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6 Things to Know About the Fed Rate Cut
December 16, 2008 02:59 PM ET by Luke Mullins
The Federal Reserve on Tuesday cut its federal funds target rate by more than three-quarters of a percentage point to a range of between 0 and .25 percent. The decision signals that Fed Chief Ben Bernanke is more concerned with the rapidly deteriorating economy--which has been mired in a recession since December of last year--than the prospect of stoking inflation. “Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined,” the rate-setting Federal Open Market Committee said in its statement. “Financial markets remain quite strained and credit conditions tight.”
Here’s how the Fed’s actions affect you:
1. Fixed mortgage rates: Today’s rate cut will have little if any impact on 30-year fixed mortgage rates, which are determined by factors that operate largely outside of the Federal Open Market Committee’s reach, says Keith Gumbinger of HSH Associates. “Any change in the rate has little to do with long-term mortgage rates,” he says. But in its statement the Fed said it could expand a recently announced program to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac that has already driven mortgage rates down to a very attractive 5.28 percent, according to HSH Associates. It also reiterated that it was looking at the possibility of buying long-term Treasury bonds. Both of these announcements could work to bring rates even lower.
2. Prime rate: The real impact of today's cut will be felt by consumers with products that are tied to the prime rate, a benchmark rate that typically moves in lock step with the federal funds rate. "The only place where you would see a concrete impact at the consumer level would be things that are directly tied to prime," says Mike Larson, a real estate analyst at Weiss Research. Many home-equity lines of credit and certain credit cards with variable interest rates are tied to prime rate. As such, borrowers with these products could see their interest rates decline.
3. Home-equity savings: Home-equity lines of credit averaged 5.5 percent in October but dropped to 5.26 percent in November following the Fed's half-point cut. Gumbinger says he expects average rates on home-equity lines of credit to experience similar declines this time around--but not everyone will be able to take advantage of them. That's because many of the interest rates on these products are already at their minimums and are contractually prohibited to go any lower. So check the terms of your home-equity line of credit to see if you are eligible to cash in on the decline.
4. Target vs. effective: When credit markets are functioning normally, Fed rate cuts reduce banks’ cost of funding, which allows them to widen profit margins and pass along savings to consumers in the form of lower interest rates. But today’s credit conditions have changed all that. Although the Fed’s target rate stood at 1 percent before today’s cut, such funds were actually being traded in the market at much less than that--just 0.18 percent as of yesterday before the Fed’s action. Although the Fed can usually control the effective rate by buying and selling government securities, the credit crisis has eroded its ability to do so. “Any juice that you would get from a funds rate cut in a normally functioning market, you’re not really going to get that here,” Larson says. “It’s not going to lower the banking industry’s cost of funds, because the banking industry’s cost of funds is already below the target rate anyway.” That means that interest rates tied to the federal funds rate won’t decline as much as they otherwise would have.
5. Now what? Nariman Behravesh, chief economist at IHS Global Insight, expects rates to go all the way to zero in a matter of weeks. “The Fed has already cut the federal funds rate to 1 percent and is likely to take it all the way to zero by the end of January,” Behravesh said in a recent report, issued before today’s announcement. “Once the overnight rate is at zero, the Fed may have to engage in ‘quantitative easing’ [direct purchases of long-term Treasuries].” Even if it doesn’t bring rates all the way to zero, the Fed signaled Tuesday that it’s not about to push rates higher anytime soon. “The Committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time,” the Fed said in the statement.
6. Expect more unexpectedness. With only less than a quarter of a percentage point left to cut, look for the Fed to get even more creative in its efforts to revive the financial markets. New programs to support different corners of the credit market could certainly be introduced in 2009. “The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity,” the Fed said in the statement.
How Interest Rates are Set
By BOB TEDESCHI
Published: November 14, 2008
INTEREST rates are often a mystery for many people applying for home loans. How is it possible, for instance, for mortgage rates to rise after the Federal Reserve cut its benchmark interest rate, which was what happened in late October? Then, in the week that followed, mortgage rates fell after a report was released showing that the unemployment rate had soared.
More Mortgage Columns Borrowers can make smarter financial choices, industry executives maintain, by better understanding the economic forces that propel rates, and by keeping a watchful eye on the economic news. What is good for the Fed’s banking customers, they say, is not necessarily good for mortgage borrowers.
But that misunderstanding is common, said Alan Rosenbaum, the chief executive of the GuardHill Financial Corporation, a mortgage broker based in Manhattan. “We get that from clients all the time,” he said, “but the mortgage market isn’t tied to the Fed’s rate at all.”
Rather, Mr. Rosenbaum and other mortgage industry executives said, home-loan rates are influenced by longer-term economic indicators. The Federal Reserve Board’s benchmark rate, the federal funds rate, is the interest that banks charge one another for overnight loans. And that, in turn, is closely tied to the prime lending rate that the banks charge preferred customers.
