Mortgage applications dropped for the third straight week, despite a decline in interest rates demonstrating a slowdown in home lending led chiefly by a drop in refinancing, according to the Mortgage Bankers Association. The decline in interest rates saw the contract rate on a 30-year fixed rate mortgage decrease to 4.55% from a higher 4.69%… Continue reading Home Lending Slows Despite Mortgage Rate Drop
Category: Statistics
Taking a Loss On Your Own Home
By Kevin Chiu It’s a beating that’s hard to take –a financial loss on your own home. Just a handful of years ago you couldn’t go any where in public without over hearing how hot the housing market was. People were buying and selling property as much as they could afford or were allowed to.… Continue reading Taking a Loss On Your Own Home
U.S. Bank Failures Decline
By Mike Colpitts Fewer U.S. banks have failed in 2011 compared to the mid-way point last year and had to be taken over by the FDIC as insolvent. The government has forced the takeover of just 48 banking institutions through last weekend, which is a major decline and expects fewer to fail by the end… Continue reading U.S. Bank Failures Decline
Mortgage Interest Rates Fall
By Mike Colpitts Weak unemployment figures and the lowest bond rates in months drove mortgage interest rates significantly lower for the first time in a month, according to Freddie Mac. The 30-year fixed rate mortgage had a fall to average 4.51% from 4.60% a week ago. The bench mark 30-year mortgage reached the same rate… Continue reading Mortgage Interest Rates Fall
Slowdown in Home Sales New Normal
By Mike Colpitts A slowdown in home sales during what is usually the hottest time of the year for home buying activity just may be the new normal in real estate. The erratic ups and downs the residential market is suffering are setting home sales up for a long recovery process with a series of… Continue reading Slowdown in Home Sales New Normal
Majority Affected by Foreclosures
The crisis is hitting home. An overwhelming majority of respondents to a new Housing Predictor poll say they are directly affected by the foreclosure crisis in their own neighborhood. The survey found that 74% of all those who took part in the online survey from all 50 U.S. states said they think the foreclosure crisis… Continue reading Majority Affected by Foreclosures
Mortgage Interest Rates Surge Higher
Mortgage interest rates surged higher as Treasury bond rates moved above 3% in reaction to the end of quantitative easing by the Federal Reserve. The rate on a fixed 30-year mortgage rose to 4.60%, a hike from an average of 4.51% last week, according to Freddie Mac. The rates on other home mortgages also moved… Continue reading Mortgage Interest Rates Surge Higher
Justice Department Sues Largest U.S. Mortgage Insurer
By Mike Colpitts The largest U.S. mortgage guarantee company, Mortgage Guaranty Insurance Corporation (MGIC) is being sued by the Justice Department for violating the Fair Housing Act for allegedly discriminating against women on paid maternity leave. The suit was filed in U.S. District Court in the Western District of Pennsylvania against the mortgage insurer and… Continue reading Justice Department Sues Largest U.S. Mortgage Insurer
Mortgage Growth Stalls on Higher Interest Rates
A sudden increase in mortgage interest rates triggered a slowdown in loan applications for the first time in more than two months, according to the Mortgage Bankers Association weekly survey. The index saw a fall in applications, bringing refinances to a stall. Mortgage rates rose sharply for the week on a 30-year fixed rate loan… Continue reading Mortgage Growth Stalls on Higher Interest Rates
Huge Downgrade in US Housing Market
By Mike Colpitts Buffeted by high unemployment and weak consumer sentiment, housing markets are encountering sluggish home sales in the midst of what is typically the busiest home buying season of the year. Home sales should see an improvement towards the end of summer, but the average US home is projected to decline 7.1% in… Continue reading Huge Downgrade in US Housing Market