Author : Ki GrayMortgage rates dropped this week from 4 87 to 4 82 They did not drop below the all time low of 4 78 that they hit two weeks ago For the last month, for the most part, we have not seen a lot of movement and instead have just seen the 30 year mortgage rate just bouncing around near all time lows

The 15 year mortgage did reach new all time lows this week dropping from 4 54 to 4 48 The previous low was 4 52 that was reached last week The 5 Year ARM dropped from 4 93 to 4 88 This was also a new all time low but since the 5 year ARM is still above the rate for the 30 year fixed the 5 Year ARM is seeing very little interest The 1 Year ARM oddly hit the highest level we have seen in a month The 1 year ARM is now the highest of the four major mortgage products Below are mortgage rates for the major mortgage products for the last few weeks

Apr 16, 2009
30-yr 4 82 15-yr 4 48 5-yr ARM 4 88 1-yr ARM 4 91

Apr 09, 2009
30-yr 4 87 15-yr 4 54 5-yr ARM 4 93 1-yr ARM 4 83

Apr 02, 2009
30-yr 4 78 15-yr 4 52 5-yr ARM 4 92 1-yr ARM 4 75

Mar 26, 2009
30-yr 4 85 15-yr 4 58 5-yr ARM 4 96 1-yr ARM 4 85

Mar 19, 2009
30-yr 4 98 15-yr 4 61 5-yr ARM 4 98 1-yr ARM 4 91

In addition to mortgage rates we also wanted to look at actual mortgage payments We took a 200k mortgage and translated into what a mortgage payment would be based on today’s rates We did the same thing with rates from last week and rates from 6 months ago

Apr 16
30-yr $1051 74
15-yr $1527 94
5-yr ARM $1059 02
1-yr ARM $1062 66

Apr 09
30-yr $1057 8
15-yr $1534 07
5-yr ARM $1065 1
1-yr ARM $1052 96

Oct 16
30-yr 1258 87
15-yr 1702 87
5-yr ARM 1217 16
1-yr ARM 1093 28

We have not seen much movement in the last week But compared to 6 months ago a mortgage on a 200k house has come down $207 13 or 16 45 percent

So what else are we seeing in the mortgage market? While mortgage rates are low banks are being more restrictive about who they give out loans to Banks are looking for high credit scores In addition, they are more stringent when they are appraising properties So it’s pretty difficult to get loans on rough properties even if they are relatively cheap

So what is our advice? Even if you just bought in the last 6 months it might be a good idea to investigate refinancing If you plan on buying in the next few months I would look into your credit score now so you have time to fix any problems that might show up on your credit report

So what do we expect to see moving forward? While the economy remains down we expect rates to continue bouncing around a current levels But once the economy recovers rates should move up, perhaps as high as 15 percent So we might see the highest and lowest all time rates in a period of less than 3 years Ki maintains a website that covers the Austin Texas real estate market. His site has information on mortgage rates along with a free mortgage calculator.

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Author : Ki GrayIs the glass half full or half empty? Or maybe that analogy doesn’t work in this economy because people really just want to know if we’ve reached the bottom of this bitter drink of bad banks, busted housing markets and layoffs The answer seems as hard to come by as a good analogy

However, the current stock rally started with good banking news last month and that trend seems to be continuing Wells Fargo & Co said last week that it expects to post a record profit for the first quarter of 2009 This week will bring reports from other major banks like Citigroup Inc , Goldman Sachs Group Inc and JPMorgan Chase & Co

Wells Fargo received $25 billion in government bailout funds, which is less than the other big banks The bank credits its strong quarter to a roaring mortgage business The Associated Press reported that “Wells Fargo received about $190 billion in mortgage applications, a 64 percent jump from the previous quarter More than 40 percent of that volume came in March ”

So this looks to be good news for both the banking and housing industry Though most of the applications were for refinancing, 25 percent is reported to be from customers wanting to purchase new homes Wells Fargo’s CFO, Howard Atkins, told the AP that the government’s efforts to lower interest rates and other programs aimed at the beleaguered housing industry has helped Yet he was reluctant to sound too optimistic “It’s premature to conclude the economy has turned,” said Atkins “All I can tell you is we’re seeing a lot of business ”

