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Mortgage News for Monday - January 31, 2005

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• Canadian Home Sales Rose to 4th-Straight Record in 2004
• Adjustable-Rate Vs. Fixed-Rate Mortgages
Mortgage News
Canadian Home Sales Rose to 4th-Straight Record in 2004 - 2005-01-31
Canadian existing home sales climbed to a record for the fourth-straight year in 2004, buoyed by low mortgage rates and rising employment. Sales may fall this year, a real estate group said.

Sales climbed 4.8 percent from the previous year to 456,500 units, according to the Canadian Real Estate Association in Ottawa. The average selling price rose 9.7 percent to C$227,200 ($183,000) last year, the fifth-straight record.
Read the full story at Bloomberg.com
 
Adjustable-Rate Vs. Fixed-Rate Mortgages - 2005-01-31
Anyone purchasing a house quickly faces a fundamental decision: fixed- or adjustable-rate mortgage?

Despite recent rate hikes--the U.S. Federal Reserve has boosted rates five times since June, and more hikes are almost certainly on the way--choosing a FRM or an ARM isn't a no-brainer.
Read the full story at Forbes
 






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