Congress Expands And Extends The First-Time Home Buyer Tax Credit
Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday. The White House says the President will sign it into law today. The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010. The program's basic eligibility requirements remain the same: Buyers can't purchase the home from a parent, spouse, or child Buyers can't purchase

A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition)
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased. It's the third consecutive post-FOMC statement in which the Fed speak

Because Of The Federal Reserve, You Should Lock Before 2:15 PM ET Today
The Federal Open Market Committee caps off a scheduled, 2-day meeting today in the nation's capital, its 8th meeting of the year. The group adjourns at 2:15 PM ET and, as is customary, will issue a press release reviewing its monetary policy and the health of the U.S. economy. The FOMC's post-meeting statements are brief but comprehensive. They're a window into the mind of the Federal Reserve and Wall Street picks apart every sentence for clues. It's why FOMC meetings tend to shake up the mortgage markets -- for

Higher Home Prices Ahead, Says The Pending Home Sales Index
The housing market continues to steam forward. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It's the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006. A Pending Home Sale is a

What's Ahead For Mortgage Rates This Week : November 2, 2009
Mortgage markets improved last week after a series of hugely volatile trading sessions. Rates carved out a wide range on the week, culminating in a late-Friday plunge that dropped rates by about 1/8 percent. It was the first time in 5 weeks that mortgage rates fell. Volatility like that of last week is nothing new on Wall Street; it's been a running theme in 2009. Volatility occurs when markets don't agree on what's next for the economy and, this year, there's been a lot of disagreement