New Year, Great Mortgage Rates
As a new year dawns, we already have great news to report: Mortgage rates are at historic lows. The news on the economic front may continue to be dismal, but this is actually great news for homebuyers and homeowners looking to refinance.
The big financial headline for the first business day of the year was the release of the ISM Manufacturing index, a key economic indicator.
Numbers released today showed that the performance Read more
Due to Low Mortgage Interest Rates Homeowners Continue to Apply for Mortgages in Record Numbers
Undaunted by the holiday season, consumers continued to apply for mortgages in record numbers last week, according to the latest Weekly Mortgage Applications Survey, released today by The Mortgage Bankers Association (MBA).
The MBA reports that its Market Composite Index, which measures mortgage loan application volume, shows the number of people applying to refinance their mortgage”:/refinance dipped only 0.4 percent while the purchase Read more
Mortgage Applications Up Another 50 Percent
Mortgage application volume surged 48 percent on a seasonally adjusted basis for the week ending December 19, the MBA said today.
On an unadjusted basis, the home loan application index increased 50.2 percent compared to one week earlier, and was up 124.6 percent compared to the same period a year ago.
The exceptional increase was led by a 62.6 percent jump in refinance applications and double-digit gains Read more
Mortgage Re-Default Rates Going from Bad to Worse
The percentage of current and performing mortgages fell from 93.33 percent at the end of the first quarter to 91.47 percent at the end of the third quarter, according to the OCC and OTS Mortgage Metrics report released today.
Meanwhile, efforts to get bad mortgages back on track seem to be failing at a rather high clip, with 55 percent of loans modified in the first quarter 30 days late and nearly 37 percent 60 days Read more
Refinance Share of Mortgage Apps Climbs Above 75 Percent
Refinance loan application volume increased another 6.5 percent last week, boosting its share of total activity to a whopping 76.9 percent from 74.3 percent a week earlier, the MBA said today.
The refinance share of total activity was as low as a third of application volume just a few months ago when interest rates were about two percentage points higher.
While home loan applications increased a marginal Read more
Lower Mortgage Rates Lead to a Bona Fide Refinance Boom
That’s right folks, you read that correctly. Right now, as a result of the lowest 30-year fixed-rate mortgage rates since 1971, we are officially in a refinance boom.
According to Marketwatch.com, “The benchmark 30-year fixed-rate mortgage tumbled to a national average 5.17% this week, the lowest level since Freddie Mac began its weekly rate survey in 1971.”
Good news for the economy. Good news for homeowners Read more
IRS Doing Their Part to Ease Mortgage Crisis
The IRS announced yesterday an expedited process aimed at making it easier for struggling homeowners with federal tax liens to get relief.
Borrowers with tax liens may now request, or have their mortgage lenders request that a tax lien be subordinated behind any existing home loan(s) to facilitate a loan modification, refinance, or sale.
In some cases, taxpayers or their representatives may ask that the Read more
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
Home Builders Wants Mortgage Rates at 2.9 Percent
The chief executive of the National Association of Home Builders reportedly wants a government program launched to lower interest rates on home loans to 2.9 percent, along with an expanded homebuyer tax credit.
With these two initiatives in place, NAHB boss Jerry Howard believes the glut of unsold housing inventory could be off the market in six to 12 months.
He believes 4.5 percent mortgage rates aren’t Read more
Tracker mortgage holders ‘£9bn better off next year’
New research has suggested that homeowners with tracker mortgages could collectively be up to £9 billion better off by next Christmas.
The study by price comparison site Uswitch.com has said that over half a million tracker mortgage customers have taken advantage of the recent Bank of Englandbase rate cuts by overpaying on their mortgages by up to £260 per month.
The site claims that this could reduce the mortgage duration Read more