Home Equity Delinquencies Hit New Record High
It’s not just mortgage rates that are setting records; delinquencies are also climbing to levels never seen before.
The latest bad news comes from the American Bankers Association’s Consumer Credit Delinquency Bulletin, which revealed that delinquencies increased in nearly all consumer loan categories.
Home equity loan delinquencies, largely second mortgages, rose 40 basis points to 3.03 percent Read more
Mortgage Applications Surge as 30-Year Hits Record Low
Mortgage application volume surged during the week ending March 20 as the Fed made a pledge to buy up more mortgage-backed securities and treasuries, sending rates sharply lower, the MBA said today.
Home loans apps jumped 32.2 percent on a seasonally adjusted basis compared to one week earlier, 31.4 percent unadjusted, and were up 18 percent compared to the same week a year ago.
It was all about the refinances, Read more
Record Low Mortgage Rates Look to Fall Further
Mortgage rates, already at record lows, look to fall even more thanks to the Fed’s move to buy up more mortgage-backed securities and treasuries.
The 30-year fixed-rate mortgage averaged 4.98 percent for the week ending March 19, down from 5.03 percent a week earlier and 5.87 percent a year ago, according to mortgage financier Freddie Mac.
The 15-year fixed slipped to 4.61 percent from 4.64 percent a Read more
Hope Now Has Record Month, But Re-Default Rate High
Foreclosure prevention alliance Hope Now completed 123,000 loan modifications and 125,000 repayment plans in January, a slight increase from the 239,000 workouts in December.
It was the largest number of loan modifications in a single month since the program began in July 2007, while repayment plans matched a record high previously seen in October 2008.
“In the midst of this ever-changing and extremely Read more
Mortgage Rates Heading Back Toward Record Lows
Mortgage rates slipped lower for the second straight week, according to the latest survey from mortgage financier Freddie Mac.
The ever-popular 30-year fixed averaged 5.04 percent during the week ending February 19, down from 5.16 percent a week earlier and 6.04 percent a year ago.
“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, 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
Hope Now Touts Record Results, But Does It Matter?
Foreclosure prevention group Hope Now announced today it prevented 208,000 foreclosures in November and 651,000 over the past three months, the highest three-month total since it began collecting data in July 2007.
So-called “foreclosure preventions,” otherwise known as loan workouts, actually slipped from 225,000 in October, but Hope Now attributed that to five fewer working days during the month.