Massachusetts Home Buyer Guide

Mortgage Applications Decline Again

U.S. mortgage applications declined 11.1 percent compared to the previous week, the second straight week applications fell, USA Today reported May 7, 2008.

"The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity dropped 11.1% to 567.0 in the week ended April 25, lowest since the week ending Dec. 28."

Refinance applications declined 16.7 percent. Purchase applications fell just 4.8 percent.

Read The USA Today Article

Massachusetts Foreclosure News

For the latest in Massachusetts foreclosure news, you'll want to visit MassForeclosed.com.

NStar Offers Customers Wind Power

If you're willing to pay a premium for your power, NStar is offering customers the ability to power their homes with environmentally-friendly wind power, The Boston Globe reported May 1, 2008.

Consumers will have a choice between having half or all of their power originated from wind farms.

Customers who opt for the green power will pay $4.25 a month for half their electricity from wind farms and $7.25, if they buy all their electricity from wind power. The program, called NStar Green, is the first of its kind for a Massachusetts utility.

"NStar, with 1.1 million electric customers in Eastern and Central Massachusetts, proposed the program last summer. The Boston utility signed 10-year contracts with two wind farms to buy a total of 60 megawatts, enough to power about 60,000 homes."

The wind farms are located in Maine and upstate New York.

Read The Boston Globe Article

 

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Federal Funds Rate Cut Quarter Point

The Federal Reserve cut its key rate, the federal funds rate, by a quarter point April 30, 2008.

At 2 percent, the rate is at its lowest point since December 2004. The rate cut was the seventh reduction in a campaign that has brought rates down by 3.25 percentage points since September 2007.

The hope in the real estate industry is that financial institutions will now be more willing to lend money to consumers.

Mortgage Interest Rates Rise Again

Average rates in the U.S. for 30-year, fixed-rate mortgage loans increased to 6.06 percent from 6.03 percent the previous week, United Press International (UPI) reported May 1, 2008.

A year ago, the same loan averaged 6.16 percent.

The 15-year loan's average rate declined from 5.62 percent to 5.59 percent.

Read The UPI Article

Boston Ranked 5th Smartest Metro Area

Bizjournals, the publisher of the Boston Business Journal, has compiled a list of the smartest metropolitan areas across the country.

Madison, Wis. tops the list , with Washington D.C. and San Jose rounding out the top three. Boston ranked fifth.

The rankings were compiled as part of an article about how important an educated population is to an area's economic strength.

"A recent federal report proves the point. It shows that a worker holding a doctorate will earn 70 percent more, on average, than a colleague with a bachelor's degree and 215 percent more than someone who never progressed beyond high school."

Seventy-five percent of Madison's adults have attended college, about three percentage points higher than any other market, according to the study. Its high-school dropout rate of 4.3 percent was the lowest in the study.

Check out the "Brainpower" rankings for the top 100 metro areas.

Read profiles of the top 10.

Mortgage Applications Drop

U.S. mortgage applications declined 11.1 percent compared to the previous week and reached a yearly low, USA Today reported April 30, 2008.

The Data comes from the Mortgage Bankers Association.

Refinance applications fell 16.7 percent while purchase applications dropped 4.8 percent.

Read The USA Today Article

Please Vote For This Blog

The FHA Mortgage Center, which is a resource for FHA loans, is holding a real estate blog contest. I'd appreciate your vote.

There is a $500 prize for the winner. If I win, I'll donate that money to Rebuilding Together Greater Haverhill, Inc., which helps revitalize homes and neighborhoods for low-income homeowners and communities in need, especially the elderly, the disabled and families, helping them to live in warmth, safety and independence.

Vote for the Massachusetts Home Buyer Guide blog. Thank you.

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