By Mike Colpitts Mortgage rates hit a new record low as economic volatility on Wall Street pushed rates down to hit a new average of 4.15% on a 30-year fixed rate mortgage, according to Freddie Mac. The rate is lower than 4.17% last November, which ushered in a wave of home buying and refinancing activity.… Continue reading Mortgage Rates Drop to New Record Low
Category: Wall Street
Credit Downgrade May Trigger Inflation, Slow Home Sales
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
Undermining the Credit Rating Agencies For the Public Good
By Mike Colpitts They blew it! Standard and Poor’s, Fitch and Moody’s all blew the calls on the financial crisis and real estate crash. So what does it really matter now that S&P downgraded the U.S. economy for the public good? It’s their history MAN! S&P has been around for more than 150 years, and… Continue reading Undermining the Credit Rating Agencies For the Public Good
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
Frustrated Homeowners Wait to Sell
By Mike Colpitts Frustrated and angry over the state of the U.S. economy, Wall Street and bankers homeowners in just about every community in the nation are wondering whether they will be able to wait out the housing market to sell their homes. They are caught in the web of a housing mess run amuck.… Continue reading Frustrated Homeowners Wait to Sell
Mortgage Rates to Skyrocket on Economic Budget Failure
By Mike Colpitts Failures by Congress and President Barack Obama to reach a deal on the U.S. economic budget is likely to trigger a massive hike to skyrocket mortgage interest rates, sending rates up at least 1 to 2½% within just a few short days following an impasse. The sudden rise in rates would essentially… Continue reading Mortgage Rates to Skyrocket on Economic Budget Failure
PMI Offers Money to Homeowners
By Mike Colpitts One of the nation’s largest mortgage insurers is offering cash money to upside down homeowners at risk of losing their homes to foreclosure. PMI Group, Inc. is launching the innovative program with a former Goldman Sachs Banker, who started the program in an effort to get troubled homeowners to stay in their… Continue reading PMI Offers Money to Homeowners
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
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
Mortgage Interest Rates Suddenly Jump
By Kevin Chiu Pushed by weakening economic data, mortgage interest rates, already near historic lows, jumped slightly for the week to 4.50% on a 30-year fixed rate mortgage, according to Freddie Mac. The jump of only 0.01 came after rates dropped for eight straight weeks. But rates declined slightly on other loans for the week.… Continue reading Mortgage Interest Rates Suddenly Jump