Personal Finance Bulletin

Weekend Mortgage News: PNC Bank Home Purchase and Refinance Deals Among Industry Best

Carolyn Vaughn — Sat, 07 Jan 2012 12:45:40 +0000

PNC Bank (NYSE:PNC) is a name that has become synonymous with incredible low interest rates on home purchase and refinance mortgages, with this week serving as no exception to the rule to say the least. Each and every day up to and including this Saturday has brought along a range of incredible deals, which in some cases continue to hover around all-time record lows.

For those looking in new and used home purchase options being offered by PNC Bank today, the standard 30 year fixed rate loan can be taken out for 3.750% and APR of 3.887%, while the alternate of the 15 year fixed rate loan is being advertised for 2.750% and APR of 3.039%.

Shorter 10 year home purchase loans are being offered for 2.750% and APR amounting to 2.801%, while the equally attractive 20 year fixed rate loan is now at 3.750% and APR of 3.855%.

Refinance deals are of course following suit and bringing truly exceptional value for money across the board, with the likes of the 30 year package being offered for a fixed rate of 4.375% and APR of 4.388%, while the 15 year deal on the other hand remains competitive at 3.500% and APR of 3.608%.

Despite the incredible run of low mortgage rates, overall US mortgage application volumes appear to once again be heading down with little sign of any imminent recovery.

Early Weekend Mortgage Rate Update: Chase Bank Bringing Astonishing Value after Solid Week

Kumi Amano — Sat, 07 Jan 2012 12:43:50 +0000

Chase Bank (NYSE:JPM) has been offering comprehensively attractive mortgage rates all week long, covering both home purchase and refinance arms of the business. The weekend is once again looking to being about much of the same, with some examples today once again knocking on the doors of all-time record lows:

First looking at the most popular home purchase packages available from Chase, the standard 30 year fixed rate deal can today be taken out for 4.000% and carries an APR of 4.073%, while the shorter 15 year loan can be locked in for 3.250% and APR of 3.395%.

7/1 ARM deals for home purchase are now being advertised as starting at 3.125% and bringing an APR of 3.341% variable, while the 5/1 ARM on the other hand is excellent value at 2.750% to begin and APR of 3.239% variable.

Turning attention now to refinance offers from Chase, the standard 30 year fixed rate package is a veritable steal at 4.250% and APR of 4.324%, while the shorter 15 year deal can be locked in at 3.375% and APR of 3.538%.

Adjustable rate refinance packages of interest today include the always popular 7/1 ARM with an opening rate of 2.875% and APR of 3.236% variable, while those seeking the 5/1 ARM will today find it starting at 2.500% with an APR of 3.163% variable.

Google TV to Feature as CES 2012

Eddie Jones — Sat, 07 Jan 2012 12:41:36 +0000

Google’s rather elusive TV plans were given a much needed shot in the arm this week, as the technology giant confirmed that Google TV compatible internet TVs are to be offered.
What’s more, partners of Google will also be showcasing the new technology with Google TV sets at this year’s Consumer Electronics Show (CES) taking place next week.
Logitech had initially been chosen as partner in the venture, with plans to launch Google set-top boxes across the US. However, customers were less than impressed by what appeared to be on offer and spurred the exit of Logitech from the project, though not before losing $100 million.
The vast majority of major names in the business are beginning to offer TVs will full internet connectivity, which allows users to browse the net with their remote controllers in their living rooms. However, connected TVs which also feature the Google TV system are not just limited to surfing and online video watching, but also offer the use of games and other Android Apps.
Following the launch of an updated version of Google TV in 2011, it was announced that new partners were being hunted for a second stab at the lucrative TV market.
Google has also stated that since the introduction of the update, activations of Google TV devices have increased by almost more than double.

iPhone 4S Users Consuming Unprecedented Data Levels – Catch 22 Faced by Networks

Eddie Jones — Sat, 07 Jan 2012 12:35:44 +0000

Owners of Apple’s latest iPhone 4S are gobbling up on average at least double the data of conventional iPhone 4 owners, with Siri being held accountable for the increase.
An enormous boom in data consumption has been noted since the introduction of the Siri voice assistant feature, according to the latest results of a nationwide telecom survey. The results show a jump of 200% in the use of data between iPhone 4 and 4S users, along with a 300% rise compared to iPhone 3G users.
The study also showed that owners of the iPhone 4 use around 1.5 times more data than 3G owners, while those with an iPad 2 use around 2.5 time the data as that consumed by 3G users.
Needless to say, the Smartphone market as a whole appears to be getting hungrier for data by the day.
This was of course made abundantly clear by some of the bigger carriers the likes of T-Mobile, Verizon Wireless and AT&T – all whom shelved unlimited data plans in 2011 and brought in tiered pricing structures. Limits were put in place so as to limit 3G broadband usage while 4G networks were rolled out, though Apple appears to have put serious strain on the moves with the introduction of the 4S and Siri.
As it now stands, carriers have something of a catch 22 situation to deal with, as they are of course offering services at a premium to users, though on the other hand are being required to invest extensive capital in the building and maintenance of high quality networks to bear the load.

