Recent data shows that sales for Lowe’s, a popular home improvement store, have increased over the last year. The store reported a net income of $306 million, in the fourth quarter of 2013, increasing 6.3% from the prior year. Store earnings are affected by home prices, employment, and home ownership. Although sales have grown over the last year, the store has expressed reserve over the coming months saying, “our Consumer Sentiment Survey suggests a continued willingness for consumers to invest in their homes, however, there has been a recent slowdown in both housing activity and jobs growth which makes us cautious.” Additionally, sales are expected to increase around 5%. More here

According to a new study by Fannie Mae, nearly half of those eligible for refinancing their mortgages have not done so yet despite prolonged availability of record low mortgage interest rates. Are you one of these people?  We’re sharing the study with you so you can find out exactly why you should refinance today.

Read the study HERE.

Once you’ve read the article, you can give us a call at any of our local offices to discuss refinancing today!

Mortgage rates increased this week with the 15-year fixed-rate mortgage rising .02%, Averaging 3.35%, and the 30-year fixed-rate mortgage increasing .05%, Averaging 4.33%. According to many experts, mortgage rates are expected to continue rising this year as the economy gains strength. Home prices and sales are expected to increase by approximately 5% over the coming months. Additionally, Home construction and homebuilder confidence fell this month due to severe winter weather that covered a large part of the U.S. More here

Reverse mortgages have become increasingly popular over the years helping many adults, age 62 and older, keep their homes. Columbia Business School professor and reverse mortgage expert, Christopher Mayer, explains why reverse mortgages can help many seniors through retirement debt-free. “You have $3 trillion in housing wealth among older Americans. You have large institutions exiting the market, and more and more elderly with housing debt coming out of the crisis as well as other kinds of debt,” Mayer said. The Federal Housing Administration instated new rules that limit equity borrowers from lump-sum withdrawal, allowing borrowers access to only 60 percent of their equity at closing or during the first year of the loan, protecting seniors from future debt problems. The new rules will also require reverse mortgage borrowers to provide information showing that they can afford to pay insurance and property taxes. Mayer was drawn to the reverse mortgage businesses after the rule changes saying, “those changes all make this a much more attractive business, and the product is a better product.” More here

According to the U.S. Census Bureau, Last month’s housing index decreased showing a 16% drop in home construction, while the National Association of Home Builders released data showing that builder confidence has also fallen. Supply and demand continue on a positive track according to certain experts. Sterne Agee chief economist, Lindsey Piegza said, “the decline was pretty evenly divided with single family starts down 15.9% from 681k to 573k, while multifamily starts fell 16.3% from 367k to 307k in January. On an annual basis, starts are off 7% for single family but remain in the black for multifamily units up 8.1%. Housing permits fell 5.4% in January from 991k to a 937k unit pace, up 2.4% on an annual basis. On a three-month average, permits slipped from 1016k to 982k.” More here