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Mortgage News for Thursday - March 24, 2005

More Mortgage News
• Thirty-year mortgage touches highest level in eight monthsaffecting refinance mortgage
• Banks increase mortgage rate
• Bank refunding illegal mortgage fees to state residents
• Can't Be Sure of Credit Status When Refinancing Mortgage
• Home equity or mortgage refinance: Which is better for you?
• Oil price hike to hit home loan rate?
• Risks to Economy are Balanced -- In Name Only
• Real estate agents swarm the Web
• U.S. Economy: New Home Sales, Durables Orders Rose in February
• Is it time to rent now?
Mortgage News
U.S. Economy: New Home Sales, Durables Orders Rose in February - 2005-03-24
U.S. new home sales climbed the most in four years and prices jumped to a record in February as buyers raced to beat rising mortgage rates. Orders for big-ticket goods also jumped during the month.

Sales climbed 9.4 percent to 1.226 million new houses at an annual rate and the median price increased 9.6 percent to $230,700, the Commerce Department said today in Washington. Durable goods orders increased 0.3 percent, the third increase in four months, aided by a rebound in aircraft, the department said.
Read the full story at Bloomberg
 
Is it time to rent now? - 2005-03-24
Home ownership may be one of the best ways to accumulate wealth. But it's time to take a reality check in an overheated market in which people are being encouraged to take on too much debt.

What I'm referring to is a brand-new product that has available interest-only mortgages to cash-strapped home buyers, to help them realize their dream of home ownership, and perhaps free up cash for other investments, like RRSPs, RESPs, renovations or a lifetime wish.
Read the full story at Toronto Sun, Canada
 






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