Category: Mortgage

Mortgage Rates Drop Under 4.00%

By Mike Colpitts The 30-year fixed rate mortgage dropped to 3.99% or just below the 4.00% barrier this week, according to Freddie Mac. The dip in average mortgage rates from 4.08% last week came on mixed economic news, with reports on consumer confidence over the U.S. economy and the housing market showing weaker results. The… Continue reading Mortgage Rates Drop Under 4.00%

Larger Number of Homeowners Will Walk from Mortgages

Five years into the housing downturn, a larger number of homeowners with mortgages say they will walk away from their homes if their property values continue to drop, according to a new Housing Predictor opinion poll. Almost half or 47% said they would walk away from their mortgages, while almost an equal number or 53%… Continue reading Larger Number of Homeowners Will Walk from Mortgages

February Warmth Chills Home Sales

By Mike Colpitts Sales of existing homes fell in February, slightly less than 1% from the previous month, despite unseasonably warmer weather in most of the U.S. but maintained a stronger pace of sales over a year ago, according to the National Association of Realtors. Home sales tabulated by the organization, include single family homes,… Continue reading February Warmth Chills Home Sales

Banks Should Slash Mortgage Principal

Banks and mortgage lenders should slash the balance on mortgages owed by all homeowners in light of the housing crisis blamed heavily on U.S. bankers, according to a new Housing Predictor opinion poll. The just released survey found that 69% of respondents to the online poll said lenders should reduce mortgage principal for all home… Continue reading Banks Should Slash Mortgage Principal

Refinances Dive, Despite Low Mortgage Rates

Home refinances took their sharpest dive since last July as homeowners hoping to refinance current mortgages dried-up, despite near record low mortgage rates, according to the Mortgage Bankers Association. The drop-off in mortgage applications for refinancing decreased 9.3% from the previous week, indicating that an Obama administration program offered through Freddie Mac and Fannie Mae… Continue reading Refinances Dive, Despite Low Mortgage Rates

Petition to Halt Strategic Defaults Launches

By Ryan Jackson A Florida loan officer angered by bank representatives telling homeowners to default on their underwater mortgages in efforts to be granted bank assisted short sales has started a petition drive to halt the massive movement. Pam Marron, a loan officer in Tampa, Florida for 27 years has posted the petition online at… Continue reading Petition to Halt Strategic Defaults Launches

Cash Home Sales Climb to More Than One-Third

By Mike Colpitts All cash home purchases climbed to make up more than one in three sales in the final quarter of the year, according to the Campbell Inside Mortgage Finance Housing Pulse survey. At the same time, foreclosures declined slightly. The Campbell survey polls more than 2,500 active real estate agents monthly. Homeowners looking… Continue reading Cash Home Sales Climb to More Than One-Third

Mortgage Bankers Urge Single Bond Sales

By Mike Colpitts The president of the nation’s largest mortgage trade group is urging a change in the bonds that are sold to secure home mortgages. David Stevens outlined a new system to inject private capital into the nation’s mortgage market at the Mortgage Bankers Association conference in  New York  Monday, suggesting that the bonds… Continue reading Mortgage Bankers Urge Single Bond Sales

Home Mortgage Demand Rises on Lower Rates

By Mike Colpitts Demand for home mortgage purchase applications rose for the first time in more than a month, according to the Mortgage Bankers Association survey. The application for home purchase loan applications rose 4.4% for the week on near record low mortgage rates ending March 9. However, the refinancing share of applications for home… Continue reading Home Mortgage Demand Rises on Lower Rates