Price Expectations Survey.

If you are considering a home purchase, contact a licensed Inlanta Mortgage loan officer to discuss available loan programs and receive a pre-approval letter to aid in your house hunting. Use our branch locator to find a loan officer near you.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Use our branch locator to find a loan officer near you.

 

 

 

Mortgage Rates & Jobs Reports

Jobs Report and Mortgage Rates

Jobs Report Exceeds Expectations

The jobs report released on December 7, 2012 exceeded economists’ expectations. The Department of Labor reports that the unemployment rate fell to 7.7 percent, the lowest rate since 2008. The economy generated 146,000 new jobs in November.

How Does This Affect Borrowers?

Bankrate.com reports that the recent jobs report could mean slightly higher interest rates. Why? When investors feel the economy is doing well, they pull money out of safer investments and choose riskier investments. While this is fantastic for the economy and workers – it may spur the Federal Reserve to cease holding rates down allowing the economy to walk on its own.

When Will Mortgage Rates Rise?

Not anytime soon, claim economists. Economists don’t expect the unemployment rate to drop much below the reported 7.7 percent anytime soon – which will encourage the Federal Reserve to continue to hold down rates to help the economy.  In fact, there is specualtion that the low unemployment rate is a product of workers dropping out of the labor force – largely due to Superstorm Sandy. Unemployment numbers may be revised once more data is available from regions affected by Sandy.

Time to Purchase a Home

Many people are looking to purchase homes this holiday season – locking in at record low mortgage rates before they begin their inevitable rise. While Inlanta Mortgage continues to offer competitive mortgage programs, we also provide the level of customer service you expect during such a major purchase. Inlanta Mortgage loan officers continue to succeed in this challenging economy because current customers tell their friends, neighbors, and colleagues about the great service they receive. Contact an Inlanta Mortgage licensed loan officer today, to begin your mortgage experience today.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker headquartered in Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Optimism About Housing Recovery Growing

Optimism is Growing

Optimism on the Rise

According to Fannie Mae’s September Housing Survey, consumer attitudes about the housing market recovery, and homeownership in general, are on the rise.  Consumer attitudes about the economy also improved substantially.

Chief economist at Fannie Mae, Doug Duncan said, “Home price change expectations have remained positive for 11 straight months, and the share expecting home price declines has stabilized at a survey low of only 11 percent. Furthermore, the Federal Reserve’s latest round of quantitative easing has caused a large drop in mortgage rate expectations. Friday’s September jobs report, including the strong upward revisions for prior months, a sizable increase in earnings, and a sharp decline in the unemployment rate, should provide further impetus for improving consumer confidence in the housing market.”

Monthly National Housing Survey

Click to review the September 2012 Data Release. Survey highlights include:

  • The number of survey respondents who say home prices will increase in the next 12 months has increased to 37% – the highest level since the survey’s inception in June 2010.
  • The percentage of respondents who said it’s a good time to sell has increased to 19% – the highest level since the survey’s inception.
  • The percentage of respondents who said the economy was on the right track jumped from 33% in August to 41% in September.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Home Ownership Matters!

Home Ownership Matters
Why does home ownership matter? Here are a few reasons to consider taking the leap from renting to home ownership:

JOBS &  ECONOMY

  • For every two homes sold one job is created in the United States.
  • According to the National Association of Realtors, home sales in this country generate more than 2.5 million private section jobs in an average year.
  • According to the National Association of Realtors – housing accounts for 15% of GDP, making it a key driver in our national economy
  • Every home purchase pumps up to $60,000 into the economy over time for home improvements, furniture, etc.

TAX INCENTIVE

  • Your mortgage interest is currently tax deductible
  • In many cases, interest accrued on home equity lines of credit is also deductible

OTHER BENEFITS – According to HouseLogic and the National Association of Realtors, home ownership tends to provide these additional benefits:

  • Higher academic achievement
  • More cohesive communities
  • Better connected families
  • Improved health and safety

Click here for a more comprehensive list of Social Benefits of Home Ownership and Stable Housing.

To get pre-approved for your mortgage and experience the dream of home-ownership, please contact an Inlanta Mortgage Loan Consultant near you!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

This article provides general information about tax decutions, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

 

 

 

Mortgage Rates & Other News

Mortgage Interest Rates
15-Year Fixed Rate Mortgages Hit All-Time Low

The average fixed rate on a 15-year mortgage fell nationally to an all-time low of 3.13 percent last week, Freddie Mac reported, while a traditional 30-year mortgage rate dipped to near-record low of 3.88 percent.

30-Year Fixed a Full Percentage Point Lower than 2011

According to Freddie Mac, 30-year fixed-rate mortgages didn’t break new records last week, but the average rate did fall to 3.88 percent from 3.90 percent the previous week. One year ago at this time, 30-year fixed mortgages averaged exactly one percent point higher – 4.88 percent.

Adjustable Rate Mortgages

Adjustable-rate mortgages (ARMs) showed mixed results accoding to Freddie Mac, with 5-year ARMs falling from 2.83 percent to 2.81 percent week-over-week and 1-year ARMs rising slightly from an average of 2.72 percent to 2.73 percent in the same time frame.

One year ago at this time, 5-year ARMs averaged 3.73 percent and 1-year ARMs averaged 3.21 percent.

Buying a home? Refinancing? To take advantage of low interest rates, contact a licensed mortgage loan officer near you to discuss your financing options.

Other Economic News

Bloomberg reports that household spending will get a lift from employment and income rises and partly from the fact that we have just seen 4th warmest winter on record in the 20th century. Why should weather matter? Well, reduced expenditures on energy bills mean more money for other expenses.

