Mortgage rates were almost perfectly unchanged today. That leaves them right in line with last Friday's levels. I devoted a considerable number of words in yesterday's article to explaining why most other articles about mortgage rates were inaccurate yesterday. Suffice it to say that the absence of change compared to last Friday fully drives home the point I was making. In short, due to the primary source data that most news organizations use for their big mortgage story each week, the average article proclaimed a nice drop in rates. In actuality, that drop happened at the end of last week. From there, rates have barely budged. These rates aren't the worst we've seen and they're not the best. They're pretty comparable to most of the past few months. You'd have to go back to May 2018 to see
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/17/3502
Saturday, August 18, 2018
Purchases Crushing Refis; Sluggish Construction Recovery; Mortgage Rate Misinformation Run Amok!
Be careful what you read--or perhaps, who you trust--about mortgage rates today. There's a lot of misinformation out there. Don't be mad. No one is out to get you. No one is out to intentionally deceive you (at least not when it comes to today's mortgage rate news. Rather, the misinformation is a byproduct of a few unfortunate realities that we contend with on a regular basis. The first reality is that Freddie Mac's weekly rate survey is widely relied upon by media outlets. There's nothing wrong with Freddie's data as long as you understand what you're getting. It is a stale, loosely accurate report of what a few lenders are offering on a few days of any given week. Over time (preferably, a LONG time), it does a nearly perfect job of capturing the ups and down in mortgage rates. The problem
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/16/3500
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/16/3500
Florida, Houston Delinquencies Still Reflecting 2017 Storms; Rates Edge Higher Ahead of Retail Sales Data
The effects of Hurricane Irma continue to be felt in the Southeast, with Florida the only state to report an increase in its delinquency rate in May. The rate in the state was up 1 percentage point compared to May 2017 and gave Florida the third highest rate in the nation at 6.2 percent. CoreLogic, in its Loan Performance Insights Report, said the rest of the nation continues to improve, although Texas, still impacted by Hurricane Harvey, saw rates remain the same as a year earlier. The national rate was 4.2 percent compared to 4.5 percent in May 2017, the lowest rate for a May in 12 years and within 0.1 percent of the previous low in May 2006. The rate is also well below the pre-crisis period of 2000 to 2006 when the share of delinquent mortgages averaged 4.7 percent. Within the national number
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/14/3498
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/14/3498
Shift to Buyer's Market?; Mortgage Rate Misinformation Run Amok!; Millennial Ownership Issues
Mortgage rates were almost perfectly unchanged today. That leaves them right in line with last Friday's levels. I devoted a considerable number of words in yesterday's article to explaining why most other articles about mortgage rates were inaccurate yesterday. Suffice it to say that the absence of change compared to last Friday fully drives home the point I was making. In short, due to the primary source data that most news organizations use for their big mortgage story each week, the average article proclaimed a nice drop in rates. In actuality, that drop happened at the end of last week. From there, rates have barely budged. These rates aren't the worst we've seen and they're not the best. They're pretty comparable to most of the past few months. You'd have to go back to May 2018 to see
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/17/3502
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/17/3502
Purchases Crushing Refis; Sluggish Construction Recovery; Mortgage Rate Misinformation Run Amok!
