Owner: Mortgage Rate Blog - US Mortgage Rates URL:http://www.usmortgagerates.com/blog/index.php Join Date: Fri, 04 Apr 2008 03:21:52 -0500 Rating:0 Site Description: Mortgage calculators to help you calculate mortgage payment, how much you can afford, paying your mortgage early, and more. 10 Mortgage calculators. Site statistics:Click here
The Mortgage Bill on the Table 2008-03-31 13:31:55 A fairly thorough plan to help homeowners with mortgage payments and that stops the subprime lending crisis appears to be close to finalization by state lawmakers.
Created by Banks Committee co-chairmen Sen. Bob Duff of Norwalk and Rep. Ryan Barry of Manchester, some points of the bill that definitely need to be addressed are still under [...] Read more:Mortgage
, Table
Mortgage Rates Drop Slightly 2008-03-28 13:14:48 Freddie Mac reported a small drop in the interest rates on 30-year, fixed-rate mortgages this week. However, the other mortgage rates saw a rise again.
Averaging 5.85% for the week, 30-year, fixed-rate mortgages were down from last week’s 5.87%. The 15-year, fixed-rate mortgage was up though to 5.34% from 5.27% last week.
Frank Nothaft, Freddie Mac’s chief [...] Read more:Mortgage
, Rates
, Mortgage Rates
Freddie Mac Reports Reduction in Portfolio 2008-03-26 13:02:43 Freddie Mac reported on Tuesday that its mortgage investment portfolio has been reduced for the second month in a row in February by an annualized 12.4% to $709.5 billion. The company has also reported the highest amount of delinquencies in 3 years. Freddie Mac experienced a rise of 0.71% in mortgage delinquencies in January according [...] Read more:Freddie
, Portfolio
Mortgage Points Up 2008-03-24 13:08:03 Mortgage rate points refer to interest paid upfront on a mortgage in a lump sum. The reason people do this is to get a lower rate on a fixed-rate mortgage. Traditionally each point costs 1% of the total mortgage amount.
On Monday, the average rate on on 30-year mortgages with no upfront points was up 3/8 [...] Read more:Mortgage
, Points
Mortgage Rates Drop 2008-03-21 12:26:47 According to a report released by Freddie Mac mortgage rates dropped for the first time in over a month this week. 30-year fixed-rate mortgages were down to 5.87% from 6.13% last week. 15-year fixed-rate mortgages also fell to 5.27% from 5.60%.
Frank Nothaft, chief economist at Freddie Mac, had this to say regarding the drop, “Mortgage
[...] Read more:Rates
, Mortgage Rates
Federal Rate Cuts Not Helping 2008-03-18 19:24:01 Although The Federal
Reserve has continuously cut interest rates since August, interest rates on mortgages continue to rise. The cuts that are being made affect the price banks pay for short-term loans, which isn’t the money mortgage companies use to make mortgage loans. Mortgage companies borrow the money they lend from investors. The interest rate [...] Read more:Helping
Bear Stearns Selling At Any Price? 2008-03-16 19:15:17 The Bear Stearns
Companies, Inc. is the parent company of the 5th largest U.S. investment bank and securities trading and brokerage firm, Bear, Stearns & Co., Inc. Last Sunday Bear Stearns
had a choice to either sell at any price or declare bankruptcy. The company chose to sell at any price.
The U.S. government stepped in [...]
Mortgage Rates Rise Again 2008-03-14 11:52:40 30-year, fixed-rate mortgages were at 6.13%, up from 6.03% las week according to a Freddie Mac report. 15-year, fixed-rate mortgages were also up to 5.60% from 5.47% a week ago.
Frank Nothaft, Freddie Mac vice president and chief economist said, Average mortgage rates were up for all loan products reported. However, for the first 11 weeks [...] Read more:Mortgage
, Rates
, Mortgage Rates
, Again
Mortgage Applications Dip 2008-03-12 14:52:28 Mortgage applications have dropped again as interest rates rose to their highest level since last October according to an industry group.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which consists of both purchase and refinance loans, for the week ended March 7 fell 1.9% to 671.7.
The MBA’s seasonally adjusted purchase index [...] Read more:Mortgage
, Applications
Inflation Concerns May Limit Rate Cuts 2008-03-10 14:42:05 The worsening inflation picture is causing some Federal Reserve officials to rethink the size of future interest rate cuts.
When the Federal Open Market Committee meets on March 18 it is believed that some will argue to reduce the lending rate target by only a quarter point, rather than the half point that is expected.
