By Mike Colpitts Rates on fixed rate home loans dropped this week, falling to near record lows again for 30-year and 15-year mortgages, but budged higher on adjustable rate loans, according to Freddie Mac. The drop on fixed rate loans sends mortgage rates to near all-time record lows, hitting 3.90% just three basis points off… Continue reading Drop in Mortgage Rates Felt
Category: Housing Market
Mortgage Interest Rates Barely Budge Amid Middle East Uprisings
By Kevin Chiu Mortgage rates barely budged rising a single basis point to 4.87% on a fixed rate 30-year mortgage as uprisings in the Middle East disrupted financial markets, but did little to move rates this week, according to Freddie Mac. Concerns over Middle East uprisings, especially in Libya and growing tensions in Saudi Arabia… Continue reading Mortgage Interest Rates Barely Budge Amid Middle East Uprisings
Home Price Index Shows Six Month Drop
By Mike Colpitts Home prices dropped for six straight months in the U.S., declining by 5.7% on average in January compared to a year earlier, despite the federal governments home buyer tax credit, according to Core Logic. The real estate research firm gathers mortgage data for the lending industry. The drop represented a 1% higher… Continue reading Home Price Index Shows Six Month Drop
Mortgage Company President First Sentenced in Financial Crisis
By Mike Colpitts More than three years after the financial crisis erupted on Wall Street, a New Jersey based mortgage company president is the first person to be sentenced to federal prison in the government’s efforts targeting criminals in the financial crisis. The sentence was imposed as a result of a major conspiracy to defraud… Continue reading Mortgage Company President First Sentenced in Financial Crisis
Freddie Mac and Fannie Mae Foreclosure Preventions Double
By Kevin Chiu The number of foreclosure preventions by mortgage giants Freddie Mac and Fannie Mae doubled in 2010 over a year earlier, according to the Federal Housing Finance Agency formed to administer the failed government lenders. But remains drastically under what the White House promised to deliver. Combined preventative measures by both mortgage giants… Continue reading Freddie Mac and Fannie Mae Foreclosure Preventions Double
Home Purchases Jump as Mortgage Applications Rise
By Kevin Chiu Mortgage applications rose sharply for both refinancing and home purchases as lower rates drove more consumers back to the marketplace, according to the Mortgage Bankers Association weekly survey. Applications for home purchases had a jump to the highest level they have reached for the year. Refinances also jumped 17.2% to reach their… Continue reading Home Purchases Jump as Mortgage Applications Rise
U.S. Flooded in Underwater Homes
By Mike Colpitts More than one out of four homes in the U.S. with a mortgage is in or near negative equity as the nation is flooded in underwater homes, according to a major real estate research firm. The data indicates a declining number of homeowners with mortgages that are upside down on their homes… Continue reading U.S. Flooded in Underwater Homes
Victims of a Reverse Mortgage
Part 2 Mandatory HUD counseling required for reverse mortgages does not protect or help the borrower. The counseling is never done with the final figures of the contract, which changes absolutely everything, including the terms, disclosures, costs and fees, the amount of funds (money) to the borrower and most of all the ability to understand… Continue reading Victims of a Reverse Mortgage
Expecting Huge Penalties, Banks Want More Money Down
By Kim Olson Gone are the days when you could “put nothing down” to get a home mortgage. Lenders are pushing for bigger down payments, and want more money down, forcing borrowers to rethink just how much house they can afford. The developments come as the nation’s largest mortgage lenders, Bank of America, Wells Fargo… Continue reading Expecting Huge Penalties, Banks Want More Money Down
Baby Boomers Celebrate 65 by Moving Homes
By Mike Colpitts The first baby boomers hit 65-years-old this year, but they wont be living like their parents as they enter senior–hood in a whole new way defying the odds, and living longer moving homes more than most could have imagined. A combination of better diets, exercise and medical science is driving the expectation… Continue reading Baby Boomers Celebrate 65 by Moving Homes