December 7th, 2009
Monday Scoop on Housing Market and Credit Karma News
Mortgage rates increased slightly this week with 30-year fixed mortgages rising from 5 to 5.01%. There is still plenty of encouraging signs for the housing industry, like the slight drops in 15-year fixed and 5-year ARMs mortgage rates, as well as the extension of homebuyer’s tax credit to help buyers get local deals on new homes. Stay abreast of Home & Mortgage News at every Friday’s roundup so you can track the movement of the latest mortgage rates.
Credit Karma in the News
- Can people with bad credit get a peer-to-peer loan? American Banking News mentions Credit Karma in their answer.
- Sun Sentinel’s flashes some Credit Karma data in the recent article, “Digging Out From Under a Mountain of Debt.”
- Augusta Chronicle quotes Credit Karma CEO Ken Lin in reporting that stores opened early for Friday’s rush.
- My Two Dollars name-drops Credit Karma in their advice on how to make sure your finances are in order for 2010.
Home & Mortgage News
- Check out WalletPop’s top 10 tips for finding a home loan refinance if you are considering refinancing soon.
- Ten questions on the volatile housing market plus the answers you need, brought to you by Yahoo Finance.
- BankRate.com counts down top tips for the homebuyer tax credit.
- Ever wonder how compound interest works on your mortgage? Read up on Eliminate the Muda’s two part series, “Compound interest – friend or foe“.
- Plan ahead for your future home with U.S News & World Report’s, “Getting a Mortgage in 2010: 10 Things to Know“.
This Week’s Mortgage Rates
After record drops in the past months, 30-year fixed mortgages are moving upwards at a snails pace, indicates Bankrate.com‘s weekly national survey. While 30-year fixed mortgages rose from 5 to 5.01 percent, the average 15-year fixed mortgage set a new record low of 4.46% while adjustable rate mortgage varied, with the average 3-year ARM jumping to 4.77% and 5-year ARM dropping to 4.52%. Bankrate.com reports that mortgage rates are sinking to such low levels because the Federal Reserve isn’t showing any indication of raising interest rates soon, plus global investors continue to buy debt backed by the U.S government.
Bankrate’s recent survey results:
- 30-year fixed: 5.01% — up from 5.00% last week (avg. points: 0.39)
- 15-year fixed: 4.46% — down from 4.47% last week (avg. points: 0.32)
- 5/1 ARM: 4.52% — down from 4.54% last week (avg. points: 0.30)
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