Category: Mortgage

Mortgage Rates Drop to Record Low

By Kevin Chiu Mortgage interest rates dropped to the lowest levels since last November on signs that the U.S. economy is weakening further, and is likely to move into another official government defined recession. The housing market in many states throughout the country is already dealing with an economic depression, and has been for more… Continue reading Mortgage Rates Drop to Record Low

California Realtor President Requests Aid in Short Sales

By Kevin Chiu Short sales were hardly ever heard of before the real estate collapse, but these days bank assisted short sales, in which lenders take less than what is owed on a mortgage are failing on at least 40% of those attempted, according to a Realtors organization. In a letter published in seven California… Continue reading California Realtor President Requests Aid in Short Sales

Freddie Mac Expands Mortgage Lending

By Kevin Chiu In an effort to stimulate more mortgage lending, Freddie Mac has extended its eight year agreement with independent banks, giving more than 5,000 lenders more access to funds to generate additional home loans. The program is targeted at independent community banks, which are facing more restrictive lending guidelines as a result of… Continue reading Freddie Mac Expands Mortgage Lending

Mortgage Rates Jump 3 Straight Weeks

By Kevin Chiu Mortgage rates jumped higher for the third straight week as home buyers became skittish about making purchase decisions amid international unrest and doubts about the U.S. economy, according to Freddie Mac. The jump in interest rates on the bench mark 30-year fixed rate loan moved ever closer to 5% at 4.86%, five… Continue reading Mortgage Rates Jump 3 Straight Weeks

Mortgage Interest Rates Drop on Japan Fears

By Mike Colpitts Interest Rates on home mortgages dropped as a result of investor worries over the disaster in Japan and fears of contagion over financial markets falling across the world. Mortgage rates showed a drop across all types of loans offered to home borrowers, according to Freddie Mac. The average rate on a 30-year… Continue reading Mortgage Interest Rates Drop on Japan Fears

Chain Reaction Slams World Housing Markets

By Mike Colpitts The world financial system is in a chain reaction collapse and if drastic changes aren’t implemented, the structure of the world’s economy will be changed forever, according to economist Lyndon LaRouche, who ran for U.S. President eight times, more than any other candidate for the nation’s highest office. “I said that in… Continue reading Chain Reaction Slams World Housing Markets

Back Slapping Has Little Housing Market Impact

The self congratulatory back slapping the Obama administration is giving itself for efforts made in the nation’s housing market crisis is making little impact on the market, and nobody else is crediting the administration. The government’s data shows progress on the real estate market overhang and shows home sales are rising, but little help when… Continue reading Back Slapping Has Little Housing Market Impact

Home Purchases Stall as Refinancing Grows

Applications for new home mortgages dropped as shopping for homes came to a stall last week, according to the Mortgage Bankers Association. However, refinancing increased to the highest level since last year. The seasonally adjusted purchase index fell 4% from the previous week, while refinances rose 0.9% to hit the best threshold since December. The… Continue reading Home Purchases Stall as Refinancing Grows

Half of Homeowners Qualify for New Mortgage

By Mike Colpitts Only about half of all homeowners would qualify to buy a new mortgage under current more restrictive mortgage lending guidelines. In the U.S. 54% of homeowners with a mortgage would qualify to put 20% down from the sale of their present home, according to Core Logic, which researches the mortgage industry. The… Continue reading Half of Homeowners Qualify for New Mortgage