By Kevin Chiu Mortgage rates remained near record low levels for the third week in a row as consumer concerns over the U.S. economy gave into positive news about the improving state of the economy, despite unemployment levels that have been at the highest levels in the nation’s history since the Great Depression. The 30-year… Continue reading Mortgage Rates Remain Near Record Lows
Category: Mortgage
5 Million Mortgage Modifications Completed
The volunteer private sector alliance of mortgage servicers, banks and investors Hope Now has surpassed 5 million mortgage modifications since the start of their program, according to the organization. “When Hope Now started reporting data at the end of 2007, loan modifications were barely measurable,” said Faith Schwartz, executive director of Hope Now. “Homeowners either… Continue reading 5 Million Mortgage Modifications Completed
Mortgage Delinquencies Jump First Time in 2 Years
By Kevin Chiu Indicating that long periods of high underemployment and joblessness are hurting the economy, mortgage delinquencies jumped for the first time in two years in the third quarter. The U.S. mortgage delinquency rate rose 5.88% during the period, according to Trans Union. “Until this time, we had seen six straight quarters where progressively… Continue reading Mortgage Delinquencies Jump First Time in 2 Years
Mortgage Rates Budge Higher
By Kevin Chiu Mortgage rates budged higher this week as on-going worries over the European debt crisis sent Treasury bond yields reeling, but had real little impact on interest rates. The fixed 30-year mortgage rose a slim two basis point to 4.00%, but remains near its record all-time low, according to Freddie Mac. The 15-year… Continue reading Mortgage Rates Budge Higher
Survey Reveals Banks Should Cut Mortgages
Homeowners in desperate need of help should have their mortgages cut by banks and mortgage lenders in an effort to aid the U.S. economy, and slow the rate of foreclosures. That’s the finding from a new Housing Predictor survey, which found that a large majority feel that the same banks that got the U.S. into… Continue reading Survey Reveals Banks Should Cut Mortgages
Mortgage Rates Drop Below 4%
By Mike Colpitts Mortgage rates on the benchmark 30-year fixed rate home loan slipped below 4% for the first time this year, according to Freddie Mac. The drop in rates came as Treasury bonds fell below 2% propelling the move as consumer worries over the European debt crisis impacted U.S. financial markets. The 30-year hit… Continue reading Mortgage Rates Drop Below 4%
Home Purchases for Low Mortgage Rates Jump
By Mike Colpitts Home purchase mortgage applications jumped as a result of the second lowest mortgage rates on record, but overall home loan activity barely budged last week as applications slowed by a thin margin (1.2%), according to the Mortgage Bankers Association. The jump in mortgage buying activity for home purchases, however, is a positive… Continue reading Home Purchases for Low Mortgage Rates Jump
Mortgage Rates Drop as Adjustables Hit New Lows
By Kevin Chiu Mortgage rates dropped on popular fixed rate loans and hit a new low on adjustable rate mortgages, according to Freddie Mac. The drop in rates sent the 30-year fixed rate average at or below 4% for the fourth straight week. The loan averaged 3.98%, slipping two basis points from last week, according… Continue reading Mortgage Rates Drop as Adjustables Hit New Lows
Short Sales Projected to Skyrocket
By Mike Colpitts Bank assisted short sales or the lender approved selling of homes at less than what is owed on a mortgage, are projected to skyrocket in 2012 as banks and mortgage lenders come to grips with the mess the U.S. housing market has been in for five years. Short sales are forecast to… Continue reading Short Sales Projected to Skyrocket
Mortgage Rates Dive as Applications Soar
By Mike Colpitts Mortgage applications soared as mortgage rates dropped to the lowest level on fully executed home loans in weeks, according to the Mortgage Bankers Association. It was the second straight week rates had seen a drop to drive an increase in loan applications. Bankers reported an increase of 10.3% in application volume from… Continue reading Mortgage Rates Dive as Applications Soar