Quicken Loans Mortgage News

Market Update – Positive Manufacturing Report Sends Equities Higher

Jordan Fylonenko — Thu, 02 Sep 2010 14:26:03 +0000

The economy received some good news from the manufacturing sector on Wednesday sending equities higher and treasury and mortgage prices lower. Mortgage bonds are lower this morning after yesterday’s sell-off and subsequent reprice. Today’s July pending home sales report showed an unexpected gain in the month-over-month number. However, year-over-year home sales are down -20.1%. Finally, the July factory orders report came in as expected, showing a very small increase.

Mortgage Rates Haven’t Been This Low Since…

Amber Hunt — Thu, 02 Sep 2010 11:00:24 +0000

There’s no doubt about it – we are living in one of the best times in history to buy a home or refinance your mortgage. Mortgage rates have hit their lowest levels since 1955. 1955!! That’s over 50 years ago and long before many first time home buyers were even born. These amazing rates really make you wonder why people are still asking themselves: Should I refinance my mortgage? In order to give those who are still wondering some perspective on what a historic time we are living in, we put together a little list:

The Last Time Mortgage Rates Were This Low:

The very first McDonalds restaurant opened
It cost 3 cents to mail a letter
Dwight Eisenhower was President and Richard Nixon was Vice President
Gasoline cost 23 cents a gallon
A new car would cost you around $1,095
Rosa Parks refused to sit at the back of the bus, becoming the Mother of the Modern Day Civil Rights Movement
Pink clothes for men became a fashion rage

No one is sure how long low mortgage rates are going to last, but there’s no denying that the time to get started on that home refinance you’ve been wondering about is right now! Don’t miss your chance to lock in the lowest mortgage rates we’ve seen since haircuts cost 50 cents.

Stock Market Rallies – Could This Be the End of Low Mortgage Rates?

R. Rebecca Carter — Wed, 01 Sep 2010 20:52:33 +0000

A better-than-expected manufacturing report from the Institute for Supply Management (ISM) led to a surge in the stock market today, marking a welcome change from dismal stock performances in August.

Could this surge be heralding a rebound for our ailing economy? With so much recent talk of a sluggish economic recovery, today’s market moves give a much-needed glimmer of optimism.

Since rates tend to drop in a weak economy and rise in stronger economic environments, a trend toward recovery could mean an abrupt end to the low mortgage rate environment we’ve enjoyed in recent weeks.

If you’ve been waiting to refinance or purchase, the wide open window of record-low rates could be closing. We’ll be watching the market indicators closely to see if these trends continue. Of particular interest will be job reports later this week.

Market Update – Consumer Confidence Report Exceeds Expectations

Jordan Fylonenko — Wed, 01 Sep 2010 14:06:09 +0000

Economic signals were mixed yesterday with the June S&P/Case Shiller indices and August U.S. consumer confidence both exceeded predictions while the August Chicago purchasing managers index was below expectations. Mortgages and Treasuries are relatively flat as investors position themselves for Friday’s employment report.

Watch-It Wednesday: 30-Year Fixed-Rate Mortgage

Amber Hunt — Wed, 01 Sep 2010 11:00:05 +0000

Welcome to our new weekly feature – Watch-It Wednesday! Each Wednesday we will bring you videos featuring: frequently asked questions, mortgage facts, the latest mortgage news and much more. We hope that these videos will help keep you informed about the latest happenings in the mortgage industry and also assist you when you’re ready to complete your next home purchase or mortgage refinance.

This week, Home Loan Expert Doug Peeples talks about the 30-Year Fixed-Rate Mortgage:

Do you have a question for our Home Loan Experts? Send us your questions at content@quickenloans.com and we could feature it on the next Watch-It Wednesday!

Market Update – Releases Give Bleak Picture of Economy

Jordan Fylonenko — Tue, 31 Aug 2010 14:33:17 +0000

Treasury and mortgage prices are higher this morning extending yesterday’s rally. Investors are preparing for the week’s data which has portrayed a bleak picture of the economy, stirring fears of a double-dip.

FHA Loan Changes and What They Mean For You

Amber Hunt — Tue, 31 Aug 2010 11:00:25 +0000

The Federal Housing Administration is going to be making some changes to the FHA loan. These changes will go into effect on October 4, 2010. The two aspects of the FHA loan that are changing are the Up Front Mortgage Insurance Premium (UFMIP) and the Mortgage Insurance Premium (MIP) that is charged to borrowers on a monthly basis.

