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Archive for the ‘The Economy’ Category

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Lock Now? Friday’s Job Report Expected To Push Mortgage Rates Up.

Net new jobs (2009-2011)Friday is a pivotal day for mortgage markets and conforming mortgage rates across AZ. At 8:30 AM ET, the government will release its March Non-Farm Payrolls report.

More commonly known as “the jobs report”, the monthly Non-Farm Payrolls is a market-mover and home buyers would do well to pay attention. Depending on the report’s strength, mortgage rates could rise, or fall, by a measurable amount tomorrow morning.

It’s because so much of the today’s mortgage market is tied to the economy, and economic growth is dependant on job growth.

With more job growth, there’s more consumer spending and consumer spending accounts for the majority of the U.S. economy. Additionally, it generates more payroll taxes to local, state and federal governments. This, too, puts the broader economy on more solid footing.

Between 2008 and 2009, the economy shed 7 million jobs. It has since recovered 1.5 million of them. Friday, analysts expect to count another 190,000 jobs created. If the actual figure falls short, expect mortgage rates to ease.

Otherwise, look for rates to rise. Probably by a lot.

If you’re shopping for a mortgage right now, consider your personal risk tolerance. Once the BLS releases its data, it will be too late to lock in at today’s interest rates. If the idea of rising mortgage rates makes you nervous, execute your rate lock today instead.

On a 30-year fixed rate loan, each 1/8 percent increase to rates adds roughly $7 per $100,000 borrowed.

Related Articles:

Mark Taylor | Arizona Home Loans | Blarming | Will You Listen to Me | Arizona Short Sales | Arizona Foreclosures | Arizona FHA Loans | Arizona USDA Loans | Real Estate Websites | Arizona HUD Homes | Ariona VA Loans | Fix My Broken Credit | Arizona Mortgage | Arizona Short Sale | Power Ranch Bank Owned Homes


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10 U.S. Cities With The Steepest Rent Increases (2010)

Rent is risingHome sales data is easing so far in this calendar year. Home resales and new construction have dropped to multi-month lows and, in many cities, home supplies are rising. One housing sector that’s not slowing, however, is rentals.

The rental market is booming.

As reported by the Wall Street Journal, the average apartment vacancy rate is 6.6% nationwide, down from 8.0% last year. In addition, the number of occupied apartments rose by more during Q4 2010 than during any comparable period of the last 10 years.

It’s a major reason why rents are up 2.3%.

Some areas, however, fared worse than others. This study of rent increases as published on MSNBC, for example, lists the 10 U.S. cities in which rents increased the most last year. And they may not be the cities you’d expect.

In order:

  1. Greenville, SC (+11.2%; $669 average monthly rent)
  2. Chattanooga, TN (+10.4%; $726 average monthly rent)
  3. Savannah, GA (+8.4%; $866 average monthly rent)
  4. Portland, OR (+8.1%; $875 average monthly rent)
  5. San Jose, CA (+8.0%; $1,716 average monthly rent)
  6. Nashville, TN (+8.0%; $786 average monthly rent)
  7. Tacoma, WA (+8.0%; $900 average monthly rent)
  8. Denver, CO (+7.5%; $873 average monthly rent)
  9. Washington, DC (+7.4%; $1,473 average monthly rent)
  10. Raleigh, NC (+7.4%; $785 average monthly rent)

Big cities New York (#18), San Francisco (#19), and Chicago (#24) showed modest gains, by comparison.

Not everyone across AZ wants to be a homeowner, but renters are facing a squeeze. With mortgage rates historically low and home values slow to recover, in many cities, the cost-benefit analysis is shifting toward buying.

Related Articles:

Mark Taylor | Arizona Home Loans | Blarming | Will You Listen to Me | Arizona Short Sales | Arizona Foreclosures | Arizona FHA Loans | Arizona USDA Loans | Real Estate Websites | Arizona HUD Homes | Ariona VA Loans | Fix My Broken Credit | Arizona Mortgage | Arizona Short Sale | Power Ranch Bank Owned Homes


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