Category Archives: Mortgage Loan

In about two years, monthly payments are set to rise on many home equity loans that were made before the financial crisis. In a new report, Moody’s Investors Services warns that lenders could face steep losses unless they’re proactive in modifying the loans of borrowers who may not be able to handle the higher payments.

The days of record low mortgage rates have come to an end, as fixed-mortgage rates hover around 4%. And while there are many saying that rising rates won’t hurt the housing market, others are more concerned.

After six consecutive weeks of rising, mortgage rates inched slightly lower this week, with the 30-year fixed-rate mortgage staying below 4 percent.

Federal Reserve Chairman Ben Bernanke said that the Fed will begin later this year to ease up on its controversial stimulus program, which has helped to keep mortgage rates low. Bernanke said that the program—which includes buying up $85 billion a month in U.S. bonds and mortgage-backed securities to help strengthen the economy—may end entirely by the middle of 2014.

Mortgage rates rose to their highest level in more than a year, which decreased demand for home loans last week, the Mortgage Bankers Association reports. Mortgage applications for home purchases, considered a leading indicator of future home sales, dropped 3 percent last week. Meanwhile, mortgage applications for refinancings dropped 3.1 percent. The MBA reports that 30-year mortgage rates rose 2 basis points last week to average 4.17 percent, the highest level since March 2012. This marked the sixth consecutive week for rate increases. The MBA’s index covers 75 percent of […]

For the sixth consecutive week, mortgage rates inched higher, continuing to climb from all-time lows, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage ”the most popular among home buyers” has now climbed a half percentage point since last month. A strengthening economy and positive employment report this month prompted fixed-rate mortgages to climb higher this week, says Frank Nothaft, Freddie Mac’s chief economist. Freddie Mac reports the following national averages with mortgage rates for the week ending June 13: 30-year fixed-rate mortgages averaged 3.98 percent, […]

Ninety percent of renters say they expect to buy a home in the future, but the majority are fearful of their ability to qualify for a mortgage at today’s stringent underwriting standards, according to a new survey conducted by Fannie Mae. In fact, 42 percent of those who intend to buy a home one day say they don’t think they’ll be able to do so for at least five years. “Younger renters who prefer to own are much more likely than their older counterparts to say that they are renting […]

Ninety percent of renters say they expect to buy a home in the future, but the majority are fearful of their ability to qualify for a mortgage at today’s stringent underwriting standards, according to a new survey conducted by Fannie Mae. In fact, 42 percent of those who intend to buy a home one day say they don’t think they’ll be able to do so for at least five years. “Younger renters who prefer to own are much more likely than their older counterparts to say that they are renting […]

Fixed-rate mortgages soared higher this week, reaching their highest averages in a year, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage — the most popular choice among home buyers — has climbed nearly half a percentage point since the beginning of this month — from 3.35 percent to 3.81 percent this week. “Fixed mortgage rates followed long-term government bond yields higher, following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance,” says Frank Nothaft, Freddie Mac’s chief economist. “Improving economic […]

The White House announced that it is extending the Making Home Affordable Program, a refinancing program that has helped home owners lower their monthly mortgage payments and obtain loan modifications. The program, originally set to expire at the end of this year, has been extended two years until Dec. 31, 2015. The Making Home Affordable Program encompasses the Home Affordable Modification Program (HAMP), among other consumer protections. More than 1.1 million home owners have received permanent loan modifications on their mortgages through HAMP as of March 2013. The median savings […]