Category: Mortgage

Mortgage Rates Fall to New Record

By Ryan Jackson Driven by falling U.S. Treasuries, mortgage rates fell to their lowest level in U.S. history for the third week in a row as worries over the economy trouble financial markets. The 30-year fixed rate mortgage dropped to average 3.49%, according to Freddie Mac. Rates have been on a one-way move downward since… Continue reading Mortgage Rates Fall to New Record

15 Year Mortgages Gain Broad Appeal

By Mike Colpitts Fixed 15-year mortgages, once thought to be the impossible for most homeowners to afford, are gaining ground in the current economy at never before seen levels. Homeowners refinancing homes and new home purchases are increasingly opting for the loans. The mortgages cut the number of years it takes to pay off a… Continue reading 15 Year Mortgages Gain Broad Appeal

Homeowners Bill of Rights to Become Law

By Mike Colpitts California lawmakers have passed a groundbreaking series of foreclosure relief bills that proponents hope will spur similar legislation for homeowners across the U.S. The bills are the first of their kind in the nation, and California Governor Jerry Brown says he will sign the Homeowners Bill of Rights into law. The legislation… Continue reading Homeowners Bill of Rights to Become Law

Effort to Increase Mortgage Lending Launched

By Mike Colpitts A new product designed to increase mortgage lending and aid bankers in their risk taking decisions is being launched by real estate research firm CoreLogic in conjunction with FICO. The credit scoring product evaluates traditional credit data from consumer credit files and adds a new series of dimensions to more accurately reflect… Continue reading Effort to Increase Mortgage Lending Launched

US Treasuries Send Mortgage Rates Lower

By Mike Colpitts All-time record low mortgage rates have become old news lately, but rates on conventional mortgages and most adjustable loans hit new record territory again this week as U.S. Treasuries fell. The 30-year fixed rate home loan reached an average of 3.56%, down from 3.62% just a week ago. The 15-year fixed rate… Continue reading US Treasuries Send Mortgage Rates Lower

Tight Housing Inventory Slows Recovery

By Mike Colpitts A tight inventory of homes restricted by new bank foreclosure procedures and underwater homeowners unable to sell homes slows the U.S. housing market from making a swift recovery. The limited supply of existing homes listed for sale is producing multiple offers in some cities, and sluggish sales in others. Housing inventory has… Continue reading Tight Housing Inventory Slows Recovery

Building Fever Heats Up Miami

By Mike Colpitts A year of appreciating home and condominium values has sent developers scrambling to find land to build new developments on in Miami. The booming shape of real estate reality is flying high again in this picturesque waterfront city. The American Dream is alive and well in one of America’s great vacation spots.… Continue reading Building Fever Heats Up Miami

Home Buyer Traffic Tumbles

By Mike Colpitts Home buyer foot traffic in new housing developments tumbled in May, indicating future home sales are expected to weaken, according to the latest Campbell-Inside Mortgage Finance survey. The closely watched index fell from 51.6 in April to 44.8 in May demonstrating major weakness in new home sales are expected in coming months,… Continue reading Home Buyer Traffic Tumbles

Home Prices Rise 3 Straight Months

By Mike Colpitts Home prices rose for the third straight month in May across the U.S., according to real estate analytics company CoreLogic. On a year over year basis the firm said average prices rose 2.0%, and also increased 1.8% compared to a month earlier. The firm’s Housing Price Index, which tracks 100 of the… Continue reading Home Prices Rise 3 Straight Months