Today’s Lowest Mortgage Interest Rates – Refinance 30 Year Fixed Home Loan Rates at 4.15% on November 14, 2010

As November is halfway through mortgage interest rates continue to remain at very low levels with the help of the federal reserve bank. Over the last several months it has been the case that mortgage rates have dropped due to the fact that the federal reserve bank continues to buy treasuries and expand the quantitative easing program. With this being the case today’s lowest mortgage interest rates are around 4.15% for the 30 year fixed mortgage.

When looking at historical trends of overall mortgage rates it is very hard to imagine that refinanced 30 year fixed home loan rates are well below 4.5%. Never in the history of the United States housing market have interest rates stayed so low for such a long period of time. Much of this is due to the fact that the overall economy continues to struggle.

Federal reserve bank chairman Ben Bernanke continues to make the statement that interest rates will stay low until the overall economy begins to recover. This is a double-edged sword as many people want the economy to recover so jobs are available but interest rates will start to move up which means it will be much more difficult to borrow money at cheap rates.

For those Americans who have made very good financial decisions in the past decade the low interest-rate environment has helped them greatly. With the lowest possible mortgage interest rates at 4.15% many Americans have been able to refinance a home loan to a very low rate. Some homeowners have found that they can save hundreds of dollars on a monthly mortgage payment and possibly pay a mortgage off much quicker.

With the advancements of Google and the overall Internet it is quite amazing to see the possibilities when it comes to research. Almost all mortgage lenders throughout the country offer free resources online and it would be wise to take advantage of these resources as refinancing could save money. As with any major financial decision in one’s life it is always important to step back and think about the multiple options.

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WHEN it comes to the housing market, predictions are perilous business. A market that looked as if it was verging on a renaissance one month could, depending on the factors that go into analyzing it, look pretty lousy the next.

This has certainly been the case in New York City of late. The local rollercoaster comes amid dark news on the national housing market; and there are indications that the New York market may not be as resilient to the country’s economic woes in 2011 as it was in 2010.

For example, if you take a look at Manhattan data for October, from an analysis by StreetEasy.com, the number of newly signed contracts represented about the same number as in October 2007, a year before the housing crash, during a period considered a relatively healthy benchmark for the market. Any sign of normalcy is said to be good news these days.

The city’s biggest brokerages are reporting that their agents have been busy, and October is traditionally a strong month on the real estate calendar, which flew into chaos in 2008, 2009 and parts of 2010.

Also, August was a slow month for contracts signed — another factor more typical of the precrash days. And because of the lag time between signings and closings — typically about 60 days — that slowness resulted in data showing sluggish sales in October: another sign of normalcy.

Still, even with the higher volume of signed contracts in October — which would then be expected to show strong sales in December — average asking prices this October were down by 11 percent compared with October 2007, and the units selling were smaller, with deeper price cuts, according to Sofia Song, the vice president for research of StreetEasy.com.

“It’s a different climate,” Ms. Song said.

Jonathan J. Miller, the president of the appraisal firm Miller Samuel, who analyzes market data for Prudential Douglas Elliman, said that despite the bursts of “happy housing news” in 2010, driven in part by the federal tax credit that spurred home-buying early in the year, he expected the 2011 New York market to be weaker.

Mortgage interest rates are starting to creep back up from record lows; unemployment is still stubbornly high; and banks remain extremely strict on lending.

There are also uncertainties that could stall buying for the rest of 2010 and into 2011, and perhaps the biggest is whether Wall Street bonuses will be fat, slim, or somewhere in between. There have been mixed reports. Some have recently indicated that bonuses may fall far short of last year’s, which were ample enough to help spur buying in early 2010.

“If the bonuses are big as we go into 2011,” said Pamela Liebman, the chief executive of the Corcoran Group, “we’ll have the wind behind us. If the bonuses are down, the wind is at our face and it’s a tougher climb.”

There are also other question marks, including how the election will affect the market, particularly whether Congress will stop increases in capital gains and estate taxes, two key rates that heavily influence buying and selling decisions.

In 2011 the long-term capital gains tax is due to increase to 20 percent from 15 percent, and estates of $1 million or more would be taxable at top rates of 55 percent. But with the Republicans winning the majority in the House, lawmakers could step in to stop those changes, Mr. Miller said.

While acknowledging that the near future is a great unknown, city brokerages are clinging to a few factors that they say show the New York market will continue to fare better in 2011 than the national housing market.

Several brokerages pointed to an increase in foreign investment in New York real estate in recent months. A few also said that there had been a recent increase in sales of high-end properties — those listed for $10 million and above — the kinds of deals that for the most part had been rare since the crash.

