January 29th, 2010
Friday Scoop on Credit Karma & Housing Market News
“The Federal Housing Administration said Wednesday that it would raise down-payment requirements, boost its mortgage-insurance premiums, and tighten its loan underwriting practices in a bid to strengthen its capital reserves and remain solvent in the face of rising foreclosures and delinquencies,” reports MarketWatch.
These policy changes by the FHA address the increasing risk in the housing market, and hope to provide more security and stability for both the industry and consumers. Keep up-to-date with home and mortgage news with today’s weekly roundup, as well as some mentions of Credit Karma in the media.
Credit Karma in the News
- The Kansas City Star mentions Credit Karma in, “Kids & Money – free web sites give you credit history, money management tools.”
- Credit Karma contributes interesting information regarding the current credit card climate in the Philly.com post, “Steps you can take to build credit, get a card.”
- WalletPop highlights Credit Karma’s Credit Score Simulator as a useful tool in understanding the new credit reality: scores must be higher to get the best rates.
- Credit Karma’s Credit Score Climate Report is featured in Bankrate’s weekly survey, “National credit card rates.”
- Cute Geek blog names Credit Karma as her Favorite Website of the Week!
Home & Mortagage News
- Existing home sales sink 16.7% reports CNN Money.
- Ever wondered which is right for you, a 15 year versus a 30 year mortgage? Five Cent Nickel helps you figure it out.
- The New York Times provides a guide to the new good faith estimate to help you navigate the new mortgage forms.
- How to calculate mortgage payments for a home, blogs Moolanomy Personal Finance.
- Consumerism Commentary breaks it down: how to claim the new home buyer tax credit on 2009 tax returns.
This Week’s Mortgage Rates
According to Bankrate.com‘s weekly national survey, 30-year fixed mortgage rate fell for the fourth consecutive week to 5.13%. 2010 is off to a good start for mortgage shoppers, as rates have fallen each week in the new year. Despite market jitters due to Obama’s proposal on the separation of trading from banking activity and the Fed potentially wrapping up mortgage bond purchases soon, mortgage rates are moving lower although economic shifts may eventually push mortgage rates high again. Mortgage survey results:
Bankrate’s recent survey results:
- 30-year fixed: 5.13% — down from 5.15% last week (avg points: 0.49)
- 15-year fixed: 4.54% — down from 4.56% last week (avg points: 0.43)
- 5/1 ARM: 4.54% — down from 4.63% last week (avg points: 0.38)
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