By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
Category: Statistics
Mortgage Rates Drop to New Lows
By Kevin Chiu Mortgage rates hit new lows this week as U.S. Treasury bonds reached an all-time record low Wednesday after several days of declines. The rate on the benchmark 10-year Treasury hit 2.08%, a drop from 2.98% after Standard and Poor’s downgraded the U.S. credit standing late last week. The drop in interest rates… Continue reading Mortgage Rates Drop to New Lows
Mortgages Surge on Interest Rate Drop
Driven by a drop in interest rates, mortgage applications surged last week on a higher volume of homeowners applying to refinance their mortgages to reach the highest level of the year, according to the Mortgage Bankers Association. The drop in rates sent the 30-year fixed rate loan to an average of 4.37%, while the 15-year… Continue reading Mortgages Surge on Interest Rate Drop
Mortgage Rates Drop as 15-Year Loan Nears New Low
Mortgage rates fell as the nation focused on negotiations in Washington, D.C. over the Congressional budget debacle last week. The rate on the little used 15-year fixed mortgage hit the lowest level in more than 21 years to drive a modest upturn in mortgage loan activity, according to the Mortgage Bankers Association. The average rate… Continue reading Mortgage Rates Drop as 15-Year Loan Nears New Low
Equifax Survey Shows Credit Improvement
By Kevin Chiu Mortgages made to applicants for home purchases and refinancing were down 4% in July from a year ago as weaknesses in job growth and auto sales took a toll on the economy, according to Equifax Credit Forecast Company. But defaults dropped sharply and other areas of credit extended to consumers, including home… Continue reading Equifax Survey Shows Credit Improvement
Mortgage Defaults Surge Higher
By Kevin Chiu Mortgage defaults, the first step homeowners face in the foreclosure process, surged higher during the month of June demonstrating an increase in future anticipated foreclosures growing at the fastest rate in more than a year, according to Lender Processing Services, a real estate data supplier which tracks defaults. The surge in mortgage… Continue reading Mortgage Defaults Surge Higher
Countrywide CEO Troubled by Mortgage Lending Practices
By Mike Colpitts Former Countrywide Lending CEO Angelo Mozilo was troubled by his former company’s lending practices, especially problems that could arise from ALT-A adjustable rate mortgages, emails between Mozilo and former company employees’ show. The emails came to light during a federal investigation into the nation’s former giant mortgage lender. The sun tanned ex-Countrywide… Continue reading Countrywide CEO Troubled by Mortgage Lending Practices
Mortgages Fall on Interest Rate Hike
Mortgage activity fell as interest rates saw a hike last week on signs of a weaker economy and trouble related to the U.S. budget debacle, according to the Mortgage Bankers Association. The composite index, a combination of refinancing and new home mortgage applications had a fall of 5% from the prior week as an increasing… Continue reading Mortgages Fall on Interest Rate Hike
Home Sales Dip Troubling Real Estate Market on Cancellations
By Mike Colpitts Home sales saw a dip as weary buyers cancelled more purchase transactions in June, according to the National Association of Realtors. Existing sales declined in the West and Northeast to out pace an increase in real estate sales in the Southern and Mid-Western sections of the U.S. Sales of single family homes,… Continue reading Home Sales Dip Troubling Real Estate Market on Cancellations
Mortgage Volume Jumps on Lower Interest Rates
Mortgage volume jumped last week to the largest level in four months as low interest rates drove homeowners to refinance loans, according to the Mortgage Bankers Association. The upbeat news is likely to spur more refinancing activity this week. The bankers’ composite index, a combination of refinances and new home mortgages rose 15.5% on a… Continue reading Mortgage Volume Jumps on Lower Interest Rates