January 15th, 2010
Friday Scoop on Credit Karma & Housing Market News
From big cities’ high cost of living to the Midwest’s more affordable financial climate, where you live impacts your finances. If you are (or hope to be) a New Yorker, San Franciscan, or Washingtonian, home prices and general cost of living puts these areas at the top of America’s costliest cities. If you are looking for more bang-for-the-buck cities with solid housing market, stable employment, and reasonable property taxes, Omaha-Council Bluffs, Iowa and Little Rock, Arkansas made the top two spots for affordable living.
For more housing market updates, as well as Credit Karma news, check out the following roundup:
Credit Karma in the News
- Kiplinger mentions Credit Karma in FAQs on the new credit card rules, discussing how to qualify for a credit card with bad credit.
- How to get a free credit score, at Bankrate.com, features Credit Karma.
- Credit Karma makes the list on The Examiner’s Bay Area Cool Companies of 2009.
- ABC News names Credit Karma as a tool for strengthening your finances in 2010.
- More fees, less rate hikes? 5 changes 2010 could bring for credit cardholders, from MyBankTracker, quotes a few predictions from Credit Karma’s CEO Ken Lin: “As we look to 2010, creditors will be competing for the best customers as the economy improves.”
Home & Mortagage News
- The Wall Street Journal reports on how to find a moneymaker in the housing catastrophe.
- Thinking about refinancing? Bankrate.com offers two great articles of refinance tips in credit do’s & dont’s before a refinance and 3 steps to refinance your mortgage.
- Be wary of Uncle Sam’s mortgage modification program because it may affect your credit score, reports The New York Times.
- Read The Simple Dollar blog’s personal house-hunting story on home buying as an emotional purchase.
This Week’s Mortgage Rates
According to Bankrate.com, mortgage interest rates fell for the second straight week. The housing market is picking up more movement as mortgage applications rose a seasonally adjusted 14.3% when compared to a week earlier , applications for new home purchases edged up 0.8%, and refinancing activity surged 21.8% in the first week of January.
Bankrate’s recent survey results:
- 30-year fixed: 5.18% — down from 5.27% last week
- 15-year fixed: 4.69% — down from 4.76% last week
- 5/1 ARM: 4.47% — up from 4.43% last week