There was mixed news in the job sector last week, with jobless claims falling more than expected, but there are still a record number of people receiving unemployment benefits According to the AP, both economic analysts and the Federal Reserve expect this trend to continue into year as companies adjust to the changing economy

Retail sales, on the other hand, showed some signs of stabilizing According to the AP, discount retailers, like Wal-Mart Stores Inc , continue to show a modest increase in profits Although sales have fallen for other retailers, the decrease has been less than expected

So is the bottom of the bitter drink in sight? “In hard economic times, Americans turn to numbers to see whether things are getting better Gauging the mood of the republic is not as quantifiable,” said AP National Writer Ted Anthony recently

It’s even harder to quantify when the numbers give different stories and no one seems to want to stick his neck out and be the one to announce the end of the recession While Anthony conceded there are subtle signs that things are getting better, he was only willing to say things could be getting “less worse ”

According to Anthony, “Numbers from Gallup’s Consumer Mood Index were up 6 points for the week ending April 5, the fourth consecutive week they rose The index is now as high as it’s been in over a year — buoyed, perhaps, by the upward-creeping stock market And an AP-GfK poll showed the number of Americans who think the country is heading in the right direction more than doubled between October and February — to 40 percent Not that it’s all good, mind you Just, well, less worse “Ki developed a clearinghouse website of Austin MLS listings. On his site buyers are able to do customizable searches for Austin real estate. His site also has up to date information on mortgage rates.

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Author : Shaun ParkerWell it may be bad news at the moment for all those looking to sell their property and we may well be seeing estate agents falling left right and centre due to the crash of the property market but for one group of people, the recession has been a bit of a godsend!

Letting agents are currently seeing a huge influx of those needing property to rent No longer can people source or secure mortgages, especially those without huge deposits so it’s now harder than ever for a whole generation of people to get on the property ladder This has led to more and more people becoming tenants as opposed to owners

This country has long experienced a prosperous time and it has become an expected state of affairs that as you move through the teenage years and into adulthood that you will soon be owning a home of your own - or at least one with a mortgage on it It’s been a long time since the UK saw a recession like the one we are currently in and its hit hard Mortgages are scarce and the deposit required to secure one is extreme

On top of this there is the concern over job security Due to the biting recession, companies are at least cutting back on staff, if not losing the company altogether This has led to huge insecurities and massive job losses up and down the country which, in turn, has a knock on effect to those wishing to buy or sell property

Letting agents are finding that more and more people are looking to rent out their homes to at least secure some sort of income from it as opposed to having is sit there, unable to sell it

However, it’s not just us mere mortals that are finding the situation difficult Imagine being the letting agents for the properties of the stars and how much commission you might be likely to earn on, say, Leonardo DiCaprio’s property which is being let for a mere 17,000 pounds per month How many letting agents would give their right hand to be drawing in the commission on celebrity properties, many of which have had their sale price reduced by at least a million pounds but due to a lack of interest are now being let out to tenants? Of course, you’d still need a fair old pay packet to afford the rent on them!

Renting a property is now becoming the norm for many families Out of necessity simply for a roof over their heads, people are turning to renting a home instead of buying Of course, this doesn’t give them the security of owning bricks and mortar and neither does it give them anything to leave to their families but it does give them a level of comfort

When renting a property, maintenance costs are covered by the landlord Maintaining the building and the land around it are not the tenants responsibility which lightens the load somewhat of the cost of living You are liable to keep the place in good order as far as you can but the expensive bits are usually down to the landlord

Of course, being a landlord yourself has its ups and downs On the one hand, you have a regular income that is often guaranteed, particularly if you let to those on housing benefit You can relax in the knowledge that your mortgage is being covered every month and you still retain that investment which you first laid out

The drawbacks are that you can never be sure how someone else will look after your property You will also have to pay a fee to a letting agent for finding the tenant and possibly a monthly fee for managing the let

There are fors and against for landlords and tenants but one things for sure - in today’s climates more properties are needed for renting and more tenants are needed for filling them At least that way, we can all stay afloat Shaun Parker is a current affairs specialist with many years of experience in the property industry. Find out more about letting agents at http://www.haart.co.uk

