By Mike Colpitts Nearly one out of three homeowners with a mortgage are underwater or owe more on their homes than they are presently worth, according to new research by Zillow economists. The figure represents almost 16 million U.S. mortgage holders struggling to pay home loans. However, foreclosure is not imminent for most underwater homeowners,… Continue reading One-Third of US Homeowners Underwater
Category: Mortgage
Mortgage Rates Fall Four Straight Weeks
By Ryan Jackson Key mortgage rates fell for the fourth straight week as consumer interest to take out mortgages slowed because of the holiday weekend. The average rate on a fully executed 30-year fixed rate mortgage dropped to 3.91%, the lowest in the history of the Mortgage Bankers survey. Economists attribute the drop in rates… Continue reading Mortgage Rates Fall Four Straight Weeks
Healing Real Estate Market Behind the Numbers
By Ryan Jackson The bread and butter of the housing market, single family home sales rose just 3% in April to 4.09 million units, according to the National Association of Realtors. Although the increase represents an improvement for the U.S. housing market, it shows a healing upturn in the pace of sales going into the… Continue reading Healing Real Estate Market Behind the Numbers
Owner Financing Grows in Popularity
By Mike Colpitts Faced with a tight mortgage market, owner financing is growing in popularity as more homeowners market their homes to benefit new owners. But misconceptions over the easy availability of homes financed by their current owners keep many wannabe buyers from making home purchases. U.S. banks offer mortgages under tightly regulated criteria to… Continue reading Owner Financing Grows in Popularity
History Breaking Mortgage Rates Dip
By Mike Colpitts The history breaking spree runs on for U.S. mortgage rates as the 30-year fixed rate loan experienced a slight dip, dropping a single basis point from last week to 3.78%, according to Freddie Mac. The rate on the 15-year fixed mortgage held steady at 3.04%. The 5-year adjustable rate mortgage averaged 2.83%,… Continue reading History Breaking Mortgage Rates Dip
Mortgage Reductions Crucial to Economic Recovery
By Kevin Chiu Troubled by an economy with a series of problems, the U.S. needs to face reality that its financial system is so problematic that mortgage principal reductions for homeowners at risk of default are the only route to getting the nation’s economy back on track. The rate on a 30-year fixed rate mortgage… Continue reading Mortgage Reductions Crucial to Economic Recovery
Home Buying Picks Up
By Mike Colpitts Ushered in by near record low mortgage rates, evidence of a pick up in home buying is beginning to develop as the annual spring home buying season turns into high gear, with an increase in home purchase applications for mortgages, according to the Mortgage Bankers Association. The announcement is good news for… Continue reading Home Buying Picks Up
Credit Scores May Open Door on Mortgages
By Mike Colpitts In the first sign that mortgage lenders may be loosening their grasp lending to home loan borrowers, approved loan credit scores are declining. Applicants for home mortgages approved during the month of April averaged 745 on their FICO scores, a five point decline from two months earlier, according to Ellie Mae. The… Continue reading Credit Scores May Open Door on Mortgages
U.S. Treasury Bonds Extend Record Low Mortgage Rates
By Mike Colpitts Treasury bonds recovered slightly Monday after reaching all-time record lows, sending mortgage rates to record low levels. The recovery, however, does little to boost sentiment over the U.S. economy, which could be damaged from contagion in Europe. Worries over the Greek debt crisis and economic turmoil other places in the Euro-zone trouble… Continue reading U.S. Treasury Bonds Extend Record Low Mortgage Rates
Lenders Should be Forced to Cut Mortgages, Poll Shows
For the second time, respondents to a Housing Predictor poll say that banks and other mortgage lenders should be forced to reduce mortgage principal and cut loan payments for underwater homeowners. Respondents to the online poll were in favor of principal reductions by a resounding 60% of those polled. The remaining 40% said bankers should… Continue reading Lenders Should be Forced to Cut Mortgages, Poll Shows