Some variable-rate short-term loans are based on the prime, including home-equity lines of credit. But for the most commonly held mortgage — a 30-year fixed-rate loan — lenders take a longer view when determining rates. That is why the performance of the 10-year United States Treasury note is a better indicator of where mortgage rates are headed.
Earlier this month, the yield on the 10-year Treasury dropped to about 3.78 percent, compared with nearly 4 percent in late October. Rates on 30-year-fixed mortgages, meanwhile, dropped to 6.2 percent from nearly 6.5 percent in late October. (Last week, Freddie Mac said, the rate was 6.14 percent.) In New York, New Jersey and other Northeastern states, the average rate was 6.17 percent.
Mortgage rates and 10-year Treasury yields tend to drop in times of bad economic news, Mr. Rosenbaum said, in part because investors flock to safer investments like Treasuries. And that was indeed the case early this month.
In announcing a drop in mortgage rates in early November, Freddie Mac’s chief economist, Frank Nothaft, cited “new indications of a pullback in consumer spending and a weaker jobs market.” That week, for instance, the government announced a sharp increase in the unemployment rate, to 6.5 percent in October from 6.1 percent the previous month, and a shrinking of the overall economy.
The relationship between the 10-year Treasury note and long-term mortgage rates changed during the mortgage crisis, however. In past years, Mr. Rosenbaum said, 30-year fixed-rate mortgage borrowers could generally find an interest rate about 1.25 percentage points higher than the prevailing 10-year Treasury yield. But in recent months, the difference has been as much as 2.75 percentage points.
Lenders have been building a higher profit margin into their mortgage deals to recoup losses from the last year, and to hedge against a still-declining real estate market, which threatens a bank’s mortgage assets. Once the fiscal crisis eases, mortgage executives said, the difference between the 10-year Treasury note and long-term mortgage rates should return to normal.
Wednesday, October 22, 2008
Top 10 Tips for Real Estate Buyers and Sellers in Today's Market . . . . .
It’s true: The real estate and financial markets are in a big mess right now. But that doesn’t mean there are
no people looking to buy or sell homes. If you’re a buyer or seller, here are tips to help you
get through the current market conditions.
Which Properties Need virtual photography toursvirtual photography tours have evolved. They're quick; they're clear and simply said, statistics prove that consumers love them-increasing views and decreasing days on the market. So, which properties should you put virtual photography tours on?
California Real Estate Facts
SALES OF EXISTING HOMES INCREASED 83.2 PERCENT IN NOVEMBER
Home sales increased 83.2 percent in November in California compared with the same period a year ago, while the median price of an existing home fell 41.8 percent, according to the latest housing report from C.A.R.
Closed escrow sales of existing, single-family detached homes in California totaled 514,710 units in November at a seasonally adjusted annualized rate. Statewide home resale activity increased 83.2 percent from the revised 280,920 sales pace recorded in November 2007. Sales in November 2008 decreased 6.9 percent compared with the previous month.
The median price of an existing, single-family detached home in California during November 2008 was $285,680, a 41.8 percent decrease from the revised $490,511 median for November 2007, C.A.R. reported. The November 2008 median price fell 5.3 percent compared with October's revised $301,740 median price.
Stockton Homes For Sale
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FHFA ANNOUNCES "NEW" CONFORMING LOAN LIMITS
The Federal Housing Finance Agency (FHFA) on Friday announced that the "new" conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008.
"Although price declines mean that the total number of homes eligible for conforming financing has increased, we're disappointed that the $729,750 limit stipulated in the Economic Stimulus Act of 2008 signed in February was not made permanent," said 2008 C.A.R. President William E. Brown. "The reduction in the loan limit to $625,500 will negatively impact both the interest rates and the availability of funds for jumbo mortgages. We hope Congress will make the $729,750 limit permanent before the end of the year as one of the provisions in an economic stimulus package."
The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.
NEW FANNIE MAE GUIDELINES ENCOURAGE SHORT SALES
Fannie Mae recently released updated underwriting guidelines for new mortgage loans that directly address individuals with various types of foreclosure history. Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years. Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years....Short Sales require only a two year wait with no additional requirements. These new guidelines make short sales a more attractive option for homeowners.
Strategy Advice on Purchasing a ForeclosureStockton California Real Estate Brokers had this to advice for those hoping to buy a foreclosure home. Be realistic about pricing. Many buyers aren't, "They want to get a steal," yet low prices are drawing lots of potential buyers into the action.
New law protects senior borrowers
The Housing and Economic Recovery Act of 2008 contains a provision intended to help seniors by reining in fees and fraud associated with reverse mortgages.
(More)
Stockton leaders must prepare for
next growth spurt
The dramatic decrease in the Stockton area's population growth may be some of
the best news possible for our cities.
Census Bureau figures released last week show that from 2000 to 2007, Stockton's
population grew roughly 17 percent, to 287,245. That makes Stockton the
62nd-largest U.S. city.
