Blog Archives

U.S. home construction hits highest pace in 5 years

U.S. home construction hits highest pace in 5 years

U.S. builders broke ground on homes at the fastest pace in more than five years, strong evidence that the housing recovery is accelerating despite higher mortgage rates.

The Commerce Department said that developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million. That’s 23 percent more than October’s pace of 889,000 and the fastest since February 2008, just a few months after the recession began. Read the rest of this entry

Fannie Mae posts $2.2B net gain for Q2

Fannie Mae posts $2.2B net gain for Q2 WASHINGTON – Aug. 9, 2012 – Fannie Mae earned $2.2 billion from April through June, its second quarterly gain in net income since being taken over by the government during the 2008 financial crisis. Read the rest of this entry

Loan servicers face strict federal rules

WASHINGTON – Aug. 10, 2012 – The government’s consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments. Read the rest of this entry

U.S. rate on 30-year mortgage rises to 3.55%

WASHINGTON – Aug. 3, 2012 – The average U.S. rate on the 30-year fixed mortgage rose this week after falling to new record lows in each of the past four weeks.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.55 percent. That’s up from 3.49 percent last week, which was the lowest since long-term mortgages began in the 1950s. Read the rest of this entry

U.S. rate on 30-year mortgage: 3.49%, new record

Expect record-low rates to go even lower over the short term, say 50% of the industry experts polled this week by Bankrate.com. Another 50% expect no change – and no expert predicts rates will go up. Read the rest of this entry