Mortgage Rates Lowest in Freddie Mac Survey History
Mortgage rates fell this week to the lowest point since mortgage financier Freddie Mac began its weekly interest rate survey in April 1971.
“Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971,” said Frank Nothaft, Freddie Mac chief economist.
“The decline was supported by the Read more
Fannie, Freddie Foreclosure Starts Fall, But Wait
While mortgage delinquencies inevitably continue to rise, foreclosure starts in relation to those figures have fallen, according to the FHFA September Foreclosure Prevention Report released today.
The report, which covers Fannie Mae and Freddie Mac’s 30.7 million residential mortgages, revealed that loans 60+ days delinquent (including those in BK and foreclosure) increased to 2.21 percent of the total portfolio Read more
Uncle Sam Bails Out Freddie & Fannie
Fannie Mae and Freddie Mac sound like an aging aunt and uncle, but these are both “government-sponsored enterprises”. This means that they are privately owned, but receive support from the Federal Governement, and assume some public responsibilities. The recent mortgage crisis and fallout from sub-prime lending has gotten both Freddie & Fannie in dangerous waters and verging on bankrupcy called for the assistance or bail-out to speak Read more