By Mike Colpitts Mortgage rates dropped to the lowest rate in U.S. recorded history this week on the heels of the Federal Reserve announcement that the Fed will buy additional mortgage-backed securities. The massive drop in rates rocketed the average 30-year fixed rate mortgage to 4.01%, and the shorter term fixed rate loan to another… Continue reading Mortgage Rates Massive Record Drop
Category: Banks
Mortgage Originations Surge on Record Low Rates
By Mike Colpitts Driven by the lowest interest rates in U.S. history, mortgage originations soared for the third straight week as loan buyers moved to take advantage of lower mortgage rates. Loan applications jumped 9.3% last week, according to the Mortgage Bankers Association. Refinances saw the largest surge in mortgage applications, rising 11.2% for the… Continue reading Mortgage Originations Surge on Record Low Rates
Likely Failure in Robo-Signing Talks
By Mike Colpitts Talks between State Attorney Generals in Washington, D.C. and representatives of the Obama administration have yet to provide a settlement for the robo-signing scandal, and many of President Barack Obama’s critics expect that any agreement with bankers will be a sellout of mammoth proportions. Negotiations between the U.S. Justice Department and the… Continue reading Likely Failure in Robo-Signing Talks
Mortgage Applications Climb As Rates Tick Up
By Kevin Chiu Applications for home mortgages climbed last week as interest rates moved slightly higher on finalized contracts, according to the Mortgage Bankers Association. Refinances grew a modest 1.3%, while purchase money applications also rose a smaller 1.1% across the U.S. The increase was driven by government loan applications, especially for FHA mortgages that… Continue reading Mortgage Applications Climb As Rates Tick Up
Bank Regulators to Review 4.5 Million Mortgages
By Mike Colpitts U.S. banking regulators will review as many as 4.5 million mortgages to determine the gravity of foreclosure fraud at 14 bank servicing companies. The investigation will determine how many homeowners were damaged in the robo-signing scandal, according to Acting Comptroller of the Currency John Walsh. Walsh made the announcement during a speech… Continue reading Bank Regulators to Review 4.5 Million Mortgages
Record Low Mortgage Rates Trigger Investors Jump in Real Estate
By Mike Colpitts Real estate investors are ditching other investment assets to buy homes and properties in rising numbers. Record low all-time mortgage rates combined with the lowest housing affordability rate in more than 20 years make it time to buy real estate for many investors. But if you’re counting on getting a loan to… Continue reading Record Low Mortgage Rates Trigger Investors Jump in Real Estate
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates
Legal Housing Thievery Starts Now
By Kevin Chiu Private equity funds, hedge funds and giant banks like Goldman Sachs, JP Morgan Chase, AIG and investment firm Blackstone may soon be buying up foreclosures for pennies on the dollar if a proposal is approved by the government. It would be a major case of legal housing thievery for all Americans to… Continue reading Legal Housing Thievery Starts Now
Mortgage Refinances Jump
Led by a jump in home refinances, mortgage applications rose last week as refinancing grew by 2.2% from a week earlier, according to the Mortgage Bankers Association. Homeowners turned out in larger numbers to refinance their mortgages at near record low mortgage rates. However, applications for new home mortgages on purchases dropped as consumer confidence… Continue reading Mortgage Refinances Jump
Banks Lawsuits May Help Homeowners
By Mike Colpitts Homeowners strapped with underwater mortgages or having trouble paying their loans could see some help from Uncle Sam in the way of negotiations with banks being sued by the Federal Housing Finance Agency. The 17 banks and lending institutions lawsuits announced Friday allege misrepresentation and fraud on the banks’ part selling mortgage-backed… Continue reading Banks Lawsuits May Help Homeowners