Mortgage rates fall as economic softness sends bond yields lower 

Mortgage rates decreased again today on weak economic data, following last Friday’s similar drop in the 10-year yield. Furthermore, the mortgage spreads in today’s pricing are favorable. According to the latest quote from Mortgage News Daily, mortgage rates are now around 6.89%. This represents a de

Home Sales Drop 4.9% in January in Disappointing Start to the New Year

Mark Humphrey/Association PressSales of previously owned homes slowed down in January amid higher mortgage rates, setting a disappointing tone for the start of the new year.Existing-home sales dropped 4.9% last month from December, to a seasonally adjusted annual rate of 4.08 million, the National A

What is PMI and Do You Need to Pay it?

If you’re a first-time homebuyer you’ve surely been putting pencil to paper to estimate what your future mortgage payment, taxes, insurance, and maintenance will be on a new home. But there’s one expense that often catches buyers by surprise: private mortgage insurance (PMI). So, what exactly is PMI