By Mike Colpitts Record all-time low mortgage rates are getting homeowners to refinance mortgages with the heaviest volume of applicants in more than two years taking refinances back into fashion. Refinancing surged for the first time in three weeks last week, 6.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association. The return… Continue reading Heavy Volume Pushes Refinances
Category: Statistics
Hurricane Irene Magnifies Financial Pain
By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions,… Continue reading Hurricane Irene Magnifies Financial Pain
Housing Starts Surge in California
By Mike Colpitts Anchored by a jump in multi-family building permits, new housing starts soared in California during August, despite a decline in starts elsewhere in the U.S. Housing starts during the month nationally totaled just 571,000 units, the fewest since record keeping has been monitored during 1970. Permits were pulled on 4,695 housing units… Continue reading Housing Starts Surge in California
Mortgage Rates Drop Holds
By Kevin Chiu Mortgage rates remained at their all-time record lows on worries over the European debt market and sluggish economic activity in the U.S., according to the Freddie Mac weekly survey. But borrowing rates at many lenders being locked-in by consumers are much lower than the averages represent. The 30-year fixed mortgage average remained… Continue reading Mortgage Rates Drop Holds
Mortgage Rates Drop on Federal Reserve Announcement
By Mike Colpitts Just minutes after the Federal Reserve announced its new monetary policy, dubbed “Operation Twist” mortgage rates dropped. Rates were being set lower and lower by banks and mortgage lenders throughout the afternoon and evening hours Wednesday. For homeowners looking for a refinance and perspective home buyers the policy move came as tremendous… Continue reading Mortgage Rates Drop on Federal Reserve Announcement
Larger Mortgage Down Payments Dumped
By Kevin Chiu Larger down payments proposed on new home mortgages are quietly being dumped by lawmakers months after a coalition of organizations voiced opposition to the change. The proposal was made in Congress as an answer to the mortgage mess, but a bipartisan group of almost 290 Senators and members of the House of… Continue reading Larger Mortgage Down Payments Dumped
Treasuries Drive Mortgage Rates to New Lows
By Mike Colpitts Record low Treasury bond yields have driven mortgage rates to new record lows in rate offers set by banks and other mortgage lenders early Tuesday, according to a review of rates. Treasury prices fell in early morning trading in New York as investors focused on today’s 10-year note sale. The drop in… Continue reading Treasuries Drive Mortgage Rates to New Lows
Jobs Proposal Boosts Home Prices
By Mike Colpitts The Obama administration’s proposal of jobs and spending initiatives would supply much needed aid to the real estate industry, and give the housing market a shot in the arm towards recovery eventually boosting home prices, an analysis of the program has found. Consumers and businesses are concerned about the U.S. economy, which… Continue reading Jobs Proposal Boosts Home Prices
Mortgage Delinquencies Drop
By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies… Continue reading Mortgage Delinquencies Drop
Mortgage Rates Hit New Record Lows
By Mike Colpitts Mortgage rates fell to new record lows as growing concerns over the U.S. unemployment rate and lower Treasury bond yields drove rates lower, according to Freddie Mac. Rates on all sorts of mortgages, including fixed and adjustables reached record levels. The benchmark 30-year fixed rate loan hit an average of 4.12%, down… Continue reading Mortgage Rates Hit New Record Lows