Category: 2011 Housing Market

Mortgage Rate Drops to Magic 5%

By Mike Colpitts Mortgage rates moved in the right direction for home buyers this week as rates showed a drop in all categories, breaking a month long increase in rates, according to Freddie Mac. A 30-year fixed rate mortgage declined to 5.0%, a slim 0.05 decrease from last week, which represents a magic number for… Continue reading Mortgage Rate Drops to Magic 5%

Regulator Confirms Banks Broke Laws in Robo-Signing

By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing

Advantages to Hosting Big Sports, World’s Fair Size Events

By Mike Colpitts Major sporting events and other big attractions that gain media attention like the World’s Fair and the Olympics pay-off big dividends for cities that host the venues. Big events also boost communitie’s real estate markets. European cities are competing for major entertainment and sporting events to expedite real estate development and investment… Continue reading Advantages to Hosting Big Sports, World’s Fair Size Events

Homeowners Overpaying Property Taxes

By Mike Colpitts Home values have dropped so much that the majority of U.S. homeowners are overpaying on property taxes, according to a leading consumer protection group. “We’re telling people to get an appraisal, an independent appraisal to find out what their property is really worth to see if they’re overpaying,” said Tom Martin, president… Continue reading Homeowners Overpaying Property Taxes

Mortgage Rates Scare Off Home Buyers

By Kevin Chiu Higher mortgage rates coupled with a weak economy and uncertainty over the troubled housing market scared off home buyers from taking action, according to the Mortgage Bankers Association as applications for mortgages took a major plunge. Mortgage loan volume dropped 9.5% for the week as refinances took the largest dip since July… Continue reading Mortgage Rates Scare Off Home Buyers

Fixed Mortgage Rates Hold at Record Lows

By Mike Colpitts Fixed mortgage rates remained at all-time record lows for the third straight week, while the 5-year adjustable rate loan dropped below last weeks averages, according to Freddie Mac. The 30-year fixed rate mortgage averaged 3.87% to match its all-time low. The shorter term 15-year fixed rate mortgage, which many consumers are purchasing… Continue reading Fixed Mortgage Rates Hold at Record Lows

Mortgage Insurance Premiums Increase

By Kevin Chiu Despite the housing markets problems, the federal government is raising mortgage insurance premiums on home loans. It’s all part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) reserves. The increase will cover only FHA insured mortgages, raising premiums by a quarter of a point on 30-year and 15-year mortgages. One… Continue reading Mortgage Insurance Premiums Increase