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According to the Mortgage Bankers Association (MBA), the number of mortgage applications in the U.S. declined for the first time in four weeks. The MBA’s index of applications fell by 11 percent for the week ended January 22, from 575.9 to 513. Despite the low interest rates, refinancing activity dropped with the index of refinancing applications … Continue reading Mortgage Applications Decline Over Previous Week Mortgage Backed Securities are mixed today but still in positive territory. RATES are ON FIRE today. Take a look and take advantage of them while you can. We’re still right at resistance and the market can go either way and fast. The FOMC announcement is in 60 minutes. Earlier this morning the Commerce Department reported that … Continue reading Affordable Financial Services’ Mortgage Market Report See how this week shapes up below: MON: Existing Home Sales TUES: Case Schiller Index / Consumer Confidence WED: Crude Inventories / New Home Sales / FOMC Meeting On Rates THURS: Jobless Claims / Durable Goods Orders FRI: GDP / Chicago PMI Last Week- Another decent week for the bond and mortgage markets, the benchmark 10 yr treasury yield fell 8 basis points to its … Continue reading Affordable Financial Services’ Weekly Finance Review Yesterday, the Federal Housing Administration (FHA) announced tighter lending requirements on loans insured by them. This is an attempt by the FHA to keep its cash reserves above the Congress-mandated levels, which have fallen recently due to rising mortgage defaults. This change in the FHA’s lending requirements is expected to lead to an increase in mortgage … Continue reading FHA Announces Changes In Mortgage Lending Requirements The $75 billion Home Affordable Modification Program (HAMP) started in March 2009 to help homeowners prevent foreclosures by providing financial incentives to mortgage companies and investors for modifying home loans. Since then, approximately 66,000 homeowner mortgages have been permanently modified under the program, while 46,000 modifications are underway. The program is still a long way from … Continue reading A Review Of The Home Affordable Modification Program One of the main reasons for the reported failure of the government’s mortgage modification plan is something as simple (or complicated) as paperwork. Now a new set of rules, added under the Real Estate Settlement Procedures Act, which went into effect on January 1, addresses the issue of paperwork. Mortgage lenders are now required to use … Continue reading Simplified Paperwork May Help Mortgage Borrowers The bond and mortgage markets opened better this morning as the choppy trade remains intact with not much actual change in rates this week so far. At 8:00 the 10 yr +7/32, mtgs +3/32 and the DJIA futures -30; at 9:00 the 10 yr note +13/32 at 3.69%, breaking under 3.70%, … Continue reading Affordable Financial Services Mortgage Market Report After falling last week, Freddie Mac reported today that mortgage rates fell again for the week ending January 14. Interest rates on 30-year fixed-rate mortgages fell to 5.06%, a decline from 5.09% last week. This is still higher than the average of 4.96% last year. The average rates on 15-year fixed-rate mortgages fell to 4.45%, compared … Continue reading Good Time To Refinance As Mortgage Rates Fall Again In its weekly survey, the Mortgage Bankers Association (MBA) reported that mortgage applications rose a seasonally adjusted 14.3% last week for both purchase and refinance loans. With a fall in mortgage rates for the week ending January 7, refinancing applications increased by 21.8% for the week ending January 8, compared to the previous week. Applications … Continue reading Affordable Financial Services’ Weekly Finance Review A recent article in the New York Times discusses the new phenomenon of voluntary defaults on mortgages. While it has always been common for homeowners who could not afford to pay to default on their mortgages, the economic crisis has given rise to a new trend of people who voluntarily choose not to pay. Despite programs … Continue reading Walking Away From Your Home |
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