By Mike Colpitts Mortgage rates, already at their record all-time lows jumped slightly higher in time for New Year’s this week as lenders became weary about growing problems in international financial markets, according to Freddie Mac. The rate of a 30-year fixed rate loan rose to 3.95% from a record low 3.91% last week. The… Continue reading Mortgage Rates Jump for New Year’s
Category: Mortgage
Bankers Expect Growing Mortgage Delinquencies
By Mike Colpitts Bankers expect delinquencies on mortgages and most consumer loans to rise as the housing market remains troubled, according to a survey conducted for FICO. Nearly half of the bankers polled by the Professional Risk Managers International Association or 47% said they expect mortgage delinquencies to increase, while only 13% expect defaults to… Continue reading Bankers Expect Growing Mortgage Delinquencies
Home Sales Over Reported By National Association of Realtors
By Mike Colpitts Home sales were over reported by more than 14% for a four year period by the National Association of Realtors, the organization admitted today. The alarming drop in the association’s existing sale figures came as no surprise to many local members, who had said the national association was over reporting sales for… Continue reading Home Sales Over Reported By National Association of Realtors
Divided Over Forcing Banks to Increase Mortgages
Americans are divided over whether the Obama administration should issue an executive order forcing banks to make more home mortgages and loans to business to help the U.S. economy recover from the worst hit since the Great Depression, according to a new Housing Predictor poll. The online survey was taken over the last month, and… Continue reading Divided Over Forcing Banks to Increase Mortgages
Refinances Soar to Make Up 4 Out of 5 Mortgages
By Mike Colpitts Mortgage refinances soared to make up four out of five mortgages consumers applied for during the week, as homeowners flocked to obtain new mortgages. The jump in refinancing came as a result of new measures instituted by the Obama administration dropping limits on the loan-to-value of refinances. More than 1-million underwater homeowners… Continue reading Refinances Soar to Make Up 4 Out of 5 Mortgages
Mortgage Rates Hit New Lows
By Mike Colpitts Lower rates paid for U.S. Treasury bonds sent mortgage rates to their lowest levels in more than two months, driving the fixed 30-year mortgage to reach its lowest level in history since early October, and the 15-year fixed loan to another record low, according to Freddie Mac. The 30-year loan averaged 3.94%… Continue reading Mortgage Rates Hit New Lows
Mortgages Jump Despite Year End Fall Off
Bolstered by a jump in refinances and record low mortgage rates as a result of the Obama administration’s new refinancing program for homeowners, mortgage applications rose 39% in 2011, despite a fall-off in applications during the last two weeks. Applications for new home mortgages combined with refinances dropped 3.7% for the last two weeks of… Continue reading Mortgages Jump Despite Year End Fall Off
How to Avoid Being Ripped Off by Mortgage Companies
By Kevin Chiu A new mortgage website is offering homeowners and first time home buyers the opportunity to ask questions and “get truthful, unbiased and easy to understand” answers to avoid being ripped off by mortgage companies. The concept is the brain-child of Yale Roth, a former school teacher who has been making loans for… Continue reading How to Avoid Being Ripped Off by Mortgage Companies
Mortgage Rates Set New Record Low
By Mike Colpitts Mortgage rates set a new record low hitting an average of 3.91% on a fixed 30-year loan, according to Freddie Mac. Rates on the shorter term 15-year fixed mortgage remained at the same record level as last week. Rates on the benchmark 30-year mortgage have been at or below 4.00% for eight… Continue reading Mortgage Rates Set New Record Low
Mortgages Drop As Homeowners Await New Refinancing Program
By Kevin Chiu Mortgage applications dropped for the third straight week as homeowners waited for the new Obama administration refinancing program to go into effect, according to the Mortgage Bankers Association. Applications slowed by nearly 12% from one week earlier. The drop-off in activity was also led by a slowdown caused by the Thanksgiving Holiday,… Continue reading Mortgages Drop As Homeowners Await New Refinancing Program