October 04, 2013 By mortgage
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September 30, 2013 By mortgage
Category Archives: Mortgages & Rates
Following a half-century of economic decay and depopulation, there was a tragic inevitability to Detroit’s decision last week to declare bankruptcy. Motown must now restructure $18 billion in debt owed to 100,000 creditors and bondholders, deciding who gets paid, how much and when. That’s the plan to deal with Detroit’s past. But what about a plan for the city’s future?
Monmouth Real Estate Investment Corp. has renewed and expanded its $20 million unsecured revolving credit facility, which was set to mature this month. The renewed facility is syndicated with two banks led by Capital One, National Association (Capital One) as joint lead arranger, administrative agent and sole book runner, and includes Bank of Montreal (BMO) as joint lead arranger and documentation agent.
Say goodbye to ultra-low mortgage rates. In the past month, rates have been on the rise and they are expected to continue to climb. This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91 percent and are up from 3.3 percent in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loans received an average rate of 3.03 percent, up from 2.56 percent — a record low.
McKinley Commercial Client Services reports it was hired at the end of 2012 to manage a portfolio of 39 retail centers totaling 4.2 million sq. ft. in 39 states. The properties primarily consist of grocery-anchored centers, ranging in size from 52,000 sq. ft. to 245,000 sq. ft. The 430 tenants include national chains such as Staples, Home Depot, Dollar Tree, Lowe’s and Ross Stores. The properties are in Alabama, Florida, Georgia, Kentucky, North Carolina, New York, Pennsylvania, Ohio, South Carolina, Tennessee, Texas, Virginia and Wisconsin.
David and Victoria Beckham have decided against buying a property in London and will rent instead. David and Victoria Beckham are to rent a property in London.
The couple are planning to return to the UK with their four children, Brooklyn, 13, Romeo, 10, Cruz, seven, and 17-month-old Harper, later this year but after looking to buy properties in the upmarket areas of Mayfair, Kensington and Holland Park, the pair have decided not to make such a big purchase while David’s soccer career is still uncertain.
The nation’s extremely favorable mortgage rates sank even lower this week, setting records for both the 30-year and 15-year fixed rate loans. The 30-year fell to 3.31% from 3.34% last week, according to Freddie Mac, the government controlled mortgage backer. The 15-year rate averaged 2.63%, compared with 2.65% a week ago.
A drop in mortgage rates did little to slow another decline in mortgage applications for the second straight week, according to the Mortgage Bankers Association Home loan applications fell as interest borrowing rates on the 30-year fixed rate mortgage decreased to an average of 3.80% on fully executed mortgages.
Mortgage activity dropped for the second week in a row as mortgage rates rose driven by a strong hike in U.S. Treasury yields. Bond rates have been rising for one straight week,pushing mortgage rates higher. The Mortgage Bankers Association market composite index on loan applications fell 4.5% on a seasonally adjusted basis from one week earlier. A slowdown in refinances of 5% pushed by a hike in mortgage rates led the drop-off.
Driven by record low mortgage rates, the U.S. housing market is beginning to show signs of improvement as consumers search for discount priced homes. The 30-year fixed rate loan, 15-year fixed mortgage and the 5-year ARM all hit new all-time record lows this week to push hesitant buyers off the fence. The benchmark rate, the 30-year fixed fell three basis points to reach an average of 3.53%, according to the Freddie Mac survey. The mortgage has been below 4.00% all but one week for all of 2012.
Nearly at their record lows, mortgage rates popped higher this week, up two basis points to 3.90% on a fixed 30-year mortgage, according to Freddie Mac. Rates have been hovering near their record low levels for almost two months. The shorter term 15-year fixed rate loan also popped two basis points higher for the week to 3.13%, a bargain for any home buyer.