Category Archives: Mortgage Loan

The economy is still struggling to gain its footing, prompting several Federal Reserve officials to push for a new stimulus campaign, which could include a move that would push mortgage rates even lower. The Fed will discuss such moves at its policy-making committee meeting next week. Fed Chairman Ben S. Bernanke indicated to Congress last week that one of the items under consideration would be to further drive down long-term interest rates, which could pull mortgage rates down even more from their already-record lows. Some analysts have argued, however, that […]

The streak continues with average 30-year and 15-year fixed-rate mortgages taking yet another dip into record territory this week, according to Freddie Mac’s weekly mortgage market survey. “With little signs of inflation and the Federal Reserve’s ‘Operation Twist’ keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. According to Freddie Mac, fixed mortgage rates will likely remain at — or near — their all-time lows in the near future. The low rates […]

Americans’ credit scores are an important piece of information that banks use to determine if you can get a mortgage or not. As such, the Consumer Financial Protection Bureau says the companies that provide such details about Americans’ credit histories require more scrutiny. The consumer watchdog group announced Monday it will provide greater oversight of the industry, including the big three credit agency firms: Experian, Equifax and TransUnion. Consumers often complain about inaccurate information on their credit reports, but many are unsuccessful in getting the credit reporting agencies to correct […]

Mortgage rates have been at record lows in recent weeks, but for Mark Zuckerberg, the founder and CEO of Facebook, mortgage rates have been even sweeter. Zuckerberg recently refinanced a $5.95 million loan for his Palo Alto, Calif., home and landed a 1.05 percent mortgage rate, Bloomberg reports. Zuckerberg refinanced his loan into an adjustable-rate mortgage. ARMs usually offer low teaser rates for a period of time before they rise. These loans were blamed on being a big culprit of a soaring number of home owners who defaulted on their […]

Mortgage applications fell 2.1% last week, the Mortgage Bankers Association said Wednesday. The weekly results were adjusted for the July 4th holiday. The refinance index alone declined 3% from the prior week, while the purchase index increased 3%, suggesting an uptick in home buying activity while refinancings cooled. The refinance share of mortgage activity declined to 77% of total applications, while the adjustable-rate mortgage share of activity remained around 4% of all applications. The average loan size of all loans purchased hit $240,897 in June, down from $243,722 in May. […]

Obama administration officials and lawmakers say AIG’s mortgage insurer is hampering efforts to refinance government-insured mortgages by refusing to automatically waive its right to go after lenders for loans that sour. An analysis by the Financial Times reveals that borrowers whose loans are guaranteed by the AIG unit, United Guaranty, are less likely to benefit from the Home Affordable Refinance Program than are homeowners who have loans with the four closest competitors. Mortgage insurers MGIC, Radian, Genworth, and PMI Financial all agree to automatically waive many of their rights to […]

Mortgage rates barely moved, hovering at or near the record lows set last week. The Freddie Mac survey showed 30-year, fixed-rate mortgages averaged 3.66% for the week ending Thursday, matching the previous week’s record low. Last year at this time, the 30-year FRM averaged 4.51%. The 15-year FRM, a popular refinancing choice, averaged 2.94% down from last week‘s average of 2.95%. A year ago, the average rate for a 15-year FRM was 3.69%. Five-year, Treasury-indexed, hybrid adjustable-rate mortgages averaged 2.79%, rising from 2.77% last week and falling from 3.22% a […]

The Federal Reserve’s policy-making committee meets today and Wednesday to decide whether the economy could use another boost. Threats from the ongoing debt crisis in Europe, a dismal U.S. job report in May, low inflation, and dropping consumer prices has shaken the U.S.’s economic recovery in recent weeks. Some analysts speculate that the Fed will decide at its policy meeting to extend Operation Twist, a plan in which the Fed has sold short-term securities in order to buy up longer-term bonds in an effort to reduce long-term interest rates. The […]

After six consecutive weeks of reaching all-time record lows, fixed-rate mortgages reversed course this week, starting to inch upwards, Freddie Mac reports in its weekly mortgage market survey. Despite the slight uptick in fixed-rate mortgages this week, however, rates “remain near historic lows helping to keep home buyer affordability high, and providing a strong incentive for those looking to refinance,” according to Freddie Mac. Here’s a closer look at rates for the week ending June 14: 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.7 point, up from last […]

The Bank of England may be granted mortgage powers it doesn’t want or need. Imagine a world where the fate of first-time homebuyer policy is decided by bankers and not politicians — though the issue, to be clear, is becoming very political. The House of Commons Treasury Committee in the United Kingdom is pushing for the Bank of England to have the ability to stop mortgage lending in a time of economic boom. The feeling here is that the BofE can cut off any potential housing bubble before it bursts, […]