By Kevin Chiu Qualifying for a conventional home mortgage has gotten tougher in the fallout of the financial crisis, but Freddie Mac and Fannie Mae requirements show that obtaining a conventional mortgage has gotten much tougher even before Congress implements changes as part of the Dodd-Frank Financial Reform Act. The average credit score approved for… Continue reading Mortgage Qualifying Standards Tighten
Category: Mortgage
Mortgages Jump Higher as Rates Drop
By Kevin Chiu The volume of applications for home mortgages jumped higher for the week as mortgage rates dropped, according to the Mortgage Bankers Association. The composite index, a figure compiled from both new purchase applications and refinances jumped 8.2%. Refinancing led applications as homeowners with mortgages they were trying to get a lower rate… Continue reading Mortgages Jump Higher as Rates Drop
Refinances Rebound on Rate Drop
By Kevin Chiu Refinancing home mortgages rebounded higher following a drop in mortgage interest rates last week, according to the Mortgage Bankers Association. The move came after rates on conventional loans dropped for the first time in a month. The rate on a fully executed 30-year fixed mortgage declined to 4.76% from 4.80 the prior… Continue reading Refinances Rebound on Rate Drop
Interest Rates Fall Slightly
By Mike Colpitts Mortgage interest rates fell slightly on 30-year fixed rate loans to 4.78% from the previous week, according to Freddie Mac following bond yields as weak economic conditions and declining home prices drove rates lower. The fall in interest rates was only 0.02 from last week, but kept the bellwether rate well below… Continue reading Interest Rates Fall Slightly
Mortgage Rates, Loan Applications Fall
Mortgage purchase applications, driven by a sharp decline in applications for FHA loans fell for the week as home buyers reversed the trend of applying for mortgages in greater numbers. Mortgage rates also dropped slightly. The fall off in applications was driven by an increase in higher FHA premiums that went into effect after months… Continue reading Mortgage Rates, Loan Applications Fall
Mortgage Interest Rates Move Higher, Despite Job Gains
By Mike Colpitts Despite improving news on the U.S. job market, mortgage interest rates moved higher for the fourth straight week as home buyers became increasingly reluctant to make a move, according to Freddie Mac. The improvement in job gains is having little impact on the housing market. The rate on a 30-year fixed rate… Continue reading Mortgage Interest Rates Move Higher, Despite Job Gains
Home Sales Rise as Housing Recovery Gains Momentum
By Mike Colpitts Driven by declining home prices and low mortgage rates, home sales rose for the sixth time in the past eight months in March as the housing market makes inroads toward gaining momentum in its recovery. Sales of existing homes increased 3.7% to a seasonally adjusted annual rate of 5.1-million in March, but… Continue reading Home Sales Rise as Housing Recovery Gains Momentum
Why New Homes Aren’t Selling
By Kevin Chiu There’s no understating that over the last few years the housing market has shifted away from sellers, and is much better for buyers. There are several different factors why housing markets change, but unfortunately the financial crisis driven by mortgages gone mad is the largest reason why new homes aren’t selling strongly.… Continue reading Why New Homes Aren’t Selling
Hard Money Lending at Record Clip
By Mike Colpitts Despite home prices continuing to decline in much of the U.S., hard money lenders are funding home mortgages at the highest rate on record as nervous homeowners attempt to hold on to their homes. Banks and conventional mortgage lenders are rejecting refinances and new home purchases at alarming rates. Source Capital Funding,… Continue reading Hard Money Lending at Record Clip
Feds Slam 14 Banks in Robo Signing
By Kevin Chiu The federal government has announced formal enforcement sanctions against 14 banking organizations addressing a serious “pattern of misconduct and negligence” in the robo signing scandal. The deficiencies, announced jointly by the Federal Reserve, Comptroller of the Currency and the Office of Thrift Supervision requires banks and mortgage servicing companies to make corrections… Continue reading Feds Slam 14 Banks in Robo Signing