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Author : Amy NuttWhen immigrating to a foreign country, one is faced with new customs and languages In Canada, new immigrants applying as a “skilled immigrant” are required to pass either an English or French language test French tests are mandatory for those immigrating to the province of Quebec Learning to speak and read English is essential and mandatory in Canada because businesses and services are provided using the English language This includes such areas as hospitals, retail businesses, emergency services, etc

Skilled workers are chosen as permanent residents of Canada on the basis of their education, work experience, knowledge of English and/or French, work experience, age, whether they have arranged employment in Canada, number of dependents, and other factors that prove that they have the ability to maintain economical stability The province of Quebec is responsible for selecting its own skilled workers

When immigrating to Canada, you are required to prove your English language skills by taking a language proficiency test that is approved by Citizenship and Immigration Canada (CIC) By taking the IELTS Test (International English Language Testing System) new immigrants will see how many points they will receive for the language section of the test If the score in the language test is between 7 0 and 9 0, then four immigration points are awarded for that part of the test Immigration points are awarded for each individual part and then totaled

If the score is within 5 0 to 6 9, two immigration points are awarded If the score is less than 5 0, no immigration points are awarded for that section The test is designed for people who intend to study or work where English is the communication language

The IELTS is used all over the world to measure the ability of a person to communicate in English IELTS measures the ability to communicate in English in the four language skills that includes listening, reading, writing, and speaking More than 6,000 education institutions, government agencies, faculties, and professional organizations recognize IELTS scores as an honest assessment of one’s ability to communicate in English As one of the fastest growing English language tests in the world, the IELTS is taken every year by millions of people across 120 countries

Canadian tests are placed in two categories that include:

Canadian English Language Proficiency Index Test-General: Assesses proficiency levels of general reading and writing skills Results are accepted by Citizenship and Immigration Canada (CIC) for immigration points It is also appropriate for certain post-secondary and employment training programs where practical reading and writing skills are required

The Canadian English Language Proficiency Index Test-Academic: Assesses proficiency of beginning college or university-level reading and writing The test is made up of four subtests that include: sentence structure, reading comprehension, English usage, and essay writing Results are used for university or college programs where a higher level of English communication and composition skills are required

The process of taking the English language tests involves the following steps:

- Make arrangements with an approved testing organization
- Pay for the cost of testing
- Include the results of your test with the immigration application
- The CIC will use the test results as proof of your language skills
- Language test results are valid for one year from the date that the test was taken

The rules for applying for immigration as a skilled worker to Canada can change, so before you apply, make sure you check the current application procedures and most recent selection standards Once you have all your papers in order, you can prepare for your new life in a warm and welcoming country Learn English with qualified teachers at home, office or any other place with our free English lessons and our free web 2.0 language translator software.

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Author : Ki GrayNow that America is deeply into the business of bailing out banks and big companies, it may be pointless to ponder the feasibility of it But as Associated Press reporters put it in a recent article, “What if the government got out of the bailout business?” All those outraged Americans who picket Wall Street and vilify AIG executives might be surprised by the answer

A good example of what happens when a large U S company fails is the story of Lehman Brothers Holdings Inc When Lehman Brothers collapsed last September, it was “the biggest bankruptcy in U S history with a record $613 billion in debt ” Because of the interconnectedness of global financial markets, this loss was felt in thousands of companies around the world and stocks took a nose dive

“AIG is about five times bigger than Lehman Brothers, and we learned that Lehman Brothers should not have gone bankrupt,” said Mark Williams, professor of finance and economics at Boston University AIG, perhaps the most controversial of bailouts, has received over $170 billion in government funds so far

According to the AP, AIG has reported to the Treasury Department late last month that “its collapse could batter credit markets, bankrupt the U S insurance industry, depress the dollar, increase U S borrowing costs and shatter consumer and business confidence everywhere ”

While the viability of the AIG bailout is still in question, the $200 billion the government has spent on bailing out banks may be showing some returns Bank of America, Citigroup and JPMorgan Chase all say they were profitable for the first time in a long time in January and February of this year This news was the beginning of the Wall Street rally that has been seen recently

