Category: Mortgage

Fixed Mortgage Rates Hold at Record Lows

By Mike Colpitts Fixed mortgage rates remained at all-time record lows for the third straight week, while the 5-year adjustable rate loan dropped below last weeks averages, according to Freddie Mac. The 30-year fixed rate mortgage averaged 3.87% to match its all-time low. The shorter term 15-year fixed rate mortgage, which many consumers are purchasing… Continue reading Fixed Mortgage Rates Hold at Record Lows

Mortgage Insurance Premiums Increase

By Kevin Chiu Despite the housing markets problems, the federal government is raising mortgage insurance premiums on home loans. It’s all part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) reserves. The increase will cover only FHA insured mortgages, raising premiums by a quarter of a point on 30-year and 15-year mortgages. One… Continue reading Mortgage Insurance Premiums Increase

Housing Plan Missing in Action

By Mike Colpitts Like a solider standing alone in the battle field, the Obama administration’s housing finance reform proposal offers the U.S. a way of riding itself of the most troubled mortgage giants, Freddie Mac and Fannie Mae in the real estate collapse. But it stops short of offering any concrete long term solutions with… Continue reading Housing Plan Missing in Action

Freddie Mac and Fannie Mae Reduced in Housing Plan

By Mike Colpitts The role of the nation’s two mortgage giants, Freddie Mac and Fannie Mae will be reduced under the long awaited housing finance reform plan proposed by the Obama administration. The proposal will also slash the amount of government-backed mortgages that are guaranteed and is intended to more widely open the market to… Continue reading Freddie Mac and Fannie Mae Reduced in Housing Plan

Huge Mortgage Rates Jump

By Kevin Chiu Mortgage rates jumped higher to the highest level in ten months as applications for home mortgages tumbled, demonstrating further weakness in the housing market as many home buyers remained on the sidelines, according to the Mortgage Bankers weekly survey. The rate on a fully executed 30-year fixed rate mortgage increased to 5.13%,… Continue reading Huge Mortgage Rates Jump

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages

Americans Divided Over Halting Foreclosures

By Kevin Chiu Despite the enormous financial damage it would do to the U.S. economy, Americans are divided over whether the record flood of foreclosures should be halted. That’s the stunning conclusion derived from the latest Housing Predictor poll. With foreclosures at all-time record levels, a divide has grown over the foreclosure crisis like perhaps… Continue reading Americans Divided Over Halting Foreclosures

Mortgage Rates Climb as Loan Applications Rise

By Mike Colpitts Fixed mortgage rates rose for the third straight week slightly as pent-up demand for housing got more applicants to apply for home mortgages. The rate on a 30-year fixed rate loan rose marginally just one basis point for the week to 4.81%. However, rates for all other types of mortgages declined for… Continue reading Mortgage Rates Climb as Loan Applications Rise

Federal Housing Agency Orders Halt to Home Resale Fees

By Mike Colpitts U.S. mortgage giants Freddie Mac and Fannie Mae will be halted from providing mortgages on homes that hold home resale fees under a new federal mandate. The decision, ordered by the Federal Housing Finance Agency, which oversees both government backed lenders, was ordered late Tuesday. It was contained in a proposal made… Continue reading Federal Housing Agency Orders Halt to Home Resale Fees