Mortgage rates sustained their upward march this week without any indication that their trajectory will slow anytime soon. Home loan rates had been on the rise before the election. But since Donald Trump’s victory, they have been on a tear. According to data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.08...
Steven Mnuchin, President-elect Donald Trump’s nominee to lead the Treasury Department, said Wednesday that privatizing Fannie Mae and Freddie Mac is “right up there on the top-10 list of things we’re going to get done,” setting off a buying frenzy among investors. “We’ve got to get Fannie and Freddie out of government ownership,” Mnuchin said during a...
I have two friends who live in Waukegan, Ill., a terrible real estate market. They have their home on the market and received an offer for $104,000. They are not making any money on it, and are giving the buyers $3,000 for closing costs. The appraisal for the buyers’ lender (an FHA loan) came in...
I saw your excellent article on how much it costs to own a house after the mortgage is paid off. The costs remain in perpetuity! Is it always a good idea to pay off a mortgage, though? A house “free and clear” means a large asset that provides no financial opportunity to the owners. Wouldn’t...