By Mike Colpitts Mortgage interest rates bounced higher for the third week in a row as the 30-year fixed rate loan jumped to average 3.62%, according to Freddie Mac. The bounce in rates came as a result of higher yields paid to investors for U.S. Treasuries, which may signal a major shift in financial markets.… Continue reading Mortgage Rates Bounce Higher
Category: Mortgage
Only 40% Will Pay Off Mortgages
Only 40% of respondents in a new survey say they intend to pay off their home mortgages, and slightly more than a third (34%) said they do not plan on paying off their home loans at all. More than 1,000 online visitors took part in the poll, which was completed Tuesday after being asked of… Continue reading Only 40% Will Pay Off Mortgages
A Third of Mortgages Missing
By Kevin Chiu Legal paperwork determines the ownership of real estate. If those documents are not passed along to a new owner of a mortgage, investors or banks holding a loan on the property have no legal right to it. Up to a third of all mortgage “notes” or $3.7-trillion in U.S. mortgages are likely… Continue reading A Third of Mortgages Missing
Overwhelming Majority Favor Homeownership
By Mike Colpitts An overwhelming majority favor homeownership over renting despite the housing downturn, according to a new study. The results were found as part of a Fannie Mae survey that asked a variety of questions revolving homeownership and the economy. An astonishing 85% of respondants said they favor homeownership over renting based on the… Continue reading Overwhelming Majority Favor Homeownership
Mortgages Slow Despite Rate Drop
By Ryan Jackson A drop in mortgage rates did little to slow another decline in mortgage applications for the second straight week, according to the Mortgage Bankers Association. Home loan applications fell as interest borrowing rates on the 30-year fixed rate mortgage decreased to an average of 3.80% on fully executed mortgages. The drop in… Continue reading Mortgages Slow Despite Rate Drop
Pushed by Treasuries, Mortgage Rates Jump
By Mike Colpitts Pushed by higher yields paid for U.S. Treasuries, mortgage rates jumped for the fourth straight week as mixed economic news sent investors scurrying to the bond market for more secure investments. The rate on the fixed 30-year mortgage rose four basis points to average 3.66% from 3.62% a week ago. The Freddie… Continue reading Pushed by Treasuries, Mortgage Rates Jump
Mortgage Delinquencies Drop Two Straight Months
By Mike Colpitts Mortgage delinquencies fell for the second consecutive month in July and are down 11% for the last year, signaling a major improvement for the U.S. housing market, according to Lender Processing Services. Loans that are 30 days or more past due made up just 7.03% of home mortgages. The decline in late… Continue reading Mortgage Delinquencies Drop Two Straight Months
Formal Foreclosures Fall 21 Straight Months
By Mike Colpitts Formal foreclosures fell for the 21st straight month in July as repossessions on U.S. residential properties ran into additional snags. Lenders completed 53,654 foreclosures during the month, a 1% fall from June and a 21% drop from a year ago, according to RealtyTrac. Bank owned REO activity also fell on an annualized… Continue reading Formal Foreclosures Fall 21 Straight Months
U.S. Decision Adds 750,000 Foreclosures
By Kevin Chiu The decision of the Obama Administration’s chief housing czar to reject principal mortgage reductions to underwater homeowners at risk of foreclosure is another blow to the U.S. housing market, and will result in at least 750,000 additional foreclosures, according to a Housing Predictor analysis. The heated debate over forgiving mortgage principal is… Continue reading U.S. Decision Adds 750,000 Foreclosures
Mortgages Slip as Rates Jump
By Ryan Jackson As mortgage rates rose, the number of home loan applications slipped modestly last week after hitting a new 3-year high, according to the Mortgage Bankers Association. The average rate on a conforming 30-year fixed rate mortgage climbed to 3.76% on loans finalized by borrowers. The volume of applications saw a slip of… Continue reading Mortgages Slip as Rates Jump