Category: Mortgage

Poll Shows Americans Divided

Americans are divided on whether the U.S. government should step into help those homeowners who are suffering through foreclosure at no fault of their own, according to a new Predictor poll. The bail-outs of bankers seem to have little impact on the way people feel about homeowners caught in the trap of the financial crisis.… Continue reading Poll Shows Americans Divided

Fourth Lender Halts Foreclosures in Robo Signing Storm

The brewing storm over the robo signing of foreclosure documents and the resulting halt of foreclosures by four big mortgage lenders could spell another disaster for the housing market. America lured people to a gold rush in properties at the height of its real estate boom and then the banks sold-off mortgages. Now hundreds of… Continue reading Fourth Lender Halts Foreclosures in Robo Signing Storm

Mortgage Rates Hit New Low Record

By Kevin Chiu Mortgage rates hit a new record low averaging just 4.27% on a 30-year fixed rate loan, according to Freddie Mac. The rate dropped .05 from last week to reach the new mark with an average 0.8 point. The 15-year fixed rate also averaged a new record low at 3.72%, down .03 from… Continue reading Mortgage Rates Hit New Low Record

Foreigners Buying Up US Property

By Mike Colpitts Home and condo prices have gotten so low in many areas of the country that foreign nationals are buying up property like it’s an old Blue Light sale at K-Mart. American real estate seems like its on sale at bargain basement prices. But whether the spike in foreigners buying property materializes into… Continue reading Foreigners Buying Up US Property

Partnership May be Mortgage Market Solution

By Diana Swan Former Treasury Secretary Paul Volcker, now a special adviser to President Barrack Obama, says the mortgage industry is dysfunctional and is “a creature of the government” and “that it is the biggest single element missing from financial regulatory reform.” A partnership between mortgage lenders and homeowners at risk of foreclosure could hold… Continue reading Partnership May be Mortgage Market Solution

Mega Home Refinancing Proposed

By Kevin Chiu A California Congressman has proposed a sweeping proposal for homeowners to refinance their mortgages at lower interest rates to keep more homeowners in their homes, despite the amount of equity in their property. “This is a market based solution,” said Rep. Dennis Cardoza (D-CA). “The vast majority of home loans are already… Continue reading Mega Home Refinancing Proposed

Jumbo Mortgage Limits Extended

By Mike Colpitts In a crucial policy decision for the housing market, Congress extended the limit on jumbo mortgages the nation’s mortgage titans can purchase to nearly $730,000. Lawmakers agreed to extend the limits through 2011. The measure was included as part of a temporary spending bill forwarded to President Barack Obama for his signature.… Continue reading Jumbo Mortgage Limits Extended

Mortgage Applications Drop as Interest Rates Decline

Applications to refinance mortgages declined for the fourth straight week, according to the Mortgage Bankers Association. Mortgage applications on new home purchases also fell slightly, despite an increase in government purchase applications. The share of refinancing composed the majority of applications, 80.7% as mortgage rates decreased to 4.38% on 30 year fixed rate mortgage on… Continue reading Mortgage Applications Drop as Interest Rates Decline

Low Rate Mortgages Unchanged

Mortgage rates remained mostly unchanged for the week, especially on a 30-year fixed rate loan, which averaged 4.37% nationally, the same as last week, according to Freddie Mac. It was the first time in months that rates remained unchanged. The rate on a 15-year fixed rate mortgage also remained unchanged for the week at 3.82%.… Continue reading Low Rate Mortgages Unchanged