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
Category: Mortgage
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
Home Short Sales Surge
By Mike Colpitts Bank assisted short sales of homes surged in the second quarter of the year as buyers snapped up discount priced properties at some of the lowest mortgage rates in decades. The surge in home purchases from pre-foreclosures account for an eighth of all residential sales, but represent less than a quarter of… Continue reading Home Short Sales Surge
Mortgage Modifications Near 5 Million
Banks and mortgage servicers not associated with the government’s Making Home Affordable program have made more than 4 million mortgage modifications to home mortgage borrowers, according to the private agency organizing the efforts. There were about 56,000 modifications made in July through organizations associated with the group, the latest month available, Hope Now representatives say.… Continue reading Mortgage Modifications Near 5 Million
Homeowners Stuck With High Mortgage Rates
The over-whelming majority of homeowners with underwater mortgages are stuck with high interest rate loans and are unable to refinance their mortgages, according to real estate research firm CoreLogic. Some 10.9 million home mortgages were in negative equity in the second quarter of the year, and another 2.4 million were close or within 5% of… Continue reading Homeowners Stuck With High Mortgage Rates
Home Builder Sentenced to 22 Years in Prison
By Mike Colpitts A home builder has been sentenced to serve 22 years in federal prison for his part in a conspiracy to defraud bankers out of millions of dollars in mortgages and commit tax fraud and money laundering against the IRS. The sentenced was imposed against Ohio home builder Thomas E. Parenteau of Hilliard,… Continue reading Home Builder Sentenced to 22 Years in Prison
Mortgage Rates Sudden Jump
By Kevin Chiu Economic volatility and banking concerns over mortgage lending led to a sudden jump in mortgage rates as fixed rate loans moved especially higher for the week. The jump in rates may also be attributed to increasing Treasury bond yields, which bottomed out under just 2% last week. Adjustable rate mortgages also experienced… Continue reading Mortgage Rates Sudden Jump
Mortgage Rates Likely to Hit 4%
By Mike Colpitts The 30-year fixed rate mortgage is likely to drop to 4% as banks and mortgage lenders aggressively work to attract more business in the midst of the foreclosure crisis, which has resulted in the failures of many banks and jeopardized other lenders’ businesses, according to Housing Predictor analysts. The bench mark fixed… Continue reading Mortgage Rates Likely to Hit 4%
Mortgage Rate Deal of A Lifetime
By Mike Colpitts In a major effort to help its ailing real estate market, one state is offering lower-income residents a way to purchase homes through federally backed mortgages at mortgage rates below the lowest available elsewhere, and they’re also putting up down payments to make the home purchases. The mortgage rate is a deal… Continue reading Mortgage Rate Deal of A Lifetime
Refinances Drop Two Straight Weeks
By Kevin Chiu Homeowners applying to refinance mortgages dropped for the second week in a row, despite interest rates falling to the lowest level of the year, according to the Mortgage Bankers Association. The drop, however, in refinancing applications was buffered by a slight increase in new home purchases. The seasonally adjusted purchase index rose… Continue reading Refinances Drop Two Straight Weeks