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
Category: Mortgage
Banks Should Be Forced to Modify Mortgages
Americans believe banks have ripped all of us off big, judging by the results of the latest Housing Predictor poll. An over-whelming majority of those surveyed say banks should be forced to modify mortgages to help the U.S. economy, a new poll found. An astounding 83% said the same banks that got us into the… Continue reading Banks Should Be Forced to Modify Mortgages
Mortgage Rates Drop to Near Record Low
By Mike Colpitts Mortgage rates dropped to their second lowest rate on record as worries over European debt concerns sent Treasury bonds lower this week. The rate on the average 30-year fixed rate mortgage hit 4.00% with 0.7 point, according to Freddie Mac. It was the lowest rate on the 30-year fixed mortgage since reaching… Continue reading Mortgage Rates Drop to Near Record Low
Americans Unload Homes, Debt at Unprecedented Level
By Kevin Chiu Americans are unloading debt levels at unprecedented rates as they reduce mortgage rates through refinancing, pay down credit cards, loans on cars and in millions of cases let homes go back to banks and mortgage companies at unprecedented levels. The inventory of homes in the foreclosure pipeline not yet formally counted as… Continue reading Americans Unload Homes, Debt at Unprecedented Level
States Investigate Banks Criminal Acts in Foreclosure Crisis
By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis
Mortgages On Home Purchases Jump as Rates Decline
By Mike Colpitts Pushed by lower mortgage rates, home purchase applications jumped as consumers came out in greater numbers to take advantage of near record low mortgage rates. Seasonally adjusted purchases rose 1.8% from a week ago, according to the Mortgage Bankers Association. The refinance index, however, showed a slight two-tenths of a percent decline… Continue reading Mortgages On Home Purchases Jump as Rates Decline
Mortgage Rates Dip a Little
By Kevin Chiu Mortgage rates dropped a single basis point to remain near their all-time record lows, with mixed consumer confidence and housing data, according to Freddie Mac. The average rate on the fixed 30-year loan was 4.10%, which is close to their 60-year low. The rate on the shorter fixed 15-year mortgage stayed the same… Continue reading Mortgage Rates Dip a Little
Home Prices to Decline Another 3.9%
By Kevin Chiu Despite near record low mortgage rates, home prices in the over-whelming majority of the U.S. will decline during 2012 as a tough employment market and weak economy hamper the nation’s housing market, pushing home prices lower by an average of 3.9%, according to a new Housing Predictor forecast. A handful of economic… Continue reading Home Prices to Decline Another 3.9%
Buying a Home Again After Foreclosure
By Scott J. Clifford Real Estate Attorney Losing a house to foreclosure can create a feeling of home buying despondency, rooted in a belief that banks will easily say no to someone who has failed to successfully pay their mortgage payments. Yet if this were truly the case, the housing market would be even worse… Continue reading Buying a Home Again After Foreclosure
Mortgage Originations Pick-Up as Rates Level Off
By Mike Colpitts Mortgage originations picked-up last week as home purchases rose, according to the Mortgage Bankers Association. Purchase applications jumped 6.4% from the previous week. Homeowners shopping for refinancing also applied for lower rate mortgages in rising numbers. Refinances rose 4.4% as mortgage rates remained about the same compared to the prior week. The… Continue reading Mortgage Originations Pick-Up as Rates Level Off