So how does all this impact the average American? Despite having a 36 percent ownership stake in Citigroup, taxpayers aren’t likely to be paid actual dividends However, troubled financial institutions don’t make loans Credit is a necessary component of the American economy, and everyone from farmers to college students has felt the pinch from the tightening credit crisis over the last year Bailing out the banks allows them to continue making loans on cars, homes and businesses

Speaking of car loans, what about the bailouts given to the big automakers? Together General Motors Corp and Chrysler LLC have received bailout funds to the tune of $17 billion and they are asking for billions more That doesn’t include the money the financing components of these two companies have also received

The auto industry says that without the government funds millions of jobs would be lost and the result of that would “suck $400 billion out of the economy in three years ” Chances are those estimates are a bit high, but there is no doubt that the bailout is just helping the automakers, but also impacts a whole slew of related businesses

The bailouts certainly have critics, including former Federal Deposit Insurance Corp chairman Bill Seidman He is a proponent, among others, of nationalizing the big banks, cleaning up their balance sheets and then selling back into the private sector “It is surely tempting to say the hell with them all,” White House economic adviser Lawrence Summers said in a speech last month But, he added, “You can’t responsibly govern out of anger “Escapeso Realty caters to future buyers of Austin real estate. They maintain a map based search of Austin homes for sale. Their site provides statistics on Austin real estate along with a free mortgage widget.

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Author : Ki GrayThe stock market rally has many economists hopeful that the end of the recession is near, but the recent unemployment numbers may have dashed those hopes According to Associated Press reports, the nation’s unemployment rate jumped to 8 5 percent in March, the highest in 26 years “It’s an ugly report and April is going to be equally as bad,” predicted Mark Zandi, chief economist at Moody’s

The number of unemployed people climbed to 13 2 million in March and that doesn’t include the number of people who are now working part-time due to having their hours cut Economists predict that these trends in job loss and hours cut will continue for the rest of the year

This seventeen-month long recession is the longest since World War II
Some recent positive economic activity had given many hope that the end of this recession was in sight U S factory orders rose in February, ending a six straight months of declines Plus there were better-than-expected reports on construction spending and pending home sales Last week a report showed that consumer spending, an extremely important economic indicator, also rose in February and January The brightest sign of all is the stock market, with the Dow industrials over 8000 for the first time in a couple of months

“Everyone is in a buying mood,” said Eric Ross, director of research at brokerage Canaccord Adams “Everyone is feeling good A lot of this is simply confidence ”

Yet, the layoffs continue It doesn’t look like everyone is in a hiring mood Some economists say this is not a bad sign as jobs are one of the last sectors of the economy to recover However, other analysts say that the economy won’t recover until job losses stabilize Construction, retail and factory jobs are cut at the rate of 100,000s per month and the unemployment rate is predicted to hit 10 percent before the end of 2009 According to the AP, economists say the job market may not get back to the normal 5 percent unemployment rate until 2013

Fortunately, the news continues to be better in Texas, which actually had a drop in jobless claims Companies like Valence Technologies Inc are waiting to see what will happen with the stimulus money while making plans to build a $760 million battery manufacturing plant in Central Texas According to the Austin-American Statesman, the Austin company has applied for a low-interest government loan from a program designed to encourage the development of next-generation autmobiles

President Obama’s stimulus package continues to offer a bright spot on the horizon for many hoping to take advantage of the $787 billion available for public works programs and other initiatives in the areas of energy and education The package will also help ease some of the burden of unemployment claims on local governments, although Texas has signaled that it may refuse to accept money for temporary programs

In other government efforts to help the ailing economy, the Federal Reserve has cut a key interest rate to nearly zero in an effort to jump-start lending, as well as other initiatives to inject billions of dollars into the financial system Is the end near? It depends if the good news can continue to outpace the bad in this on going battle of conflicting economic numbers Ki has worked with Austin real estate for almost 10 years. He has sold to a variety of buyers. His site offers listings directly from Austin MLS along with a a mortgage widget.

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