Fannie Mae raised the bar for mortgage applicants this past weekend.  Getting approved for a home loan just got harder. In its official announcement, Fannie Mae says the updates minimize long-term lending risks.  If that’s the case, this won’t be the last guideline change Fannie Mae makes — especially with loans defaulting at an above-normal [...]

If you wonder what mortgage rates and home affordability will look like next year, today’s Retail Sales data may hold your answer. Versus October, November’s ex-auto sales were up by more than 1 percent. Analysts expected the increase, but not an increase of this magnitude. “Ex-auto” means that motor vehicles and parts are excluded from the data. Home [...]

For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid. Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year. By paying in 2009, the mortgage interest paid can be applied against 2009′s itemized tax deductions [...]

  ‘Tis the season to do shopping — and get bombarded with offers to open credit cards. The deals are tempting, too. ”Open a charge card today” and save up to 20% on your purchase. Considering that the average Black Friday ticket was $343, that’s $68 saved per store. For big-ticket items like televisions, the savings are [...]

  Mortgage rates are dropping this morning on weaker-than-expected Retail Sales data from December. Lower rates means more bang for your home-buying buck. Excluding motor vehicles and parts, December’s “ex-auto” sales receipts were down roughly $500 million from November. Analysts had expected receipts to grow. The relevance of Retail Sales to home affordability isn’t obvious, [...]