Divided Over Forcing Banks to Increase Mortgages

Americans are divided over whether the Obama administration should issue an executive order forcing banks to make more home mortgages and loans to business to help the U.S. economy recover from the worst hit since the Great Depression, according to a new Housing Predictor poll. The online survey was taken over the last month, and… Continue reading Divided Over Forcing Banks to Increase Mortgages

Refinances Soar to Make Up 4 Out of 5 Mortgages

By Mike Colpitts Mortgage refinances soared to make up four out of five mortgages consumers applied for during the week, as homeowners flocked to obtain new mortgages. The jump in refinancing came as a result of new measures instituted by the Obama administration dropping limits on the loan-to-value of refinances. More than 1-million underwater homeowners… Continue reading Refinances Soar to Make Up 4 Out of 5 Mortgages

Mortgage Rates Hit New Lows

By Mike Colpitts Lower rates paid for U.S. Treasury bonds sent mortgage rates to their lowest levels in more than two months, driving the fixed 30-year mortgage to reach its lowest level in history since early October, and the 15-year fixed loan to another record low, according to Freddie Mac. The 30-year loan averaged 3.94%… Continue reading Mortgage Rates Hit New Lows

Mortgages Jump Despite Year End Fall Off

Bolstered by a jump in refinances and record low mortgage rates as a result of the Obama administration’s new refinancing program for homeowners, mortgage applications rose 39% in 2011, despite a fall-off in applications during the last two weeks. Applications for new home mortgages combined with refinances dropped 3.7% for the last two weeks of… Continue reading Mortgages Jump Despite Year End Fall Off

How to Avoid Being Ripped Off by Mortgage Companies

By Kevin Chiu A new mortgage website is offering homeowners and first time home buyers the opportunity to ask questions and “get truthful, unbiased and easy to understand” answers to avoid being ripped off by mortgage companies. The concept is the brain-child of Yale Roth, a former school teacher who has been making loans for… Continue reading How to Avoid Being Ripped Off by Mortgage Companies

Mortgage Rates Set New Record Low

By Mike Colpitts Mortgage rates set a new record low hitting an average of 3.91% on a fixed 30-year loan, according to Freddie Mac. Rates on the shorter term 15-year fixed mortgage remained at the same record level as last week. Rates on the benchmark 30-year mortgage have been at or below 4.00% for eight… Continue reading Mortgage Rates Set New Record Low

Shadow Inventory Slides to 2009 Levels

By Mike Colpitts The inventory of homes not yet foreclosed but regarded as unsellable as they are held back from the market known as the shadow inventory has dropped to January 2009 levels, according to real estate data firm CoreLogic. California, Florida and Illinois, where foreclosures are at some of the highest levels in the… Continue reading Shadow Inventory Slides to 2009 Levels

Mortgages Drop As Homeowners Await New Refinancing Program

By Kevin Chiu Mortgage applications dropped for the third straight week as homeowners waited for the new Obama administration refinancing program to go into effect, according to the Mortgage Bankers Association. Applications slowed by nearly 12% from one week earlier. The drop-off in activity was also led by a slowdown caused by the Thanksgiving Holiday,… Continue reading Mortgages Drop As Homeowners Await New Refinancing Program

Lowest Mortgage Rates of Year Arrive

By Kevin Chiu The lowest mortgage rates of the year arrived in time for New Year’s, according to the Mortgage Bankers Association survey. However, despite the drop, mortgage refinances and mortgages for home purchases slipped for the week. The drop in applications was attributed to the traditional holiday slowdown caused by Christmas and New Years,… Continue reading Lowest Mortgage Rates of Year Arrive