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2016 Year-End Summary
February 16, 2017

Posted by Sigrid Cottrell

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TRUMP ADMINISTRATION SUSPENDS MORTGAGE PREMIUM RATE CUT
January 21, 2017


January 21, 2017

The Department of Housing and Urban Development said Friday that the reduction to the annual mortgage insurance premiums borrowers pay when taking out government-backed home loans has been "suspended indefinitely." 

On Friday night, White House Chief of Staff Reince Priebus released a memorandum to all executive departments and agencies to freeze new and pending regulations from the previous administration.

The cut, at a quarter of a percentage point, would have saved homeowners an average of $500 this year, according to the Federal Housing Administration.Borrowers with larger home loans would have seen an even bigger drop in their premium rate. 

The mortgage-fee reduction was originally announced January 9 and was supposed to go into effect on January 27. 

On Friday afternoon, Senate Minority Leader Chuck Schumer said the president is undercutting his inaugural message. During his opening statement on the Senate floor, he asked Trump to reverse the suspension of the rate cut. 

"What a terrible thing to do to American homeowners," Schumer said, according to his prepared remarks. "President Trump, with the flick of a pen, ended that new policy, making it harder for Americans of modest means to obtain their piece of the rock, the American dream -- home ownership." 

During his confirmation hearing for HUD secretary last week, Ben Carson, said former HUD Secretary Julián Castro did not reach out to him about the rate cut. 

"I too, was surprised to see something of this nature done on the way out the door, [more...]
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Fed rate hike: What it means for consumers
January 1, 2017

Financial markets have sent a forceful message that the era of super-low interest rates is coming to a close.

The Federal Reserve’s decision Wednesday to raise its benchmark short-term interest rate will slowly push up rates on everything from mortgages and credit cards to savings accounts. 

The Fed increased its federal funds rate by 0.25 percentage points. It was only the second increase in more than a decade. Chairwoman Janet L. Yellen said at a press conference that the economy had shown enough improvement in the last year to warrant higher increases and projected three more rate hikes in 2017.

Here’s how the rate hikes will affect your pocketbook.

Mortgage rates

Mortgage rates are already historically low and the Fed’s short-term rate bump — which indirectly affects mortgage rates — is not likely to make a big difference in the next few months. But, subsequent hikes by the Fed in 2017 could start to really add to the cost of a home. 

Zillow and other industry watchers say mortgage rate increases have more of an impact in costly home markets, like San Diego County. 

Rates have already gone up since president-elect Donald Trump’s victory.

Since the day before the election, the cost of a typical San Diego County home increased by $50,400 over the course of a 30-year fixed rate mortgage with 20 percent down. 

The median home price in the county, $507,500, hit its highest point in a decade in [more...]
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Here Are The 10 Best Places To See Colorado’s Stunning Fall Colors
September 27, 2015

 
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