Overnight interest rates dip

Long-term mortgage interest rates were lower Friday, and the benchmark 10-year Treasury bond yield rose to 4.02 percent.

The 30-year fixed-rate average fell to 5.27 percent, and the 15-year fixed-rate slipped slightly to 4.6 percent. The 1-year adjustable was down slightly at 3.23 percent.

The 30-year Treasury bond yield increased to 4.88 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...

Livin' the real estate 'high life'

Two boats, three fast cars and one home

In a white-collar crime case in Philadelphia involving some Blue Cross executives, the prosecutor accused the perpetrators of "living the high life," which meant "taking luxury vacations; buying fast cars, boats and real estate."

These are the things lottery winners often say they are going to buy, as well. The conclusion is that these things will bring happiness, why then commit a crime to get them or slap down a dollar every week on the miserable odds of trying to win the lottery?  more...

HUD announces 'zero down payment' mortgage

Federal Housing Commissioner John C. Weicher today announced that the Department of Housing and Urban Development is proposing to offer a "zero down payment" mortgage in the hopes it will increase American home ownership.

Speaking at the National Association of Home Builders' annual convention in Las Vegas, Commissioner Weicher indicated that the proposal, part of HUD's Fiscal Year 2005 budget request, would eliminate the statutory requirement of a minimum 3 percent down payment for FHA-insured single-family mortgages for first-time home buyers.  more...

Single-family real estate 'stable'

Mortgage Guaranty Insurance Corp. today reported that its national Market Trends Index remained at 6.58 in the fourth quarter, the same as it was for the third quarter 2003.

"The national economy started to show some improvement, as demonstrated in real GDP – improved income trends and business investment," said Neil Siegel, MGIC's senior market analyst. "However, the housing sector has not yet reflected these changes."  more...

Gen Xers to fuel new-home trends

Attention, home builders: 2004 will be the year in which new-home buyers jump the generation gap from Baby Boomers to Generation X, according to Steve Bottfeld, EVP of Las Vegas-based consumer research firm Marketing Solutions.

"The evidence we have locally is that we're going to continue to see growth of Gen X buyers in the new-home business, and that will begin to impact what types of homes are being built," he said.  more...

Economic think tank bets housing market will crash

The Washington, D.C.-based Center for Economic and Policy Research is sponsoring an essay contest on "Why there is no housing bubble." The winner will win $1,000.

In other words, prove the CEPR, which has been tooting the bubble theory for some time, wrong.

Here is what the CEPR experts say:  more...