Category: Mortgage

Drop in Mortgage Rates Felt

By Mike Colpitts Rates on fixed rate home loans dropped this week, falling to near record lows again for 30-year and 15-year mortgages, but budged higher on adjustable rate loans, according to Freddie Mac. The drop on fixed rate loans sends mortgage rates to near all-time record lows, hitting 3.90% just three basis points off… Continue reading Drop in Mortgage Rates Felt

Mortgage Interest Rates Barely Budge Amid Middle East Uprisings

By Kevin Chiu Mortgage rates barely budged rising a single basis point to 4.87% on a fixed rate 30-year mortgage as uprisings in the Middle East disrupted financial markets, but did little to move rates this week, according to Freddie Mac. Concerns over Middle East uprisings, especially in Libya and growing tensions in Saudi Arabia… Continue reading Mortgage Interest Rates Barely Budge Amid Middle East Uprisings

Mortgage Company President First Sentenced in Financial Crisis

By Mike Colpitts More than three years after the financial crisis erupted on Wall Street, a New Jersey based mortgage company president is the first person to be sentenced to federal prison in the government’s efforts targeting criminals in the financial crisis. The sentence was imposed as a result of a major conspiracy to defraud… Continue reading Mortgage Company President First Sentenced in Financial Crisis

Freddie Mac and Fannie Mae Foreclosure Preventions Double

By Kevin Chiu The number of foreclosure preventions by mortgage giants Freddie Mac and Fannie Mae doubled in 2010 over a year earlier, according to the Federal Housing Finance Agency formed to administer the failed government lenders. But remains drastically under what the White House promised to deliver. Combined preventative measures by both mortgage giants… Continue reading Freddie Mac and Fannie Mae Foreclosure Preventions Double

Home Purchases Jump as Mortgage Applications Rise

By Kevin Chiu Mortgage applications rose sharply for both refinancing and home purchases as lower rates drove more consumers back to the marketplace, according to the Mortgage Bankers Association weekly survey. Applications for home purchases had a jump to the highest level they have reached for the year. Refinances also jumped 17.2% to reach their… Continue reading Home Purchases Jump as Mortgage Applications Rise

U.S. Flooded in Underwater Homes

By Mike Colpitts More than one out of four homes in the U.S. with a mortgage is in or near negative equity as the nation is flooded in underwater homes, according to a major real estate research firm. The data indicates a declining number of homeowners with mortgages that are upside down on their homes… Continue reading U.S. Flooded in Underwater Homes

Victims of a Reverse Mortgage

Part 2 Mandatory HUD counseling required for reverse mortgages does not protect or help the borrower. The counseling is never done with the final figures of the contract, which changes absolutely everything, including the terms, disclosures, costs and fees, the amount of funds (money) to the borrower and most of all the ability to understand… Continue reading Victims of a Reverse Mortgage

Anti-Flipping Rule Eliminated

By Keisha Joseph In order to accelerate foreclosure sales the FHA has eliminated a temporary waiver of their anti-flipping rule. The extension will last until the end of this year, allowing home buyers to obtain FHA-insured loans to purchase foreclosed properties. The length of time the homeowner has held title is no longer a factor.… Continue reading Anti-Flipping Rule Eliminated

Mortgage Rates Drop Three Straight Weeks

Mortgage rates showed a drop for the third week in a row averaging just 4.87% on a 30-year fixed rate loan, according to Freddie Mac. The average dropped to the lowest level in more than a month as lenders slashed rates to get borrowers back into the market, down from an average of 4.95% last… Continue reading Mortgage Rates Drop Three Straight Weeks