The UFMIP is actually going to be reduced from 2.25% to 1%. This fee is taken and put into an escrow account at the US Treasury and is distributed to HUD on a monthly basis in case the borrower defaults on their loan.

The MIP is going to be raised from .55% of the loan amount per year to .85% of the loan amount per year.

So what does this mean for you? Well, every situation is unique so it’s important to speak with a Home Loan Expert in order to make sure you’re getting the most accurate information for your situation. Your down payment and loan-to-value ratio will determine what your MIP payment will be. However, for a $200,000 loan, borrowers can expect to pay roughly $60 more per month after the new changes go into effect.

With mortgage rates currently at historic lows, and additional changes and fees on the horizon the time to complete that home refinance you’ve been thinking about or make your home purchase is now. Don’t pay an extra penny more than you have to in today’s market. Contact your Home Loan Expert today.

Driveway Ideas: How to Have & Keep a Spotless Cement Driveway

Amber Hunt — Mon, 30 Aug 2010 15:03:15 +0000

The least babied of all home surfaces has got to be the American driveway. The most commonly installed driveway surface, made of gray-toned concrete, is a beautiful sight when it’s brand new. Then comes life, and before long, sidewalk chalk and oil leaks have given your driveway personality. But with a little effort, you can restore your concrete driveway’s new appearance and protect it from future dirt and stains.

Driveway Drainage Problems?

If rain sits in puddles on your driveway instead of running into the street, your concrete has settled into an insufficient foundation. You’ll want to consult a concrete driveway professional to discuss your options. Your driveway should slope upward from the road ¼ inch for every foot in length. A 40-foot driveway should be 10 inches higher at the garage than at road level.

Removing Oil Stains

Sidewalk chalk washes away with a good rain, but oil stain removal takes some work. DIYers might try this two-step method: Sprinkle cat litter or fresh sawdust on the oil stain and let it sit for two days before sweeping away. This will remove surface grease. Then, dust the stain with a layer of dry cement powder and let it sit for two more days to absorb the deeper layer of oil. Be sure to check the weather before you do this. If rain mixes with the cement powder, you could end up with a permanent cement patch. Sweep powder into a bag and dispose. You can also purchase oil-removal products designed for concrete, but these can possibly work too well – you’ll be trading black blotches for clean white ones.

Power Washing

The most effective way to uniformly clean your cement driveway is to have it power washed. A professional will use the right equipment, water temperature and cleaning product to remove dirt and stains. The Power Washers of North America can help you locate contractors near you.

Seal the Concrete Surface

One pro of a concrete surface is that it is extremely durable. The downside is that it is also very absorbent. Sealants should keep your clean driveway looking great for a long time. Some sealants penetrate the surface to give invisible stain protection. Others provide a surface barrier while also giving a glossy sheen, much as if the driveway were wet. Still other options can enhance the plain gray, such as tinted concrete stains. These stains are available with or without protective barriers.

The appearance of your driveway creates an impression about your home and way of life. A well-kept driveway invites people into your home and can add value to your home investment. How does your driveway shape-up? To find out, take the curb appeal test. Step out to your curb and take a long look at the front of your home. In addition to making sure the grass is green (in season) and the front door is warm and inviting, pay special attention to the state of your driveway. If your house doesn’t tell anyone that is driving by that it has been well maintained, invest in turning that around. With mortgage rates at historic lows, a home refinance could provide the extra cash you need to make those needed updates. With a little hard work, your home can make a great first impression – and a great first impression can go a long way when it comes time to sell your house.

Market Update – Full Week of Economic Releases Ahead

Jordan Fylonenko — Mon, 30 Aug 2010 14:14:59 +0000

After Friday’s sell-off, mortgage backed securities are up this morning from Friday afternoon. Some of the key economic releases this week include tomorrow’s home price index and FOMC minutes, Thursday’s ISM and Friday’s August unemployment report.

Market Update – Mortgages Open Lower

Amber Hunt — Fri, 27 Aug 2010 14:08:42 +0000

The bulk of this week’s news and data has supported fears of a double-dip recession and helped Treasuries and mortgage bonds rally. Yesterday saw a slight turnaround with better than expected Initial Jobless Claims numbers. Mortgages are opening lower this morning as the Asian equity markets saw a slight rebound overnight and a better than expected GDP number was reported.