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After falling below the 5% level, mortgage rates rose again above 5%, according to Freddie Mac’s weekly survey. The average rate for 30-year fixed mortgages was 5.05% for the week ended February 25, an increase from 4.93% last week, but a decline from 5.07% the previous year. The rates on 15-year fixed-rate mortgages increased to … Continue reading Mortgage Rates Rise To Five Percent Level Again The Wall Street Journal reported yesterday that the U.S. Treasury may introduce new guidelines for mortgage lenders to give distressed borrowers more time to try and qualify for the Home Affordable Modification Program (HAMP). Among other proposed changes, loan servicers would have to give borrowers 30 days to respond after they are denied a loan modification … Continue reading Treasury May Introduce New Guidelines For Mortgage Lenders Under HAMP Recent reports indicate that the number of homeowners falling behind on their mortgage payments have declined slightly over last year. In its quarterly delinquency report, the Mortgage Bankers Association found that mortgage holders who were 30 days delinquent declined to 3.6% of all borrowers in the fourth quarter from 3.8% in the third quarter and … Continue reading Number of Homeowners Defaulting On Mortgages Declined Slightly Mortgage applications declined again last week, according to the Mortgage Bankers Association (MBA). The MBA’s index declined by 2.1% in the week ending February 12. The decline was the result of a fall in demand for home purchases and refinancing. The MBA’s purchase and refinance gauge fell by 4% and 1.2% respectively. Many experts believe the … Continue reading Affordable Financial Services’ Weekly Mortgage Report According to a recent report by Mortgage Daily, a national mortgage industry news publication, employment in the mortgage industry expanded in 2009, after over 100,000 jobs were lost over the last three years. During 2009, net mortgage employment increased by 8,321 jobs, showing a marked increase from 2007 and 2008 when the industry lost 36,766 jobs … Continue reading U.S. Mortgage Industry Grew In 2009 After rising above the 5 percent level, Freddie Mac reported that mortgage rates fell again last week. The 30-year fixed-rate mortgage fell to 4.97% for the week ending February 11 from 5.01 percent the previous week. The average for 15-year fixed-rate mortgages was 4.34 percent. The lower interest rates make refinancing an attractive option for homeowners … Continue reading Mortgage Rates Fall Again Fitch Ratings reported yesterday that the delinquency rate for prime jumbo mortgages increased to 9.6 percent in January from 9.2 percent in December. The term “jumbo mortgage” applies to mortgages with a loan amount that is higher than what government-sponsored mortgage companies like Fannie Mae and Freddie Mac can finance. The “conforming” loan limit ranges from … Continue reading Delinquency Rate For Prime Jumbo Mortgages Rises To Nearly 10 Percent A recent article in the Washington Post suggests that the Federal Reserve may consider restarting its program for purchasing mortgage-backed securities if the economy does not show signs of recovery. With the $1.25 trillion program scheduled to end in March, speculation over the fate of the mortgage industry and housing market remains high. In two interviews … Continue reading Should The Federal Reserve Continue Its Purchase Program for Mortgage-Backed Securities? The expectation of rising interest rates seems to have pushed up mortgage applications over the last week. The Mortgage Bankers Association reported yesterday that the mortgage application index rose by 21 percent for the week ending January 29 from 513 to 620.7. With the Federal Reserve announcing last week that its plan to stop purchasing mortgage-backed … Continue reading Mortgage Applications, Refinancing Rise Sharply Over Past Week As the deadline for the Federal Reserve’s $1.25 trillion purchase program for mortgage-backed securities draws to a close, speculation remains high about its potential impact on interest rates. Continue reading Rising Mortgage Rates May Affect Mortgage Funds |
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