By Mike Colpitts Fear over the U.S. economy and European debt woes sent mortgage rates to all-time record low levels this week as the benchmark 30-year fixed rate loan hit 3.84%. The previous record low was set in early February at 3.87%, according to Freddie Mac. Growing fears over the health of the economy sent… Continue reading US Economic Fear Sends Mortgage Rates Lower
Category: Mortgage
Mortgage Rates Ease Lower
By Mike Colpitts Uncertainty over the U.S. economy and lower rates paid to investors on U.S. Treasuries sent mortgage rates lower for the week, hitting 3.88% on a 30-year fixed rate mortgage, which is just one basis point off of its all-time record low, according to Freddie Mac. Rates have now been under 4% for… Continue reading Mortgage Rates Ease Lower
Mortgage Banker Pleads Guilty in $6.5 Million Scheme
By Ryan Jackson When the housing market collapsed hundreds of thousands of mortgage and real estate agents who made their livings in real estate suffered, losing incomes, and many have been foreclosed as a result of the collapse. But one Florida mortgage banker admits to leading a criminal conspiracy to defraud HUD out of more… Continue reading Mortgage Banker Pleads Guilty in $6.5 Million Scheme
Freddie Mac Fails at Mortgage Modifications
By Mike Colpitts One of the nation’s giant mortgage lenders, Freddie Mac provided only 4,308 mortgage modifications during the month of March in the U.S., and 13,677 for the first three months of the year, according to public figures provided by the lender. The weak volume of mortgage modifications would get the government backed lender… Continue reading Freddie Mac Fails at Mortgage Modifications
Short Sales Finally Speed Up
By Mike Colpitts The nation’s giant mortgage lenders will force banks and mortgage servicers to enforce new guidelines to speed up short sales. Freddie Mac and Fannie Mae will require lenders to respond to requests for short sales from mortgage borrowers within 60 days under a new mandate ordered by the Federal Housing Finance Agency.… Continue reading Short Sales Finally Speed Up
Kiddie Home Purchases Jump
By Mike Colpitts A tight mortgage market has triggered a jump in parents, grandparents and other relatives helping younger home buyers qualify for a home loan. Baby boomer parents have helped a son or daughter to purchase a home by co-signing for a mortgage, supplying down payments or purchasing a home outright in 20% of… Continue reading Kiddie Home Purchases Jump
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
Mortgages Slow Despite Rate Drop
By Mike Colpitts Growing doubts about the U.S. economy and weakness in the job sector slowed mortgage application activity last week, despite a drop in key mortgage rates being offered by lenders, according to the Mortgage Bankers Association. The market composite index, a combination of both refinances and home purchase applications dropped 3.8%. But the… Continue reading Mortgages Slow Despite Rate Drop
Mortgage Rates Pop Higher
By Mike Colpitts Nearly at their record lows, mortgage rates popped higher this week, up two basis points to 3.90% on a fixed 30-year mortgage, according to Freddie Mac. Rates have been hovering near their record low levels for almost two months. The shorter term 15-year fixed rate loan also popped two basis points higher… Continue reading Mortgage Rates Pop Higher
Mortgage Rates Fall Three Straight Weeks
By Mike Colpitts Shaken by troubled financial markets and weaker than expected employment growth, mortgage rates fell for the third straight week, with the 15-year fixed rate mortgage hitting a new all-time record low, according to Freddie Mac. The 30-year fixed rate mortgage averaged slightly above its record low, reaching 3.88% with an average 0.7… Continue reading Mortgage Rates Fall Three Straight Weeks