By Kevin Chiu Troubled by high long term unemployment worries, financial markets set the stage for another drop in mortgage rates this week, sending rates to a new historic record low. The average 30-year fixed rate home mortgage dropped to 3.89%, down from 3.91% last week, according to Freddie Mac. Mortgage interest rates are at… Continue reading Mortgage Rates Set New Record Low
Category: Mortgage
Refinancing Underwater Mortgage Program Proposed
By Mike Colpitts Following weeks of rumors and speculation, President Barack Obama said he would be sending Congress a proposal to provide refinancing for underwater homeowners that will save borrowers up to $3,000 a year during his State of the Union Speech last night. The announcement could not have come with better timing. Mortgage applications… Continue reading Refinancing Underwater Mortgage Program Proposed
Mortgage Rates Tick Lower
By Kevin Chiu Mortgage rates, already at their lowest levels on record, ticked a single basis point lower on the fixed rate 30-year mortgage, according to Freddie Mac. The weekly survey showed that the heavily watched mortgage average edged slightly lower to 3.88% to a new all-time record low. However, the shorter 15-year fixed rate… Continue reading Mortgage Rates Tick Lower
Dirty Money Trail From Wall Street to Main Street
By Mike Colpitts The dirty money trail left in the wake of the financial crisis leads from Wall Street to Washington, D.C. all the way to Main Street. No other single factor has had as much of an impact on the collapse of the U.S. housing market as members of Congress lining their pockets with… Continue reading Dirty Money Trail From Wall Street to Main Street
Mortgage Rates to Stay Near Record Lows
By Mike Colpitts Mortgage rates, hovering at record lows for nearly three weeks, should remain close to their all-time low levels for most of at least 2012. That’s the evaluation of Housing Predictor analysts after reviewing rate levels and the challenges the U.S. economy is facing. In an effort to keep mortgage rates low and… Continue reading Mortgage Rates to Stay Near Record Lows
Refinances Leap to New High on Low Mortgage Rates
By Kevin Chiu Refinancing mortgages leaped to a new high as homeowners came out in force to obtain lower mortgage rates prompted by the recently introduced Obama administration refinance program, according to the Mortgage Bankers Association. The jump in loan applications came as borrowing costs hit record low rates. Refinances saw a leap of 26.4%… Continue reading Refinances Leap to New High on Low Mortgage Rates
Record Low Mortgage Rates Push Pick Up
By Mike Colpitts Driven by an increase in home purchases, mortgage applications picked up for the week as buyers took advantage of record low mortgage rates, according to the Mortgage Bankers Association. The sharp increase in home sales accounted for an 8.1% rise in mortgage applications after the holiday week placed by home buyers for… Continue reading Record Low Mortgage Rates Push Pick Up
Mortgage Rates Equal Record Lows
By Mike Colpitts Mortgage rates are celebrating the New Year at their all-time record lows. The 30-year fixed rate averaged 3.91% to match its record low as Treasury bond yields remain near their lows with growing signs of improvement in U.S. manufacturing. It’s the fifth straight week that average rates have remained under 4.00% on… Continue reading Mortgage Rates Equal Record Lows
Lawmakers Expand Role of Freddie Mac and Fannie Mae
By Mike Colpitts Instead of reducing their role in the U.S. mortgage market as lawmakers assured voters, Congress has increased the government’s part in the home mortgage market, and is expected to keep a major portion of Freddie Mac and Fannie Mae under government control for at least a decade. Under the agreement to extend… Continue reading Lawmakers Expand Role of Freddie Mac and Fannie Mae
Riskiest Real Estate Bet in 2012
By Kevin Chiu Vacation destination housing markets like Honolulu, posh Hilton Head, South Carolina or beautiful Miami Beach have challenges of their own, and they may be the real estate industry’s riskiest bet in 2012. Each hold traditional housing markets with year-round residents, but the condominium and vacation homes that are sought by vacationers and… Continue reading Riskiest Real Estate Bet in 2012