Last month we ended our report on Freddie Mac's April Economic Outlook with the statement that "Freddie Mac's April Economic Outlook deviates only slightly from predictions in earlier months; the housing market is slowing but certainly not screeching to a halt."
May's report which was issued this week paints a slightly less optimistic picture.
¶ May Economic Outlook Report Lowers Expectations 0 Comments
Mortgage Rates Continue Uptick While Refinancing At Two Year Low
Mortgage rates barely moved during the past week according to Freddie Mac reporting for the period ending May 4 and the Mortgage Bankers Association for the week ending May 5. While the trend continued, as it has for some time, to be up for most products the one-year adjustable rate mortgage (ARM) actually declined according to both organizations.
Applications to refinance as a percent of overall mortgage activity decreased to ...
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Fixed mortgage rates increased for the fifth straight week according to Freddie Mac's Weekly Primary Mortgage Market Survey for the week ended April 27 and adjustable rate mortgages (ARMs) logged the sixth consecutive week of increases.
In a separate report Freddie Mac announced that cash-out financing of its owned loans recently hit the highest level since the third quarter of 1990.
Freddie Mac estimated that $170 billion in home equity will be converted to cash through refinancing during 2006.
¶ Mortgage Rates, Applications, Cash Out Refinancing All Up 0 Comments
Why Get Renters Insurance? We will Tell You.
The news last month was full of awful pictures of the tornado damage that occurred throughout Missouri and Illinois. Along with the continuing debacle in Louisiana and Mississippi, the topic of insurance is once again on our minds.
Renter's insurance is remarkably cheap and quite frankly disaster can strike a renter as easily as it can strike a home owner. The fact that most renters don't have renters shouldn't be that surprising, most renters tend to be young and quite frankly not responsible. But a few bucks a month can save that DVD collection if something should happen to it.
