Category: Mortgage

Mortgage Applications Show Promise with Low Rates

Applications for new mortgages rose for the second consecutive week as applications for new home purchases and refinances moved higher on near record low rates, according to the Mortgage Bankers Association. Purchase applications grew by 3.9% for the week ending Oct. 22, while refinancing rose a more modest 3% over the previous week. The improvement… Continue reading Mortgage Applications Show Promise with Low Rates

Loan Modifications Top 3.7 Million Homes

By Kevin Chiu Mortgage servicers have modified nearly 3.7-million home mortgages since the housing crisis started in 2007, according to a private group of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization, Hope Now estimates the industry completed almost 150,000 permanent loan modifications during August, the last month for which figures are available.… Continue reading Loan Modifications Top 3.7 Million Homes

Refinance Mortgages at Lowest Rates in Decades

Mortgage rates are near their lowest levels in decades, although they have risen slightly since hitting all time lows in mid-October. The rate on a 30-year fixed rate mortgage hit 4.19%, the lowest since 1951, according to the Federal Housing Administration. A small rise in rates has produced an increase in home refinances, which represents… Continue reading Refinance Mortgages at Lowest Rates in Decades

Mortgage Rate Falls to Historic Low

The 30-year fixed rate mortgage fell again to break the all-time low average, hitting 4.19% down .08 from last week, according to Freddie Mac. The last time rates were this low was in April of 1951, according to the Federal Housing Administration. The 30-year fixed mortgage has been under 5% for 23 straight weeks. The… Continue reading Mortgage Rate Falls to Historic Low

Despite State Tax Credit California Home Sales Decline

By Kevin Chiu Despite a special state home buyer tax credit, sales of homes in California declined more than 17% from a year ago in September, according to San Diego based real estate research firm DataQuick. The median price for a California home is $265,000, which is 5.6% higher for the year. But with a… Continue reading Despite State Tax Credit California Home Sales Decline

Giant Mortgage Lenders to Get $363-Billion in Bailouts

By Mike Colpitts As much as $363-billion in mortgage-backed security purchases may be required to bailout troubled Freddie Mac and Fannie Mae, the government sponsored mortgage giants from growing debt due to the foreclosure crisis, according to a government report made public today. The projection was made by the Federal Housing Finance Agency, the government… Continue reading Giant Mortgage Lenders to Get $363-Billion in Bailouts

Mortgage Rates on Way Up

Mortgage rates rose slightly for the first time in five weeks, increasing to an average of 4.21% on a 30-year fixed rate mortgage, according to Freddie Mac. The rise represents a small .02 increase from last week for borrowers paying 0.8% in discount points. However, the increase was up from 4.19% last week, which was… Continue reading Mortgage Rates on Way Up

Cash is King in Real Estate

By Mike Colpitts Low home prices coupled with a tight economy have produced a rare set of events to trigger the highest number of cash home sales that many real estate agents remember in decades. In San Francisco, agents estimate that “around 15%” of all sales are paid in cash, while “more than 32%” are… Continue reading Cash is King in Real Estate

Foreclosure Moratorium Triggers Mortgage Application Drop

Demonstrating that the four mortgage lenders foreclosure moratoriums count, applications for home mortgages dropped 10.5% last week, according to the Mortgage Bankers Association. Applications for refinances dove 11.2%, while purchase money applications for new home mortgages were down 6.7%. The expiration of the federal home buyer tax credit coupled with the foreclosure freeze put in… Continue reading Foreclosure Moratorium Triggers Mortgage Application Drop