Tag Archives: interest rates

As Predicted M Rates Start To Rise Before FOMC Meet

Posted by Michael Hughes January 25, 2010

The pre FOMC jitters are being reflected in what will be higher mortgage interest rates.  They may come down but once the fed stops buying mortgages with their $1.25 Trillion program the end of March; Buyer beware.  For the entire story click Rates Rise

If you have questions please call me 303-359-6627 or visit my website at www.bolderrealestate.com


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New Credit Card Laws Go Into Effect February 22, 2010

New Credit Card Laws Go Into Effect February 22, 2010

By Michael Hughes December 7, 2009

“He that goes a-borrowing, goes a-sorrowing.” –Benjamin Franklin

Why it’s important: A new federal credit card goes into effect February 22, 2010.  The new law will tilt the playing field toward consumers by removing some of the credit card industry’s most profitable and punishing practices. Consumer advocates favor it. Of course Credit Card issuers warn it will drive up the price of and limit the availability of credit cards at a time when the country needs more spending to stimulate the economy.  Bologna!  Credit card companies.  You remember them right?  They are tied to the largest banks in the country.  Remember the ones who got the “bail outs” and are now experiencing soaring profits and overly zealous bonuses.  Don’t get me wrong.  There is nothing wrong with profit.  I just want the money back that the banks, insurance companies and automakers, borrowed during the bail out.  BOA recently said it would pay back $45B of bailout money, putting pressure on other banks to step up. While some banks have paid back their money (~$4B) most banks, insurance companies and automakers have not.   Play fair,   with Credit Cards,  pay “US” back what you owe us and I will consider that a good start.  In the meantime, expect those little notices to trickle down to consumers in the mail, with increasing interest rates.  As much as 28 percent and more.  One way to overcome this is to pay down your credit cards and keep them paid off every month if possible. If you don’t have the money, don’t spend it. Simple!

In the future interest rate hikes will be limited, such as when a promo rate ends or if a late payment is made.  No more Universal Default-in other words no more raising interest rates when cc companies see payment records from utility companies and other unrelated creditors.  No more random changes in due dates without notice, increasing the likelihood of late fees.  Highest interest rate balances paid first.  It has been the opposite up until now.  Limits on overlimit fees.   No more double-cycling billing.  Therefore if you pay off your credit card every month the credit card company can not go back to a previous billing cycle to charge you interest.  Upfront fees for people with bad credit cannot exceed 25 percent. Also credit card issuers are instituting a new rule on points, cash back and frequent flyer miles.  If you  don’t  pay your card off every month you can pretty much kiss those goodbye. And last but not least credit card issuers must disclose to cardholders the consequences of making only minimum payments each month.  Namely that it will take you well beyond  a Millenium and the Mayan Calendar to pay this balance off if you just make minimum payments.  Keep debt minimal especially when applying for a mortgage. The additional debt can add up and cause problems for the underwriter of the mortgage. Call me with questions.

Contact me today if you or anyone you know in Boulder or the surrounding area needs real estate help or for just a quick question
e-Mail michael.hughes@sothebysrealty.com Direct 303-359-6627 Website: www.bolderrealestate.com

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Filed under credit cards, Fuller Sothebys International Realty, lower living costs, real estate, Tax Credit

Interest Rates Hit Six Month Low!

Interest Rates Hit Six Month Low!

By Michael Hughes  December 3, 2009

Consumers are showing  renewed interest in the lowest mortgage rates in 6 months.  Interest rates on a 30-year fixed-rate mortgage,  fell for a sixth straight week, remaining below the 5 percent level.

Attractive rates in the Boulder area coupled, with lower prices have been positive for buyers in the housing market.  Sales have surged in recent months as buyers scrambled to take advantage of the now reinstated government’s *first-time home buyer tax credit.

Contact me today if you or anyone you know needs real estate help in or around the Boulder area call or e-mail m
e-Mail michael.hughes@sothebysrealty.com Direct 303-359-6627 Website:www.bolderrealestate.com

*See my Blog on first-time home buyer tax credit

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Filed under Boulder Economy, real estate, Uncategorized

Boulder Colorado–One more thing to be thankful and grateful for

Gratitude unlocks the fullness of life. It turns what we have, into enough, & more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend. Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow.” – Melody Beattie

On the street people are talking about the local real estate market improving.  Scott Smith said “When the full recovery begins, it will probably begin here.”  Citing Boulders’ continued strength in attracting new businesses, strength in the energy industries, will continue to stabilize Boulders’ economy.   Even the most talked and debated business in town has boosted the commercial space real estate sector-yes Medical Marijuana.  Housing affordability is at an all time high and as always interest rates will fluctuate throughout 2010.  The last real hurdle to economic recovery is the reinstatement of consumer confidence from the lows that they sit at today.  As the economy improves people will relax and consumer confidence will rebound.  Happy Thanksgiving!  May 2010 be blessed with great momentum.  Cheers!

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Obama signs New Buyer Credit and More… November 17, 2009

By Michael Hughes

Great news for Boulder County real estate. Congress approved the extension and expanded the homebuyer tax credit to further stimulate the housing market. The date has been extended to April 30th, 2010 (originally scheduled to end November 2009). The tax credit requirements have been expanded to include current home owners as well as first time home buyers, and it now includes people earning a higher income as well (up to $125,000 for singles and $225,000 for married couples compared to $75,000 and $150,000).
The tax credit amount can be up to $8,000 for first time home buyers and up to $6,500 for current home owners who decide to move. The amount is determined by the price of the house and by the purchaser’s income. The tax credit applies for homes purchased up to $800,000. There are plenty of homes in Boulder for sale at this price range.
As a current home owner, you qualify for the tax credit if you have lived in the house you now own, for at least five consecutive years within the past eight years. Even if you’ve owned property in the past you may still qualify as a first time home buyer if you have not owned your primary residence for the past three years. Call Michael Hughes to get an honest home evaluation to see what your home could sell for today, and what else is available for you in and around Boulder.
Hopefully the great interest rates we are experiencing will hold. Right now is the best time to buy, and if you need to sell it’s a good time to secure the increased number of buyers out there due to the tax incentives and low interest rates.
Contact us today if you or anyone you know needs real estate help….
e-Mail michael.hughes@sothebysrealty.com Direct 303-359-6627 Website:www.bolderrealestate.com

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