But much more interesting, perhaps, is that population growth slowed
considerably starting in 2005, coinciding with the start of the real estate
market meltdown.
(more)
What Makes Now the Right Time to Buy a Home in Stockton?
Low
Interest Rates:
Today's interest rates are at historically low levels. Contrast that with the 1980s when consumers were paying as much as 18%.
Lots of Available Selection
Finding the perfect home in the right neighborhood has never been easier. With new listings entering the marker every day, there's a lot more variety for buyers.
Better Home Prices
Home prices are far more attractive today then they were just a year ago. Buying+ now means taking advantage of immediate deductions and savings. Over the years, real estate has proven to be a family's best investment
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Stockton listings: Our system can help you find a Stockton, Lodi or other San Joaquin Community home
or real estate from the Multiple Listing automatically, because it
keeps searching around the clock for you!
Bank Repos in Stockton A Bank
Repo or REO is real estate owned by the bank, and many
investors consider an REO property to be money just waiting to
happen. An REO is different from a foreclosure property in that the
bank has already tried to sell it at a foreclosure auction and has
had no luck getting bids. Because the property was not bid on, the
bank then became the owner of the property. Naturally, the bank does
not want to keep the REO any longer than possible, and this makes it
a great opportunity for an investor. Clean REO\'s priced at the
market in good areas are now receiving multiple offers over the
asking price in just a few days. Go on, click a button
Get Pre Approved: Getting pre-qualified helps you determine how much home you can afford, based on specific financial information you share with your lender. The lender does not verify this information, and consequently there is no guarantee you will qualify for the loan amount. Getting pre-approved requires that the lender verify your financial information, and does serve as a commitment to lend a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes you will be approved for a loan
Home Inspection: In the past, home inspections were unheard of in residential real estate sales. Buyers simply relied on their own impressions of the home and the representations of the seller's real estate agent. Today, the process is dramatically different. Most real estate purchase contracts give the buyer fairly broad rights to order one or more professional inspections of the home before completing the purchase.
Home Staging: You get one chance to make that all important first impression! Staging your home before you put that for sale sign on the front lawn is a proven way to help your home make
a lasting first impression. With today’s large inventory, it has never been more important to stand out in the buyer’s mind.
Home staging helps the buyer "mentally move" themselves into the home.
Home Warranty: Benefits of Home Warranty Coverage
- Find Stockton and Lodi Home Warranty Companies
Market Statistics - Lodi:
Up to date information graph on how the Lodi California real estate
market is doing
Market Statistics - Stockton:
Up to date information graph on how the Lodi California real estate
market is doing
Real Estate News: Everything you will ever need or want to know about real estate, mortgages, owner finance, appraisal, landlord/tenant rights
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Pest Control: Benefits of a
Termite Inspection - Find Stockton and Lodi Pest Control Companies
Reduced Commissions: Superior service for Listing a home on the MLS does not require the Seller to pay a
5% or 6% commission.
Selling
a Home: How to Sell Your Stockton or Lodi Home for Top Dollar, FAST! and Save on the Commission Too
Metrolist Multiple Listing Services:(MLS) and Central Valley (MLS) Covering over 17 Northern California
Counties. Wright Realtors® belongs these services to expose your property to 70,000 agents with thousands of potential buyers.
Question: How many real estate agents does it take to put a photo on
the web?
One - but you'd never know it by looking at some real estate sites.
Recent studies put the numbers around 6 in 10 listings with one photo of the
property. Which leads to a second question:
How many real estate buyers do you get without a photo on the MLS listing?
Tried the on-line real
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Title & Escrow: The Escrow Process - Find Stockton and Lodi Escrow Companies
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Looking for a place to dine in Stockton, Lodi or San Joaquin Check out our
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Senior Citizens:Senior Cyber Center
A Senior Citizen resource center for discounted prescription drugs,
organizations for seniors, activities, guidance for delicate situations,
dietary tips, housing, senior match-making, etc.
Shopping: Calaveras Square, College
Square, Downtown Stockton, Eastland Plaza, Hammer Ranch, Hammertown,
Lakeside Plaza, Linclon Center, Miracle Mile, Park West Place, Park Woods,
Robinhood Plaza, Sherwood Mall, Venetian Square, Village at Weber Ranch,
Weberstown Mall
Wright Realtors can help you find homes in Stockton as well as real estate in other Stockton and Lodi neighborhoods. Wright Realtors has comprehensive
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Stockton Homes and Houses For Sale and Real Estate in Lodi, We are
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feature all Stockton, San Joaquin communities. We also have information on
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property insurance, moving companies, school and community information and
other realty services for anyone looking to buy or sell a home in Stockton,
CA.
Before buying a home in Stockton, research real estate on Wright Realtors
web site. Understanding the Stockton real estate market is your first step to
buying a ho
Low
Interest Rates:
Lots of Available Selection
Better Home Prices