Ultrabooks Set to Steal the Show ay CES 2012 – A Golden Opportunity for Intel?

Wallace Manfrin — Sat, 07 Jan 2012 12:31:32 +0000

With a new generation of Ultrabook computers set to steal the show as the upcoming Consumer Electronics Show (CES), industry experts are pegging both the event and the hardware as key opportunities for IT retailers and manufacturers the likes of Intel.
With the backing of Intel, all current leaders in PC technology are looking to showcase their own Ultrabooks or future plans to the world – which are essentially a new standard in state-of-the-art, super-thin and lightweight laptops.
The arrival of Ultrabooks has already been predicted as likely to deliver a sizeable blow to demand for contemporary netbooks and with new touchscreen technology could even go so far as damaging tablet PC sales.
The largest impact of all however is likely to be in relation to business IT.
According to key industry analyst Charles King, “The Ultrabook is really about creating a new baseline for mobile computing for consumers and businesses alike. Since Ultrabooks are mostly Windows-based machines, they should actually be easier for enterprises to incorporate into existing IT management and security schemas than Apple products.”
Exactly what defines an Ultrabook is still a matter of some debate, though criteria the likes of thickness under 0.8 inches, weight of less than 3.1 pound and extensive battery life of up to eight hours seem be of standard expectation. What’s more, super-fast boot times are also expected as is current the standard with high-end tablet PCs.

US Mortgage Applications Down Once Again – Rapid Market Rebound Increasingly Unlikely

Eddie Jones — Fri, 06 Jan 2012 11:36:28 +0000

The number of applications made for mortgages across the US once again dropped during the week ending December 30^th by over 4%, resulting from a 2.5% slide in the number of refinance requests and a 9.6% fall in home purchase applications – according to the official findings of the Mortgage Bankers Association.

The disappointing news comes despite the fact that average mortgage rates across the US have once again fallen to the same record-low regions as those set back in October, with 30 year fixed rate loans bottoming out at 4.07% – a huge decrease from the 4.82% of the same time in 2010.

Record lows have spurred an unsurpassed surge in the number of overall applications being made for refinances, with the index as a whole having increased by over 60% in 2011.

Unfortunately the year as a whole saw home purchase loan demand fall considerably, with factors the likes of unemployment concerns and the inability to meet heavy deposit requirements all having their own effects.

As of now the MBA has stated that any chance of a fast recovery for the market in general is unlikely at best to say the very least.

According to Michael Fratantoni of MBA, “As part of legislation to extend the payroll tax holiday, guarantee fees for loans purchased by the GSEs and mortgage insurance premiums for FHA loans will eventually increase. Given the announced implementation of this change, we do not expect to see an impact on mortgage rates and application activity until at least February.”

Eurozone Concerns Continue Run of Rock-Bottom Mortgage Rates

Eddie Jones — Fri, 06 Jan 2012 11:35:03 +0000

Rock-bottom mortgage rates continue to be offered across the US today, as optimism following an early stock market rally in Europe quickly descended into huge investor concerns once again. As banks across Europe look set for new capital requirements in 2012, turbulence and apprehension in European markets kept interest rates almost entirely unchanged.

Needless to say, the rate of today are likely to provoke considerable interest from home buyers and refinancer alike, with the likes of the 30 year fixed rate purchase mortgage now at 3.500% , while the 15 year fixed rate mortgage on the other hand now rests at 2.875% as a national average. Popular 5/1 ARM terms on the other hand are now beginning at the 2.250% mark, which like the fixed rate alternatives require excellent credit ratings to take advantage of the best deals.

In the case of popular FHA mortgage packages, the national average for 30 year fixed rate loans now stands at 3.250%, while the FHA 15 year fixed rate loan can be taken out for 2.750%. FHA 5/1 ARM loans are being offered at an average of 2.750% to begin. The FHA recently increased the maximum loan allowance to $729,750 so as to help more homebuyers in areas of high land and property values across America.

