Category: Sales

Homeowners Overpaying Property Taxes

By Mike Colpitts Home values have dropped so much that the majority of U.S. homeowners are overpaying on property taxes, according to a leading consumer protection group. “We’re telling people to get an appraisal, an independent appraisal to find out what their property is really worth to see if they’re overpaying,” said Tom Martin, president… Continue reading Homeowners Overpaying Property Taxes

Mortgage Rates Scare Off Home Buyers

By Kevin Chiu Higher mortgage rates coupled with a weak economy and uncertainty over the troubled housing market scared off home buyers from taking action, according to the Mortgage Bankers Association as applications for mortgages took a major plunge. Mortgage loan volume dropped 9.5% for the week as refinances took the largest dip since July… Continue reading Mortgage Rates Scare Off Home Buyers

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

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

Americans Move at Lowest Rate since World War II

By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home… Continue reading Americans Move at Lowest Rate since World War II

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

Mortgage Volume Slows as Applications Decline

By Mike Colpitts Refinancing applications fell to the lowest level in more than a year and mortgage applications for new purchases also declined for the week, demonstrating mixed signals for the housing market, according to the Mortgage Bankers Association. The composite index, a measure of loan application volume showed a decline of 12.9% on a… Continue reading Mortgage Volume Slows as Applications Decline