Eye On Housing
In June, interest rates on conventional mortgages used to purchase newly built homes increased slightly while the size of the loans declined, according to data released today by the Federal Housing Finance Agency (FHFA). The new FHFA data show that the average contract interest rate on conventional loans for newly built homes increased 11 basis points to 3.52 percent, back… Read More ›
Tag Archive for ‘interest rates’
Rates Decline Slightly on Loans to Buy New Homes
Reversing a two-month trend, interest rates on loans for new homes declined slightly in May, according to data released today by the Federal Housing Finance Agency (FHFA). The average contract rate on conventional loans for newly built homes dipped 11 basis points to 3.41 percent, the lowest it’s been since February. Although initial fees and charges on the loans increased from… Read More ›
Rates on New Home Loans Increase Slightly
Interest rates on loans for new homes increased slightly in March, according to data recently released by the Federal Housing Finance Agency (FHFA). The average contract rate on conventional loans for newly built homes increased 13 basis points, to 3.50 percent. Although initial fees and charges on the loans declined from 1.17 to 1.08 percent, that still resulted in an… Read More ›
Monetary Policy: Operation Twist Extended
On Wednesday, the Federal Open Market Committee (FOMC), the branch of the Federal Reserve that determines monetary policy, announced an extension of the ongoing policy sometimes referred to as “operation twist.” This policy seeks to keep long-term interest rates low, thereby stimulating the economy, by selling Treasury securities with short maturities (three years or less) and purchasing Treasury securities with maturities… Read More ›
FOMC Announces Long-Term Commitment to Low Rates: Impact on Housing
Coming soon after the Congressional effort to lift the debt ceiling, the S&P downgrade of the credit rating of the Federal government, and elevated volatility for stock market prices, the Federal Reserve’s Open Market Committee (FOMC) today reported a long-term commitment to low interest rates during its August 2011 meeting. The FOMC stated: To promote the ongoing economic recovery and to help ensure… Read More ›