Be careful what you read--or perhaps, who you trust--about mortgage rates today. There's a lot of misinformation out there. Don't be mad. No one is out to get you. No one is out to intentionally deceive you (at least not when it comes to today's mortgage rate news. Rather, the misinformation is a byproduct of a few unfortunate realities that we contend with on a regular basis. The first reality is that Freddie Mac's weekly rate survey is widely relied upon by media outlets. There's nothing wrong with Freddie's data as long as you understand what you're getting. It is a stale, loosely accurate report of what a few lenders are offering on a few days of any given week. Over time (preferably, a LONG time), it does a nearly perfect job of capturing the ups and down in mortgage rates. The problem
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/16/3500
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/16/3500
Florida, Houston Delinquencies Still Reflecting 2017 Storms; Rates Edge Higher Ahead of Retail Sales Data
The effects of Hurricane Irma continue to be felt in the Southeast, with Florida the only state to report an increase in its delinquency rate in May. The rate in the state was up 1 percentage point compared to May 2017 and gave Florida the third highest rate in the nation at 6.2 percent. CoreLogic, in its Loan Performance Insights Report, said the rest of the nation continues to improve, although Texas, still impacted by Hurricane Harvey, saw rates remain the same as a year earlier. The national rate was 4.2 percent compared to 4.5 percent in May 2017, the lowest rate for a May in 12 years and within 0.1 percent of the previous low in May 2006. The rate is also well below the pre-crisis period of 2000 to 2006 when the share of delinquent mortgages averaged 4.7 percent. Within the national number
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/14/3498
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/14/3498
Watch for Asbestos When Renovating Older Homes: You May Be at Risk
Photo credit: BanksPhotos -iStock / Getty Images Plus
By Rosie Rosati, guest contributor
As a homebuyer, it’s easy to understand the appeal of investing in an older home. After all, it’s the perfect opportunity to tackle a few DIY projects and renovations to give the place the custom touch you’ve always imagined. Although this can seem like an exciting endeavor, new owners may get ahead themselves without realizing their house may be harboring toxins from decades ago.
It’s important to understand the dangers of asbestos during home improvement projects and how to reduce exposure risks.
Measuring Your Risk
Asbestos is a natural silicate mineral that was revolutionary for the building trade until its carcinogenic nature was discovered. This toxin was once widely-used by the construction industry due to its resilience and ability to withstand chemicals and high temperatures. Although its health risks were discovered as early as the 1920s, the United States continued producing, importing and manufacturing asbestos-containing consumer products for decades.
Researchers concluded in 1960 that asbestos exposure could cause a wide range of long-term diseases, including asbestosis, lung cancer, and the often fatal form of cancer known as mesothelioma. As more tradesmen came forward with asbestos-related illnesses, this mineral became known as a primary source of occupational cancer.
The mineral is heavily regulated today, but millions of people are still vulnerable to exposure due to its expansive use in residential homes and buildings.
Asbestos is only considered dangerous when contaminated materials have been worn down or damaged which unfortunately, is a standard part of most renovation or remodeling work.
Any sanding, grinding, sawing, drilling, buffing, or physical impact may cause these fibers to become airborne and easily ingested or inhaled by anyone in the general proximity.
What Homeowners Need to Know
Asbestos is nearly impossible to identify on your own because it’s often mixed within building products, but it is possible to identify a hazardous situation and take appropriate preventative action.
Before getting involved with any sort of home improvement project, you should always double-check that your property has been recently inspected by a trained professional. This simple step is especially important if you reside in a home built more than 40 years ago and has visible signs of aging. This bit of precaution could save you from developing an asbestos-related illness years later.
You should be aware of common products that have a history of containing the toxin and monitor their condition for any sort of wear and tear. Keep an eye on old insulation, ceiling tiles, vinyl flooring, joint compounds, door gaskets, furnaces, roof shingles, electrical wiring, fireproof products, and more.
Asbestos is known to be a significant threat when it is “friable,” meaning it can be easily crumbled or crushed by hand. Spray-on insulation and spray-on ceiling textures are prime examples of products that once contained friable asbestos and have been found within residential homes today.
Unlike floor tiles and cement that must endure long-term deterioration before asbestos fibers are loosened, the slightest amount of pressure can instantly release these fibers, allowing them to be carried throughout the air and dust indoors.
Do not panic and try to remove any materials you think are toxic, as this will only do more harm than good.
Instead, block off the area and avoid any activity, including sweeping or vacuuming, which can exacerbate the situation and cause toxic dust and debris to travel even further throughout the house.
Restrict anyone from going near the area until a professional can take samples to confirm it contains asbestos. If the toxin is present and appears to be hazardous, the licensed professional can safely remove the toxin from your home.
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