National averages on 30 year fixed rate Jumbo loans are today at the 4.125% mark, while 15 year Jumbo terms can be taken out for 3.375%. Again, excellent credit is a deciding factor in obtaining these rock-bottom rates.

Samsung Galaxy S2 Unofficial Android 4.0 ICS Update Available

Eddie Jones — Fri, 06 Jan 2012 11:33:29 +0000

Samsung have long been keen to inform us all that the incredible Samsung Galaxy S2 is quite simply the most super Android handset to have been released to date, which now appears to be up for a further refit with the invasion of Android 4.0 Ice Cream Sandwich – albeit an unofficial refit.

According to multiple reports from all over the place, articles have made their way onto the web showing the more technically-minded S2 users how to manually upgrade their OS to Android 4.0 ICS, by using popular third-party software Odin.

Of course, the ‘technically-minded’ element here must be stressed as those without the required geek-gene might find the process a little too difficult – but then again the manual upgrade inherently has the potential to damage the S2 in any case, so proceed with caution.

Of course, it didn’t take long for those taking the update process into their own hands to begin picking fault and spending time on their proverbial soapbox – primarily concerned with less-than-pure Android experience the Samsung TouchWiz interface delivers. There appears to be deep concern that the using the interface on top of the most incredible Android product to date is simply sacrilegious, leading to the question as to how exactly Samsung will address this when the official update comes along.

In the meantime however, S2 owners are bound to continue playing Smartphone God and voicing their own concerns, with many a “TouchWiz Sucks!” and “Please don’t kill ICS!” already appearing on social media sites across the board.

Apple Announcement Coming this Month – iPad 3, iPhone 5 and Apple TV Ruled Out

Eddie Jones — Fri, 06 Jan 2012 11:31:18 +0000

Reports have emerged from deep within the industry suggesting that Apple is to break silence and make an official announcement before the end of the month, though sadly the subject is not to be that of the iPhone 5, the iPad 3 or even the Apple TV. Of course, no word directly for Apple yet in typical style, but those in the known have confirmed that ‘something’ will be announced by the Cupertino giant later this month.

According to the reports, it seems likely that the announcement or event will be centered around advertising and publishing – perhaps in relation to their tablet device ecosystem as a whole.

There is of course also the possibility that the announcement will be more of something of a bragging session for Apple, wherein there will release their successes across all applicable fields in 2011.

In either case, sadly the iPhone 5 and iPad 3 have been counted out of the running as impossibilities, though you’ll forgive us for continuing to keep our fingers crossed.

Apple is gearing up for what may be the most competitive year ever faced, with an array of next-generation Google Android devices just waiting to crawl out of the woodwork and pack quite the punch indeed. Samsung for one has been pegged as a potentially huge rival with the creation of the fabled Google Nexus Tablet, while Android 4.0 Ice Cream Sandwich is soon to be adopted by a plethora of developers looking to make 2012 their own.

Lovechild of Amazon and Android Steals 2 Million Sales from Apple iPad

Eddie Jones — Fri, 06 Jan 2012 11:29:36 +0000

Nobody ever doubted that adding Amazon and Android together would bring about great things, but managing to steal up to 2 million iPad customers from Apple is a feat nobody saw coming.

So, does this mean that consumers are indeed won over by cheap prices? Or is it Android that has once and for all taken the lead over iOS in the eye of the buyer?

In either case, key analysts have suggested that not only did Amazon mange to pilfer 1 to 2 million sales from Apple over the holiday period, but that shipment estimates have also been decreased to 13 million from the previous 16 million.

Of course, the primary reason for such massive interest in the Kindle Fire from Amazon is said to be its price tag of just $199 contract-free – a mighty $300 lower than the cheapest iPad 2. True, the iPad 2 offers a larger screen which is often seen as an advantage, but to others the portability of the 7-inch Kindle Fire also holds the most merit by far.

All in all, many buyers have suggested that Amazon have smashed ‘get what you pay for’ boundaries with the Kindle Fire, producing a premium tablet for a ridiculously affordable price. Needless to say, this is fully backed up by its sublime and custom-built ecosystem with its own app-store.

Of course, rumor has it that the iPad 3 from Apple is due to launch imminently and may once again revolutionize the world of the tablet PC once and for all, though Google’s Android still maintains the official lead over the market with 2012 launches the likes of the Nexus Tablet expected to bolster this lead further.