The volume of transactions and the prices of properties in the luxury niche are still well below those before the crash, but sales at the high end can promote consumer confidence, brokers say, because of the message they send: people who can choose where to park their cash are spending money on real estate.

“We were not seeing those deals,” said Hall F. Willkie, the president of Brown Harris Stevens. “But the activity is returning.”

Some brokerages say that there are built-in protections from a meaningful housing dip in New York, among them the city’s comparatively low housing inventory. Markets elsewhere are still flooded with inventory, particularly from new developments, but the city’s unsold housing supply has returned to typically low levels, which means that one key to market health — the relationship of supply to demand — isn’t out of kilter.

Dorothy Herman, the president of Prudential Douglas Elliman, said she disagreed with predictions of a weaker 2011, saying she believed the market would very likely be no better or no worse than 2010, but would “move sideways.”

NYT Article

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Invasion of the money snatchers

Book Review: ‘Fight Back Against Unfair Debt Collection Practices’

You’d have to have lived under a very large rock for the last few years to not have heard of the not-so-slow death of investigative journalism. Newspapers are fast being replaced by websites, and those that remain have been largely reformatted to appeal to the miniscule 21st century American attention span.

One revision? The virtual elimination of both (a) the class of reporters who are paid to take weeks, months or even years to investigate a story (think: Watergate) and (b) the long-form stories born of such extended inquiries.

Enterprising journalists of this near-extinct ilk are, perhaps fortunately for us, being forced to turn elsewhere to flex their investigative writing muscle. One example: former newspaper reporter Fred Williams, who went deep cover as a collection agency employee to get the dirt and then spill it in his new book, “Fight Back Against Unfair Debt Collection Practices.”

As a result, this very timely tome reads as part action plan (or, more accurately, reaction plan), part memoir, and all gritty and real when it comes to illuminating what happens inside America’s collection agencies.

Right from the introduction, Williams begins to impress upon readers exactly how heartless and even willing to disobey the law he found the collection agencies he worked in to be, as he retells the story of a collection call he once made to the widower of the debtor.

The man’s wife, Williams was told, died after years of drug abuse. “All that money you’re looking for … (she) put it up her nose,” the man said.

After listening to the man’s now-motherless children in the background, Williams marked the account deceased in accordance with that state’s law, under which the widower was not responsible for his wife’s bills, only to be told by a co-worker, “Someone’s going to get it out of them, only it won’t be you. If you don’t call them, I will.”

In the context of educating readers about how to fight back against collectors gone wild, these heinous stories don’t ring in the vein of the standard us vs. them — they’re evil-type moans and groans.

They serve to shake emotional debtors into the reality that their adversaries, collectors, are in this for one reason only: to collect as much money as possible from whomever they can, however they can.

Their business is not about reason, logic, empathy or sympathy. Given the stories Williams cites of the many collection agencies who are fined hundreds of thousands, even millions, of dollars for violating fair debt collection statutes, the business of collections apparently is not always about collecting what they can within the guidelines stated by law.

With this understanding girding their telephonic loins, Williams proceeds to provide readers with insights and action items to defend themselves from collectors.

“Fight Back” is divided into two parts: Part I is devoted to exposing various debt collection secrets — literal insider secrets Williams culled during his training and experience inside collection agencies.

This part serves as a briefing to consumers about the collection agencies’ modus operandi. Each indivdual secret, from “Anger Can Be Power” to “The Golden Rule: Money Today,” offers a story, a real-life example that illustrates the key tenets of how agencies operate — and also offers a glimpse past the bogus stories that collectors may tell debtors in an effort to guilt, threaten, scare, lie or humiliate them into helping them meet their targets.

Each of these mini-chapters (18 in all) closes with an action item for debtors who are facing the particular collection tactic exposed in the chapter, and also refers them to more detailed solutions in Part II of “Fight Back.”

Part II covers nothing but mechanisms and strategies for coping with unfair debt collection tactics. Here, Williams provides a very user-friendly action guide for consumers at every phase of the debt-collection lifestyle.

Whether you’re looking to stop collectors from calling, file a complaint against them with a regulatory agency or to actually negotiate a debt settlement, the book provides the information debtors need.

Williams doesn’t stop where many books do, by simply quoting from the various legal debt-collection guidelines, although that material is in “Fight Back.”

He offers readers scripts in point-counterpoint format for how to engage in conversation with collectors, rebut their overly aggressive tactics, and still arrive at the desired aim of the conversation in the first place.

Dealing with collectors is not fun — and no book will ever make it so. But with so many Americans forgoing credit card payments to keep up with mortgage payments and finding themselves in collection situations for any number of other reasons, if you find yourself in this situation, it would behoove you to have Fight Back as a weapon in your self-protection arsenal.

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