By Mike Colpitts Borrowing rates for home mortgages jumped above 4.00% for the first time since last October on 30-year fixed rate mortgages, hitting 4.08% this week, the highest they have been in six months, according to Freddie Mac. The jump in rates was driven by higher returns being paid for U.S. Treasuries to investors… Continue reading Mortgage Rates Jump to New High
Category: Mortgage
Mortgage Rates Creep Higher
By Mike Colpitts Despite the Federal Reserve’s best efforts to keep mortgage rates low, conventional home loan borrowing rates are slowly climbing. The hike in rates is developing because of higher yields being paid for U.S. Treasuries combined with improving economic news. The upward trend in rates is developing as better economic news about the… Continue reading Mortgage Rates Creep Higher
Mortgages Pull Back as Rates Rise
For the second week in a row applications for home mortgages declined, led by a drop in home refinancing. A 4.6% pull back in refinances demonstrates the softer mortgage market, which seems likely to repeat a year similar to last year of slower activity, according to the Mortgage Bankers Association survey. A hike in mortgage… Continue reading Mortgages Pull Back as Rates Rise
Underhanded Banking Tactics in Full Swing
By Ryan Jackson Unethical tactics used by banks and lender mortgage servicing companies to get homeowners to leave their homes are still being used, despite new guidelines issued to banks as a result of the $25 billion agreement between the nation’s largest five lenders and state attorney generals, according to the founder of an online… Continue reading Underhanded Banking Tactics in Full Swing
Underwater Mortgage Reductions Likely
By Mike Colpitts Federal officials are reviewing the possibility of starting mortgage principal reductions for underwater homeowners, according to the chief executive officer of Freddie Mac. The review was triggered by a U.S. Treasury Department offer that would triple payments to mortgage investors who allow the reductions through the Home Affordable Modification Program (HAMP). A… Continue reading Underwater Mortgage Reductions Likely
Mortgage Modifications Drop Off
By Mike Colpitts Mortgage modifications experienced a 20% drop off in February in the private sector as lenders picked up the pace of foreclosures following the government’s $25 billion agreement with the nation’s biggest banks. The drop off in permanent mortgage modification tabulated by Hope Now, a private non-profit organization leading the effort to gain… Continue reading Mortgage Modifications Drop Off
Mortgage Activity Climbs on Lower Rates
By Mike Colpitts Driven by a drop in mortgage rates, home loan activity rose for the first time in five weeks for the week ending March 30th, according to the Mortgage Bankers Association. The purchase index led the market higher in applications for home loans. The bankers seasonally adjusted purchase index jumped 7.2% for the… Continue reading Mortgage Activity Climbs on Lower Rates
Mortgage Rates Forecast Higher
By Ryan Jackson The improving U.S. economy is forecast to push mortgage rates higher, driving the cost of home loans much higher before the end of 2012, according to a consensus of economists. The analysis was part of the Urban Land Institute’s survey released for 2012 through 2014. Economists expect inflation as measured by the… Continue reading Mortgage Rates Forecast Higher
Mortgage Rates Jump on Higher Treasuries
By Mike Colpitts Higher bond yields paid on U.S. Treasuries pushed mortgage rates higher for the week along with reports on increased hiring by employers. The fixed 30-year mortgage saw a jump to 3.92%, a four basis point nudge up over last week, according to Freddie Mac. Rates on shorter term fixed mortgages and adjustable… Continue reading Mortgage Rates Jump on Higher Treasuries
Mortgage Executives to Plead Not Guilty
By Mike Colpitts Three top executives formerly with the second largest U.S. mortgage company charged by the SEC with hiding their company’s deteriorating financial condition from investors as the firm was failing will plead not guilty to federal charges, according to an attorney for one of the accused executives. The SEC charged Thornburg Mortgage Inc.… Continue reading Mortgage Executives to Plead Not Guilty