Lennar Offering 3.625 Percent Fixed Mortgage Rate
The battle to offer the lowest mortgage rate is in full swing, with homebuilders decidedly leading the way.
Struggling homebuilder Lennar, which is looking to dump its excess inventory, is offering a 3.625 percent (4.22% APR) “fixed “for life” mortgage on select homes, likely those in the hardest-hit areas of the country.
The offer is only good for purchase agreements written by April 23, and Read more
Fixed Rate Mortgages Grow Even More Popular
As if they couldn’t get any more popular, fixed-rate mortgages grabbed even more market share during the fourth quarter, according to mortgage financier Freddie Mac’s quarterly refinance report.
An overwhelming 97 percent of prime borrowers who originally had conforming ARMs chose a fixed-rate mortgage when they refinanced, up from 85 percent a quarter earlier.
Additionally, 99.7 percent of borrowers Read more
Latest Mortgage Applications Report Shows Increase Driven by Refinances & Low Fixed Rates
Last week, the number of Americans applying for mortgages increased from the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending January 30, mortgage activity increased 8.6 percent from the previous week’s numbers.
The number of refinance applications Read more
Tarp Money Used to Fund 3.5 Percent 30-Year Fixed Loan Program
North Carolina-based Citizens South Bank announced yesterday that it will use the entire $20.5 million in TARP money it received to fund a 30-year fixed loan program with a 3.5 percent start rate.
The loan program will carry a teaser rate of 3.5 percent for the first 24 months, and then adjust into a 30-year fixed-rate mortgage set at 5.5 percent for the remaining duration.
“CPP funds issued as part Read more
Mortgage Market Dominated By Fixed-Rate, Government Loans
It’s all about the vanilla.
The first half of 2008 was dominated by fixed-rate and government-backed mortgages, according to the MBA’s Mortgage Originations Survey released today.
Fixed-rate loans (excluding interest-only loans) accounted for 78.5 percent of the dollar volume of first mortgages during the six-month period, up from 63.6 percent in the second half of 2007.
Meanwhile, the Read more