By Mike Colpitts Bolstered by a jump in home refinances, home mortgage applications surged higher last week on to nearly a record breaking pace. The Mortgage Bankers Association Refinance Index increased 9.4% from the prior week. The average contracted mortgage rate on a fixed 30-year loan dropped to 4.05%, the lowest in the history of… Continue reading Refinances Surge on Record Low Mortgage Rates
Category: Mortgage
Pressures Heighten on Underwater Principal Reductions
By Mike Colpitts The U.S. secretary of housing is stepping up pressure on the nation’s giant mortgage lenders to provide principal reductions on Freddie Mac and Fannie Mae mortgages in a move supported by the Obama administration. The effort would supply a much needed fix to the housing market. HUD Secretary Shaun Donovan made the… Continue reading Pressures Heighten on Underwater Principal Reductions
Feds Reach Mortgage Deal with 49 States
By Mike Colpitts The U.S. government and 49 states attorneys general have reached a landmark $25-billion agreement over the robo-signing scandal with the country’s largest five banks. The unprecedented deal closes a chapter in the nation’s foreclosure crisis, which has cost millions of homeowners their homes. The agreement offers financial relief to some homeowners caught… Continue reading Feds Reach Mortgage Deal with 49 States
Record Low Mortgage Rates Hit
By Mike Colpitts Despite a tight lending market, mortgage rates hit an all time record low reaching an average of 3.87% on the 30-year fixed rate loan, according to Freddie Mac. The rate broke the record average of just 3.88% struck two weeks ago. Rates fell as a result of sluggish consumer demand for home… Continue reading Record Low Mortgage Rates Hit
Banks Mortgage Settlement Hangs in Jeopardy
By Kevin Chiu A proposed settlement between big money mortgage giants and U.S. states hangs in jeopardy after Delaware rejected the settlement as an unfair deal for homeowners. State Attorney General Beau Biden broke with fellow AGs rejecting the settlement. The proposed settlement between the attorney generals would dedicate $17-billion from lenders to go towards… Continue reading Banks Mortgage Settlement Hangs in Jeopardy
Mortgage Rates Jump on Fewer Applications
By Mike Colpitts Banks and mortgage companies raised mortgage rates on new borrowers this week as the demand for new home loans and refinancing sunk, according to Freddie Mac. The rate on the benchmark 30-year fixed rate mortgage saw a jump to 3.98%, a tenth of one-percent higher than last week. The rate was at… Continue reading Mortgage Rates Jump on Fewer Applications
Mortgages Get More Expensive
By Mike Colpitts Congressional budget tightening has resulted in the loss of the homeowners’ mortgage insurance federal tax write-off. The loss means that homeowners holding millions of mortgages will lose the ability to take hundreds of dollars a year off their income taxes. The write-off is a crucial loss for teetering homeowners struggling to pay… Continue reading Mortgages Get More Expensive
Feds Launch Mortgage Task Force Investigation
By Mike Colpitts More than three years after announcing he would launch a federal task force to investigate the mortgage crisis, President Barack Obama has finally launched a federal probe into the U.S. largest financial institutions. New York Attorney General Eric Schneiderman, who pulled his state out of the 50 state robo-signing investigation, sent subpoenas… Continue reading Feds Launch Mortgage Task Force Investigation
Underwater Refinances Show Jump
By Mike Colpitts The Obama administration’s long criticized Home Affordable Mortgage Program (HAMP) showed a major improvement last week, pushing refinances for underwater homeowners higher, according to the Mortgage Bankers Association. “Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded… Continue reading Underwater Refinances Show Jump
FHA Cracks Down on Mortgage Lenders
By Kevin Chiu The Federal Housing Administration (FHA) will toughen its standards to approve mortgage lenders doing business with the government, and force more banks and mortgage companies to buy back defaulted mortgages in a major move to crack down on mortgage lenders. The federal government’s changes are part of an effort to improve mortgage… Continue reading FHA Cracks Down on Mortgage Lenders