Category Archives: Mortgage Loan

The nation’s average 30-year fixed-rate mortgage rate dipped back below 4% on weaker housing economic indicators. The Freddie Mac survey showed the 30-year, FRM averaged 3.99% for the week ending Thursday, down from the prior week’s average of 4.08%. Last year at this time, the 30-year FRM averaged 4.86%. The decline in rates doesn’t do much to bolster Freddie Mac Chief Economist Frank Nothaft’s prediction on Wednesday. He said he expects the 30-year FRM to increase to 4.5% throughout the year, citing various economic indicators such as housing starts and […]

Ultra-low interest rates have helped the average American to save more than $3,000 a year, according to a USA Today analysis. Interest payments on mortgages have contributed to some of the largest savings. USA Today reports that mortgage interest payments have fallen 30 percent since peaking in 2007. According to the Bureau of Economic Analysis, Americans spent 5.8 percent of their after-tax income paying interest on mortgages, credit cards, car loans, and on other debts — the smallest share since 1977. Indeed, interest payments have fallen drastically on debt. Interest […]

Mortgage applications declined 7.4% for the week ended March 16, as refinancing hit its lowest share of loan activity since July 2011. The Mortgage Bankers Association seasonally adjusted index fell for the sixth straight week, with the refinance measure down 9.3% in a report Wednesday. Refinancings made up 73.4% of all mortgage apps, down from 75.1% a week earlier. The purchase-mortgage index dropped 1% from the week prior. The trade group’s four-week moving average fell 2.79% overall, with purchase apps up 3.25% and refinancings down 4.31%. The drop in refinancing […]

About 22 percent of home owners nationwide are considered “underwater,” owing more on their mortgage than their home is currently worth, according to recent CoreLogic data. Some states are seeing a higher number of underwater mortgages than others too. Many of the states with the highest number of underwater mortgages also had some of the biggest housing booms a few years ago, before prices plunged. 24/7 Wall St., in analyzing CoreLogic’s fourth quarter 2011 data, recently profiled the states with the highest number of underwater home owners. 1. Nevada Percentage […]

The government vows to closely monitor that the nation’s five largest banks fulfill the aid to home owners outlined in a $25 billion mortgage settlement over foreclosure allegations. More details emerged in court filings on Monday of the landmark settlement among the nation’s five largest banks and state and federal government officials. The settlement, first announced last month, stems from allegations over banks’ foreclosure practices, although as part of the settlement the banks do not have to admit to any wrongdoing. Among some of the aid outlined in the $25 […]

Mortgage rates rose across the board this past week on positive jobs data and increasing bond yields, Freddie Mac said Thursday. The 30-year, fixed-rate mortgage hit 3.92% for the week ending March 15, up from 3.88% the previous week and down from 4.76% a year ago, the government-sponsored enterprise said. In addition, the 15-year, FRM hit 3.16%, up from 3.13% a week earlier, and down from 3.97% last year. The 1-year Treasury-indexed adjustable-rate mortgage also grew from 2.73% to 2.79% in the most recent survey, while the 5-year Treasury-indexed hybrid […]

The number of mortgage applications filed in the U.S. fell 2.4% for the week ended March 9 as refinancing activity declined, an industry trade group said. The Mortgage Bankers Association released its Market Composite Index – a measure of monthly loan application volume on Wednesday. The report shows the refinancing index falling 4.1% on a seasonally adjusted basis, making it the fourth consecutive weekly decline. Home purchases, on the other hand, soared as the MBA’s purchase index rose 4.4%. Still, the percentage of mortgage activity tied to home refinancings fell […]

Changes to the Federal Housing Administration streamlined refinance process is expected to benefit homeowners with a mortgage originated before June 2009. However, an analyst at the Royal Bank of Scotland warns that the Department of Housing and Urban Development will likely increase its indemnification demands for lenders that, it feels, wrongfully wrote the new mortgage. “We expect HUD to be more active in seeking claims for fraud,” said mortgage securities analyst Jeana Curro in an email to clients, “while HUD has always had indemnification rules in place, it has made […]

The Federal Housing Administration will lower refinance premiums, and major mortgage servicers will provide relief to wrongfully foreclosed military members, the White House said. President Barack Obama detailed the new housing measures in a press conference Tuesday afternoon, as voters in 10 states head to polls in the latest primary battle between Republican presidential candidates. “This is not something the government by itself can solve,” Obama said. “But I’m not one of those people who can sit around and wait for the housing market to hit bottom.” The FHA will […]

Mortgage applications fell 4.5% for the week ending Feb. 17 on lower refinance activity and fewer home purchases, an industry trade group said. The Mortgage Bankers Association said its market composite index — a measure of mortgage application loan volume — fell 4.5% from the previous week, while the refinance index fell 4.8%. In addition, the seasonally adjusted purchase index declined 2.9% from a week earlier. The refinance share of mortgage activity also declined to 80.1% of total applications, down from 81.1% the previous week. MBA says 57.2% of applications […]