Mortgages, Remortgages and Home Loans

Mortgage Broker Residential construction sizzled in October, reaching the highest level of activity in 17 years, a fresh sign that the red-hot housing market is helping to fire the economy's recovery.

The Home Mortgage Interest Deduction In most cases, you can deduct all of the interest you pay on any loan that is secured by your home, whether the loan is called a mortgage, a second (or third, fourth, fifth, etc.) mortgage, a home equity loan, a line of credit, or a home improvement loan. year statement that breaks down your house payment into components, and tells you exactly how much interest you paid. You can't deduct the portion of the payment that goes toward repaying the principal amount of the loan.

Mortgage Lead The Commerce Department reported Wednesday that builders broke ground on 1.96 million units, at a seasonally adjusted annual rate, representing a 2.9 percent increase from September's pace.

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Reverse Mortgage The level of activity in October marked the strongest monthly performance since January 1986 and left economists marveling at the strength of the housing sector, which has hummed along throughout the economy's economic slump as low mortgage rates have beckoned buyers.

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Mortgage Quote Economists were predicting residential construction would decline in October to a rate of around 1.85 million units.

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Florida Mortgage ``U.S. housing starts blew away estimates,'' said Sherry Cooper, chief economist at BMO Nesbitt Burns. ``The economy is looking increasingly steamy.''

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California Mortgage Loan All of the vigor last month came from new single-family home projects, which clocked in at a record high pace of 1.62 million units, a 5.7 percent increase from September. Construction of apartments, condos and other multifamily housing declined by 3 percent in October to a rate of 319,000 units.

Florida Mortgage Loan While the total number of housings starts includes an estimate for housing with two to four units, the government does not break out that segment in its monthly report.

California Mortgage On Wall Street, the good news on housing construction lifted stocks. The Dow Jones industrials gained 66.30 points to close at 9,690.36.

Bad Credit Loan Mortgage By region, total housing construction -- single and multifamily homes -- jumped in the West by 17.7 percent from September to October to an annual rate of 526,000, the highest level since December 1986. In the South, residential projects clocked in at a rate of 898,000 -- the best performance since January 1986 -- and a 4.9 percent increase from September's activity.

Commercial Mortgage But in the Northeast, residential building projects plunged by 18 percent to a rate of 146,000, and in the Midwest, they fell by 8 percent to a rate of 390,000.

Lowest Mortgage Rate After booming sales in the summer and fall, home builders are slightly less bullish about sales prospects for November as well as for the next six months, according to a monthly survey by the National Association of Home Builders.

Gmac Mortgage ``We're seeing some slowdown in visitors to model homes,'' said Kent Conine, a home builder from Dallas who also is president of the association.

Mortgage Payment Still, the association's chief economist, David Seiders, said, ``All the fundamentals remain in place for a healthy housing market -- including mortgage rates in the 6 percent range, reviving consumer confidence and impressive home-price performance.''

Mortgage Marketing Sales of both new homes and previously owned homes are on track to reach record highs this year, economists predict. Low mortgage rates are a main reason behind the brisk sales, they say.

Reverse Mortgage For Senior Rates on 30-year mortgages slid to 5.21 percent, the lowest level in more than four decades, in the middle of June. Since then, rates on these benchmark mortgages have bounced up and down. Last week, rates on benchmark fixed-rate 30-year mortgages stood at 6.03 percent.

Mortgage Interest Rate Federal Reserve policy-makers are expected to hold a main short-term interest rate at a 45-year low of 1 percent when they meet next on Dec. 9. That's good news for one-year adjustable rate mortgages, which averaged 3.76 percent last week.

2nd Mortgage Rate Wednesday's report also showed that housing permits -- a good barometer of current demand -- rose by 5.2 percent in October to a rate of 1.97 million units, the strongest pace since February 1984. That reflected a record high level of permits for single-family homes, which came to a rate of 1.54 million units.

Florida Refinance Mortgage Economists said October's construction figures bode well for solid economic growth of at least a 4 percent rate in the current quarter.

Current Mortgage Rate Associated Press - 11/19/2003

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