A new opinion poll shows that Americans feel home prices won’t improve enough in the next five years to pull millions of underwater homeowners out from being upside down on their home mortgages. The just complete poll found that 2 out of 3 surveyed or 66% don’t expect home prices to improve within five years… Continue reading Americans Feel Home Prices Won’t Improve
Category: Mortgage
Mortgage Delinquencies Drop
By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies… Continue reading Mortgage Delinquencies Drop
Renters Ripoff Landlords in $6 Million Mortgage Scam
By Mike Colpitts In a rare turnaround of sorts, seven people have been arrested for allegedly posing as homeowners of the homes they were renting and applying to take out nearly $6-million in home equity mortgages. The seven were arrested in Southern California by sheriff’s investigators after a major investigation, including the FBI led to… Continue reading Renters Ripoff Landlords in $6 Million Mortgage Scam
Mortgage Rates Dive to New Low
By Mike Colpitts Troubled by European debt worries and record low bond yields, mortgage rates dropped to new all-time record lows again this week hitting an average 4.09% on the fixed 30-year mortgage, according to Freddie Mac. But many homeowners applying for refinances, and home buyers obtaining mortgages for purchases obtained even lower rates. Mortgage… Continue reading Mortgage Rates Dive to New Low
Mortgage Refinances Jump
Led by a jump in home refinances, mortgage applications rose last week as refinancing grew by 2.2% from a week earlier, according to the Mortgage Bankers Association. Homeowners turned out in larger numbers to refinance their mortgages at near record low mortgage rates. However, applications for new home mortgages on purchases dropped as consumer confidence… Continue reading Mortgage Refinances Jump
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending September… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Banks Lawsuits May Help Homeowners
By Mike Colpitts Homeowners strapped with underwater mortgages or having trouble paying their loans could see some help from Uncle Sam in the way of negotiations with banks being sued by the Federal Housing Finance Agency. The 17 banks and lending institutions lawsuits announced Friday allege misrepresentation and fraud on the banks’ part selling mortgage-backed… Continue reading Banks Lawsuits May Help Homeowners
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average mortgage rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level
Jumbo Mortgage Rates to Feel Little Impact
By Mike Colpitts Loan limits on jumbo mortgages are scheduled to be slashed as a result of changes required in the Housing and Economic Act of 2008. However, the impact is expected to be limited by many lenders. The Federal Housing Administration (FHA) will reduce mortgage limits on loans in the highest metropolitan areas of… Continue reading Jumbo Mortgage Rates to Feel Little Impact