By Mike Colpitts Lower Treasury bond yields and uncertainty over the world economy drove mortgage rates to another record all-time low this week as the 30-year fixed rate mortgage hit an average of 3.62%. The historic drop in rates was also experienced in the shorter term 15-year fixed loan. The drop in rates is unprecedented… Continue reading Mortgage Borrowing Rates Drop to Unprecedented Record Low
Category: Financing
Mortgages Slow on Refinance Pause
By Mike Colpitts Led by a slowdown in refinancing, mortgage applications slowed last week, despite near record low interest rates as consumers pulled back from trying to obtain cheaper loan payments. Refinancing slowed by 8.0% from the previous week, according to the Mortgage Bankers Association. The refinance share of mortgage activity also fell to 79%… Continue reading Mortgages Slow on Refinance Pause
Refinancing Hits New Record High
By Mike Colpitts Led by record low FHA mortgage rates, refinancing surged last week to a new all-time record high on government backed loans as consumers poured into lenders offices to take advantage of lower rates. The Mortgage Bankers refinance index rose just one percent from the prior week, but made up 81% of U.S.… Continue reading Refinancing Hits New Record High
Mortgage Rates Make Incredible Drop
By Mike Colpitts Despite yields being paid to investors on U.S. Treasury bonds rising, mortgage rates dropped for the eighth straight week to another historic all-time low. The rate on a fixed 30-year mortgage fell to an incredible average of 3.67%, down from last week when it averaged 3.75%, according to Freddie Mac. The 30-year… Continue reading Mortgage Rates Make Incredible Drop
Refinances Soar Three Straight Weeks
By Mike Colpitts Fueled by record low mortgage rates, refinances soared for the third straight week as consumers applied for new home mortgages to take advantage of lower mortgage payments, according to the Mortgage Bankers Association. The jump in refinancing, which rose 5.6% for the week ending May 18, is being sparked by the lowest… Continue reading Refinances Soar Three Straight Weeks
Owner Financing Grows in Popularity
By Mike Colpitts Faced with a tight mortgage market, owner financing is growing in popularity as more homeowners market their homes to benefit new owners. But misconceptions over the easy availability of homes financed by their current owners keep many wannabe buyers from making home purchases. U.S. banks offer mortgages under tightly regulated criteria to… Continue reading Owner Financing Grows in Popularity
Home Purchases Jump Two Weeks
By Mike Colpitts Led by a jump in conventional mortgage applications, home purchases rose for the second week in a row signaling a positive turn for the U.S. housing market, according to the Mortgage Bankers Association weekly index. Pushed by record all-time low mortgage rates, buyers turned out to take advantage of the historically low… Continue reading Home Purchases Jump Two Weeks
Mortgage Reductions Crucial to Economic Recovery
By Kevin Chiu Troubled by an economy with a series of problems, the U.S. needs to face reality that its financial system is so problematic that mortgage principal reductions for homeowners at risk of default are the only route to getting the nation’s economy back on track. The rate on a 30-year fixed rate mortgage… Continue reading Mortgage Reductions Crucial to Economic Recovery
Refinances Lead Mortgage Rebound
By Ryan Jackson Refinancing led a rebound in mortgage financing last week as homeowners applied for mortgages at the highest rate in at least two months, according to the Mortgage Bankers Association. Refinances jumped 13.5% from the previous week. Near record low mortgage rates got homeowners seeking refinances off the sidelines to take advantage of… Continue reading Refinances Lead Mortgage Rebound
Mortgage Slowdown Resumes Despite Low Rates
By Kevin Chiu Led by a slowdown in mortgage refinancing activity, mortgage applications slowed for the sixth time in seven weeks this past week to keep the housing market at a snails pace, according to the Mortgage Bankers Association. The disappointing news came after an increase in mortgage applications the prior week. The slowdown was… Continue reading Mortgage Slowdown Resumes Despite Low Rates