Reuters reports that, “The spending power of the American consumer is the secret sauce for turbo-charging a world economy that has entered an uncomfortable soft patch.” No pressure Americans, really.

But in all seriousness, we may be on the way to a rosy recovery as recent reports of new jobs and increasing consumer demand may indicate – but many are still concerned with lagging income growth, lagging consumption, higher prices and persistently high unemployment (still at 8.3%).

We wonder what will come of Federal Open Market Committee’s second scheduled meeting of the year and releases of Retail Sales, Producer Price Index, and Consumer Price Index. Coupled with information already available – these reports and forthcoming news from abroad will undoubtedly have economists on their toes.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

First Weber Celebrates Agent Achievement in 2011

First Weber Celebrates Agent Achievements in 2011

This past Wednesday Inlanta attended the First Weber 2011 Awards Breakfast at Potawatomi Bingo and Casino here in Milwaukee. It was a good opportunity for Inlanta to participate in the celebration of the achievements of so many great agents at First Weber and the terrific organization First Weber has built as a leader in Wisconsin real estate. Click here to find a First Weber Agent near you.

The theme of the awards day was the “new normal” and how First Weber has adjusted in the past year to meet the challenges of a different economy and real estate market. The awards were presented to the top performing agents who adjusted to the changes of the market and found out how to be successful in the “new normal.” Inlanta congratulates the recipients on their achievements.

Even though the awards ceremony focused on 2011’s agent record achievements, First Weber announced they have posted record numbers already for January and February 2012. Inlanta Mortgage and First Weber both agree 2012 is going to be a great as it appears there are very positive signs of slow and steady recovery. Inlanta values the relationship with First Weber and is committed to helping First Weber agents and their customers find the best financing solutions to achieve their sales and closing goals, along with helping buyers and sellers enjoy smooth, hassle free financing. Click here to find a licensed mortgage professional near you.

“We were struck by the number of tenured agents at First Weber, clearly a testament to the professional and dedicated leadership team that has built this company,” Nicholas DelTorto, Inlanta Executive Vice President, said. “So many people have been there 5, 10, 15, 20, 25, 30 and even 35+ years – it really is a statement of how strong they are and will be in the future.

Congratulations to all the winners! We know 2012 is going be a GREAT year!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Mortgage Rates & Other News

Mortgage Rates Still Low

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87 percent. That’s the lowest level since long-term mortgages began in the 1950s – this is the third straight week of record lows.

The average on the 15-year fixed mortgage, according to Freddie Mac, was also unchanged at 3.16 percent. That’s up from a record low of 3.14 percent reached two weeks ago.

In other news, mortgage delinquencies declined in the fourth quarter of 2011 as an improved job market helped more borrowers pay their bills on time. The delinquency rate for all home loans dropped to 7.58 percent from 7.99 percent in the previous three months, according to a report from the Mortgage Bankers Association.

On the job front, the unemployment rate fell for a fifth straight month in January to a three-year low of 8.3 percent. According to the National Association of Realtors, the improving economy is bolstering housing demand – which rose 5% in December. Click to learn more here.

Higher home builder confidence, a key indicator that the housing market is moving toward sustainable growth, is at the highest level the NAHB/Wells Fargo Housing Market Index has reached in more than four years. This index gauges builder perceptions of single family home sales and expectations for the next six months. Click here to learn more.

Inlanta Mortgage professionals keep a close eye on housing and economic news. If its important to potential homebuyers – it is important to mortgage professionals. Current market conditions provide wonderful opportunities to those who may be considering purchasing a home now or in the near future If you are ready to start shopping and are interested in discussing your financing options –contact a licensed mortgage loan originator near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

 

Are We There Yet? Mortgage Rates and Other Good News

Mortgage Loan Rates – Record Lows!

According to Freddie Mac, the average rate for a 30-year fixed loan decreased to 3.89 percent from 3.91 percent, in the week ending today. This mortgage rate is the lowest in records dating to back 1971. The average 15-year rate dropped to 3.16 percent from 3.23 percent.

There has been no better time to refinance or purchase a home. Click here to find a licensed mortgage loan officer near you. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Click here for more information on Inlanta Mortgage loan programs.

The Good News Doesn’t End with Record Low Mortgage Rates

According to Commerce Department figures released Dec. 23rd, new-home sales jumped to a seven-month high in November. According to a Fannie Mae forecast, new home sales will improve in 2012.  Who’s Fannie Mae?

Sales of existing homes rose in November to a ten-month high, according to the National Association of Realtors. According Fannie Mae’s Douglas Duncan and Orawin Velz, sales of new and existing homes are expected to increase by 3.5% and housing starts are projected to rise by 16 percent – giving our economy a long overdue (though modest) boost.

Home-loan applications climbed 4.5 percent as of January 6th, according to a Mortgage Bankers Association index. The Mortgage Bankers Associations’ measure of purchases rose 8.1 percent from a three-month low, while its refinancing index increased 3.3 percent.

And finally…more good news….The U.S. unemployment rate unexpectedly fell to 8.5 percent in December. This is the lowest reported unemployment rate since February 2009, according to the Labor Department.

Is consumer confidence on the rise? Is the U.S. headed for a recovery? Let’s stay optimistic as we head into the weekend – and hope that these recent tidbits of good news are an indicator of things to come!

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Inlanta Mortgage is not acting on behalf of or at the direction of Fannie Mae, Freddie Mac, the National Association of Realtors, or Mortgage Bankers Association.