Foreclosures | Mortgages | Financing
Increasing home prices are old news, meaning more borrowers are starting to consider getting a home equity line of credit. For those borrowers debating if a HELOC is right for them, here are some suggestions on what to expect going into the process. …read more
From:: Real Estate Wire
Steve Mnuchin, President-elect Donald Trump’s choice to lead the Department of the Treasury, recently said that “getting Fannie and Freddie out of government ownership” is one of the Trump administration’s top 10 priorities. But just how realistic is that plan? According to a new report from Moody’s Investors Service, privatizing the GSEs is not only unlikely to happen any time soon, it’s also hugely cost-prohibitive, and it would be a negative for bond investors as well. Other than that, Mrs. Lincoln, how was the show? …read more
From:: Real Estate Wire
Five major stock-index benchmarks finished at records on the same day–something that hasn’t happened in more than 18 years, according to Dow Jones data. On Thursday, the Dow Jones Industrial Average closed up 0.3% at 19,614.81. It was the 13th record for the blue-chip gauge. The S&P 500 index gained 0.2% to end at a record 2,246.19 and the Nasdaq Composite Index wrapped up 0.4% higher at a record 5,417.36, marking its first record since Nov. 29 and joining the other two stock gauges which finished at all-time highs Wednesday. Meanwhile, the Dow Jones Transportation Average also extended its climb to new heights, ending at a fresh record of 9,421.08, while the Russell 2000 index , a gauge of small-capitalization stocks, also closed at a record of 1,386.37. It was the first time all five of those benchmarks scored a record close since March 16, 1998. Equities have been a record-setting run on the back of the belief that President-elect Donald Trump will implement pro-business policies and boost the economy.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Mortgage rates have reached their peak to date this year in the week leading up to the expected rise in the key interest rate, with the 30-year fixed-rate mortgage averaging 4.13 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The key rate, which the Federal Reserve will determine action on next week, generally informs the movement of mortgage rates. Analysts widely anticipate an increase in the rate, despite initial claims to the contrary after the election.
“The 10-year Treasury yield dipped this week following the release of the Job Openings and Labor Turnover Survey,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate rose another five basis points to 4.13 percent, starting the month 18 basis points higher than this time last year. As rates continue to climb and the year comes to a close, next week’s FOMC [Federal Open Market Committee] meeting will be the talk of the town, with the markets 94 percent certain of a quarter-point rate hike.”
The 15-year fixed-rate mortgage, in addition, moved higher, averaging 3.36 percent with an average 0.5 point, according to the survey. The 5-year Treasury-indexed hybrid adjustable-rate mortgage, as well, rose to an average 3.17 percent with an average 0.5 point.
For more information, please visit www.freddiemac.com.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Mortgage Rates Reach Year-Peak to Date as Rate Rise Looms appeared first on RISMedia.
From:: Finance and Economy
Five major stock-index benchmarks finished at records on the same day–something that hasn’t happened in more than 18 years, according to Dow Jones data. On Thursday, the Dow Jones Industrial Average closed up 0.3% at 19,614.81, the S&P 500 index gained 0.2% to end at a record 2,246.19, and the Nasdaq Composite Index wrapped up 0.4% higher at a record 5,417.36, marking its first record since Nov. 29 and joining the other two stock gauges which finished at all-time highs Wednesday. Meanwhile, the Dow Jones Transportation Average also extended its climb to new heights, ending at a fresh record of 9,421.08, while the Russell 2000 index , a gauge of small-capitalization stocks, also closed at a record of 1,386.37. It was the first time all five of those benchmarks scored a record close since March 16, 1998. Equities have been a record-setting run on the back of the belief that President-elect Donald Trump will implement pro-business policies and boost the economy.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Duluth Holdings Inc. shares fell in the extended session Thursday after the outerwear and apparel maker reduced its full-year forecast below Wall Street expectations because of warmer weather impacting sales. Duluth shares dropped 16% to $31.25 after hours. The company said it expects 2016 earnings of 52 cents to 60 cents a share on revenue of $360 million to $370 million. Analysts surveyed by FactSet had forecast earnings of 70 cents a share on revenue of $380.1 million. For the third quarter, Duluth reported earnings of a penny a share on revenue of $67 million, while analysts had expected a penny a share on revenue of $69.2 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Waterstone Mortgage promoted Lisa Fenske to a new role in the marketing and communications department. While some of Fenske’s responsibilities will continue, she will also take on new projects such as developing a new training infrastructure for the company. …read more
From:: Real Estate Wire
Shares of Restoration Hardware Holdings Inc. tanked nearly 20% late Thursday after the home furnishings retailer beat third-quarter earnings expectations but lowered its outlook for the fourth quarter on slower holiday sales and a later-than-planned launch for its catalog. The Corte Madera, Calif., company said it earned $2.5 million, or 6 cents a share, in the quarter, compared to $20.7 million, or 49 cents a share, in the year-ago period. Adjusted for one-time items, Restoration Hardware reported earnings of 20 cents a share, compared with 65 cents a share a year ago. Net revenues reached $549 million in the quarter, compared with $532 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 16 cents a share on sales of $528 million in the quarter. The company predicted adjusted net income in the range of $24.5 million to $28.5 million for the fourth quarter, and adjusted EPS between 60 cents a share and 70 cents a share. For fiscal 2016, it predicted revenue in the range of $2.11 billion to $2.14 billion, representing flat to 1% growth from the prior year, and adjusted EPS in the range of $1.19 to $1.29. It had forecast revenue growth in the range of 1% to 3% and adjusted EPS in the range of $1.60 to $1.80 when it reported second-quarter earnings in September. Restoration Hardware shares ended the regular trading session up 2.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of Broadcom Ltd. rose in Thursday’s extended session after the chip maker posted better-than-expected earnings and declared an interim dividend. Broadcom reported it swung to a fourth-quarter loss of $668 million, or $1.59 a share, from a year-earlier profit of $429 million, or $1.49 a share. However, on an adjusted basis, the company would have earned $3.47 a share. Revenue more than doubled to $4.14 billion from $1.84 billion. Analysts surveyed by FactSet had forecast earnings of $3.38 a share on revenue of $4.13 billion. The company’s board also approved interim dividend of $1.02 a share, payable on Dec. 30. In the first quarter, Broadcom expects net revenue of about $4.07 billion and a gross margin of roughly 47%. Shares gained 3.3% after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Fitch Ratings on Thursday revised the outlook on Caterpillar Inc.’s A rating to negative from stable, on concerns about the long downturn in the company’s machinery markets. Caterpillar’s sales have declined for eight straight quarters and the company has cautioned that forecasts for 2017 seem over-optimistic. Fitch said there is an “increased risk that the company could face challenges to rebuild its operating and financial performance to levels that support the current ratings.” A slow recovery in demand could prevent the company from returning to stronger credit metrics and even if the recovery is strong, free cash flow could be constrained if the company fails to fully realize benefits from recent restructuring moves. The maker of diggers and dozers launched a restructuring program in 2015 that aims to cut costs by $1.5 billion annually. Caterpillar shares have gained almost 42% in the year so far, despite its weak performance. its most active bonds, the 1.700% notes due August 2021, were last quoted at 97 cents on the dollar, according to MarketAxess.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News