June 2010

Mortgage rates hit 50-year lows and it likely won’t matter

June 30, 2010 by · Leave a Comment 

by Ann Brenoff    Jun 25th 2010 at 3:00PM


20100524_16The bad news: You need to have a job and impeccable credit to get them.

The average 30-year fixed loan rate tumbled to 4.69% this week, down from 4.75% last week, Freddie Mac reported. These are the lowest rates since the mortgage giant began keeping records in 1971 and the last time rates were lower was in the 1950s.

Nobody expects the falling rates to matter much. They aren’t likely to snap the housing market back to life. And they aren’t likely to benefit anyone who is unemployed, underemployed or who has had their credit rating dinged in the recession.Sales of new homes fell 33% after the federal tax credit incentives expired at the end of April and while existing home sales are still showing better numbers, experts say those numbers are being buoyed by the tax credit buyers still in the pipeline and trying to close escrow.
As long as prospective home buyers are worried about their financial well-being and job security, many will be reluctant to take the plunge, Greg McBride, senior financial analyst with, told MSNBC.

The falling rates are tied to investors nervous about Europe’s debt crisis and the global economy and who have shifted their money into safe Treasury bonds. Mortgage rates generally track Treasury bonds.

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June 24, 2010 by · 2 Comments 

Credit Scores: The Impact of Foreclosures and Short Sales

June 14, 2010 by · Leave a Comment 

People often ask how foreclosures and short sales impact credit scores. This is hard to answer because there are many factors that make-up ever-changing scores, and those factors are typically undisclosed to the public… until recently. A good credit score ranges from 700-800. Here’s a bulletin we received from our credit reporting agency that shows how your credit score is impacted. A bankruptcy deducts 130 to 240 points from your score,  followed by a forecloseure or short sale at roughly  85-160 points.
– Todd Slack