Category Archives: Mortgage Loan

Average on the 30-year home loan drops to 3.91 % from 3.95 % 2012 looks to be another year of opportunity for the few who can afford to buy or refinance a home. The average rate on the 30-year fixed mortgage fell to 3.91 percent this week, Freddie Mac said Thursday. That matches the record low reached two weeks ago. The average on the 15-year fixed mortgage ticked down to 3.23 percent from 3.24 percent. That’s up from 3.21 percent two weeks, also a record low. Mortgage rates are lower […]

Troubled borrowers in South Florida have another chance to meet face-to-face with lenders. United Financial Counselors is sponsoring a foreclosure-prevention workshop Thursday (Jan. 5) in Port St. Lucie. The event will be from 10 a.m. to 7 p.m. at Divine Anointing Worship Center, 402 S.W. Hibiscus St. To set up an appointment, call (786) 288-5320 or (877) 509-3160. Representatives from GMAC and Chase, along with local attorneys and accountants, will be on site to offer free advice. Some homeowners may leave with mortgage modifications, said Jason Walowitz, president of United […]

Even the demand for refinance mortgages, which accounted for more than 80 percent of all applications, fell slightly. Lenders were offering 30-year fixed-rate mortgages to solid borrowers at an average of 3.95 percent this past week, according to Freddie Mac, the ninth consecutive week of rates at or below 4 percent. That wrapped up a year of record lows for the survey, which dates to 1971. In 1981 and 1982, the average 30-year mortgage carried an interest rate of more than 16 percent, and the typical rate was above 8 […]

Fixed mortgage rates rose slightly this week off their record lows. The year ends much like it began, with few people able to take advantage of the best rates in history. Fixed mortgage rates rose slightly this week off their record lows. The year ends much like it began, with few people able to take advantage of the best rates in history. Freddie Mac said Thursday that the average on the 30-year home loan increased to 3.95 percent from 3.91 percent. Last week’s rate was the lowest average on records […]

Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity. That’s according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation. California was followed by New York, which experienced $199.6 million in losses from nefarious activities in mortgage finance. New York was followed by Florida, South Carolina and Minnesota in terms of fraudulent activity. The total loss value […]

Where are rates heading? You may soon get more insight with a new proposal the Federal Reserve is weighing. The Federal Reserve doesn’t traditionally make a point to reveal its predictions for future actions on interest rates widely known to the public — that is, until recently. This summer in a rare step, the Fed announced that it would keep short-term interest rates at nearly zero until 2013. The Fed may start making it a tradition to reveal more with a regular forecast of its future decisions on interest rates. […]

Even if home prices and household leverage stabilize next year, mortgage debt outstanding will continue to contract over the next several years because of high credit losses, according to analysts at financial services firm Keefe, Bruyette & Woods. “Given the high delinquency rates, large discounts in private label securities prices and large provisions already taken by banks, in our view it is clear that a meaningful percentage of loans will default and not be replaced by new loans as the homeownership rate continues to contract,” the analysts say. “This trend is […]

The average rate on the 30-year fixed mortgage hovered above its record low for a sixth straight week. But the super-low rates aren’t providing a lift to the struggling housing market. Freddie Mac said Thursday the rate on the 30-year home loan ticked down to 3.99 percent from 4 percent the previous week. It dropped to a record low of 3.94 nine weeks ago, according to the National Bureau of Economic Research. The average rate on the 15-year fixed mortgage was edged down to 3.27 percent from 3.30 percent. Nine […]

More than 20 lawmakers in the House of Representatives this week called on Fannie Mae and Freddie Mac to reduce the mortgage principal of borrowers who owe more on their home than it is currently worth. The Federal Housing Finance Agency, which regulates Fannie and Freddie, has been refusing to take such a drastic move, citing concerns that writing down principal balances may create a “moral hazard” and prompt other borrowers to stop making loan payments on time. But the Democrat lawmakers argue that such action would reduce the risk […]

The conforming loan limit has been raised back to $729,950 from $625,500 for high-cost housing areas effective immediately for FHA loans that will be originated through 2013. The measure, which was approved by both the Senate and House of Representatives on November 17, 2011, was signed into law by President Obama the following day. However, the new law does not raise the loan limits for Fannie Mae or Freddie Mac-backed loans, which raised the concern of many House and Senate Republicans. Senator Bob Corker (R-Tenn.) said in an interview with […]