US home sales fall 2.5% in April, Mortgage rates hit 7-year high

WASHINGTON — U.S. sales of existing homes tumbled 2.5% in April — with the costs of buying a home jumping and would-be buyers facing a persistent shortage of properties on the market. The National Association of Realtors said Thursday that homes sold last month at a seasonally adjusted annual pace of 5.46 million, down from 5.60 million… [Read More]

Seattle Emerges As Bright Spot Amidst Reverse Mortgage Fallout.

Despite the downturn in Home Equity Conversion Mortgage endorsement volume in February, largely attributable to program changes implemented in October 2017, several areas saw substantial year-over-year growth during the first two months of combined data in 2018. Those areas, Seattle and Portland, have outpaced the national 27.9% increase in year-over-year volume for January and February… [Read More]

Cash-out mortgage refis are back — will homes become ATMs again?

As interest rates rise, fewer households refinance their mortgages. And the refinances that do get done are often very different than those initiated during low-rate periods. “When rates are low, the primary goal of refinancing is to reduce the monthly payment,” wrote researchers for the Urban Institute in a recent report. “But when rates are… [Read More]

Mortgage rates barely budge as markets fluctuate

Mortgage rates have been stable for a while now, inching up and down for the past eight weeks. This week, the average rate on the benchmark 30-year fixed mortgage fell to 4.53 percent, down from 4.55 percent last week. The stability in mortgage rates comes as financial markets swing wildly. “Despite the volatility in financial… [Read More]

Using Reverse Mortgages In A Responsible Retirement Income Plan.

Though reverse mortgages have long held a bad reputation, research and public policy in recent years are shedding new light on their potential uses in retirement. The vast majority of reverse mortgages in the United States are Home Equity Conversion Mortgage (HECM – commonly pronounced “heck-um”) reverse mortgages, which are regulated and insured through the… [Read More]

Pros & Cons of Annuities

There are a number of annuity options available to fit your financial needs, all of which have different benefits and functions. We can provide you with an in-depth look at how annuities work, the various types of annuities available to fit your financial needs, and how to sell your annuity payments in the event you… [Read More]

How to get rid of PMI, or private mortgage insurance

If you bought a house and made a down payment of less than 20 percent, the lender required you to buy mortgage insurance. The same goes if you refinancedwith less than 20 percent equity. Private mortgage insurance is expensive, but you can’t remove it until you have met some conditions. How to get rid of PMI To… [Read More]

How to get the Best Mortgage Rate

The day has come: It’s time to buy a home. But, the average home costs more than $260,000, and since you likely don’t have that kind of cash sitting in a savings account, you’ll need to borrow most of that amount from a lender and spend a decent portion of the rest of your life… [Read More]

Rates on longer-term mortgages to gradually rise??

Interest rates on 15-year and 30-year fixed-rate mortgages don’t move in lock-stepwith the federal funds rate. These loans are tied to 10-year Treasuries, so borrowers looking to get a 30-year mortgage aren’t directly affected by the latest Fed hike. However, the federal funds rate does contribute to the longer-term trends of the 10-year Treasury, and long-term fixed mortgages… [Read More]