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Fixed mortgage rates jumped higher after seeing three straight weeks of record-setting lows, Freddie Mac said in its most recent weekly report.
According to Freddie Macs Primary Mortgage Market Survey for the week ending January 26, 2012, average interest rates for both fixed-rate and adjustable-rate mortgages increased week over week.
Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note, Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. New construction of one-family homes rose 4.4 percent in December to an annualized rate of 470,000, the most since April 2010.
Average rates for 30-year fixed-rate mortgages rose to 3.98 percent after averaging 3.88 percent the previous week, while 15-year fixed mortgages rose from an average of 3.17 percent to 3.24 percent.
One year ago at this time, 30-year fixed mortgages averaged 4.80 percent, while 15-year fixed mortgages averaged 4.09 percent.
A new graph is making its way around the Internet that charts the amount of laughter recorded by Federal Open Market Committee (FOMC) stenographers during meetings between 2001 and 2006 during the ramp-up to the recession. The graph shows that committee members had increasingly more fun as the years passed, and suggests they could have been doing more to keep an eye on the growing housing bubble that would soon burst. The FOMC is expected to announce a new initiative regarding interest-rate projections and future impact, and many are wondering how many will be laughing. For more on this continue reading the following article from Tim Iacono.
The Federal Reserve transcripts from 2006 released ten days ago continue to reverberate around the internet as the central bank has become a laughing stock for being so unaware of the U.S.
Opponents of the Robin Hood Tax are busy unplumbing the kitchen sink in order to throw it at the European Unions proposals for a financial transactions tax (FTT). You only have to look through the hyperbole, cant and hypocrisy to see why its opponents are so opposed to it. The main charges currently being thrown at the FTT (there will be more to come) are that it will hit growth, see financial trading move out of Europe, and even that pensioners will end up paying. There are some who say we should be concentrating instead on raising income tax, closing down tax havens and creating jobs (oddly, they never said that when we called for those things, but now theyre much better options!)
But the people arguing this case are often paid by precisely the financial bigwigs who will end up paying the FTT, so its not surprising that as the FTT becomes ever more likely to be implemented they are beginning to fling every argument they can get their hands on against the tax.
We have a brand spanking new home page. Hopefully it’s a lot easier to navigate and looks much cleaner – though that’s for users to judge (do leave some feedback below, which we’ll use with tracking stats). Yet this is just the start and I wanted to explain why we changed it and what’s ahead.
I still do occasionally get people asking: “Do you do the site from you bedroom?” Well that’s how it started back in 2003 (see history of MSE), but those days are long gone, there are 35 full time people including myself working for MoneySavingExpert.com. (if you’re wondering how, see how this site is financed)
We’re a top 100 UK website, with over 10 million unique users (different people in the UK using it) each month. And while I hope the quality of the content and research is up to scracth – the design still has somewhat of a homemade feel.
This has always been deliberate. When reworking th
This is the time of year when you are inundated with opinions on New Year’s resolutions. I have a problem with this ritual because we tend to get overwhelmed with information and give up.
Making changes to established patterns of behavior is tough. Giving yourself ten assignments for the new year is not realistic. In an effort to really have an impact, I have put together just 3 resolutions. Yes, it would be great if you would consider and implement all of them but if you pick one (any one), you will see measurable, positive changes. I am listing them in no particular order of importance, although I will admit that I feel most strongly about the first one.
The daily grist of many brokers and advisors involves stock picking, market timing and mutual fund manager picking. This is called “active management” and generally refers to efforts to beat risk adjusted benchmarks, like the S&P 500 index. The bedrock of the securities industry is based on its touted ability to add “alpha,” which is a premium over the benchmark index.
There’s a better way. The evidenc