The central [...] Read more:Inflation
, Limit
Mortgage Rates See a Slight Rise 2008-04-04 17:39:12 Freddie Mac reported yesterday that the averages on 30-year, fixed-rate mortgages were up slightly to 5.88% from last week’s 5.85%. 15-yea, fixed-rate mortgages also saw a gain, moving from 5.34% last week to 5.42% this week.
Frank Nothaft, Freddie Mac’s chief economist, said, “While prime, conforming rates still remain at historically low levels, long-term mortgage rates [...] Read more:Mortgage
, Rates
, Slight
, Mortgage Rates
Mortgage Applications Drop 2008-04-02 17:26:36 The Mortgage
Bankers Association said its seasonally adjusted index of mortgage applications fell 28.7% to 688.3 for the week ending March 28. This index includes both new purchase and refinance loans. Industry groups believe this is a reflection in the drop of demand for home refinancing.
The previous week though showed a gain of 48.1%. This [...] Read more:Applications
$50 Billion Auctioned by Fed 2008-04-07 12:54:21 In another effort to fight the effects of a sever credit squeeze, the Federal Reserve announced that it had auctioned an additional $50 billion to cash-strapped banks. At the same time the international Monetary Fund cautioned that further actions need to be taken to prevent more problems.
This auction is the ninth since last December, totally [...]
Don’t “Walkaway” From Your Home Loan 2008-04-14 14:16:45 A recent trend known as the “walkaway” trend, where homeowners simply stop making payments and then send the house keys back to the lender, has drawn a warning from Fannie Mae, one of the largest sources of mortgage lending in the U.S.
Fannie Mae sent out new guidelines at the end of March that addresses foreclosure [...]
Mortgage Rates Stay the Same 2008-04-11 14:08:23 According to Freddie Mac, the rates on 30-year, fixed-rate mortgages went unchanged last week, averaging 5.88%. Additionally, 15-year, fixed-rate mortgages stayed the same at 5.42%.
However, five-year, adjustable rates fell from 5.59% to 5.56% last week. And one-year, adjustable-rate mortgages dropped a little, down from 5.19% to 5.18% last week.
Frank Nothaft, Freddie Mac vice president and [...] Read more:Mortgage
, Rates
, Mortgage Rates
Fed Urged to Take More Action 2008-04-09 10:59:56 Many community groups, including the California Reinvestment Coalition, have sent a letter to the Federal Reserve, requesting stronger rules that prevent mortgage lenders from selling homes that are too expensive to families. The letter asks for the Fed to strengthen their proposed rules through a number of ways. One is by prohibiting outright prepayment penalties [...] Read more:Action
Mortgage Rates Steady for Second Week in a Row 2008-04-18 13:06:22 Freddie Mac reported that 30-year, fixed-rate mortgage rates stayed the same this week at 5.88%, which is where they’ve been for the past 3 weeks.
Other rates, however, dropped a little bit this week. The 15-year, fixed-rate mortgages were at 5.40% from 5.42% last week. One-year, adjustable-rate mortgages dropped to 5.10% from 5.18% last week. And [...] Read more:Mortgage
, Rates
, Second
, Mortgage Rates
More Mortgage Resets Likely Mean More Foreclosures 2008-04-16 12:51:08 While many mortgage holders have already experienced the inability to pay higher monthly mortgages due to adjustable-rate loans resetting, it appears many more are still to come. Many companies are estimating that the peak of resets will happen around May and June which will cause a large number of homeowners to default and/or foreclose on [...] Read more:Mortgage
, Foreclosures
England Feels Mortgage Pressure, Too 2008-04-23 13:09:09 The Bank of England
has also released a plan to help British homeowners facing difficulties due to credit costs. The Chancellor of Exchequer, Alistair Darling, announced that the plan would swap government bonds for mortgage backed securities.
Darling said in an interview that this move would, “unfreeze the situation we’ve got at the moment. What the [...] Read more:Feels
, Mortgage
, Pressure
Freddie Mac Purchasing Jumbo Conforming Loans 2008-04-21 13:00:21 Freddie Mac has announced that it will begin purchasing jumbo conforming loans, which can be up to $729,750, as part of the Economic Stimulus Act. The Act temporarily raises Freddie Mac’s conforming loan limit from $417,00. However, the purchases will be limited to 224 high cost markets where the median home prices are higher than [...] Read more:Freddie
, Purchasing
, Jumbo
, Loans
High Resets Not the Only Reason For Foreclosure 2008-04-28 12:12:55 The interest rate cuts made by the Federal Reserve over the past months have helped keep adjustable-rate mortgage increases modest, but it may not be all the housing market need.
Although the loans are adjusting by only 1% on average, loan defaults and foreclosures are still rising. Many industry experts believe this is because of falling [...] Read more:Reason
, Foreclosure
Mortgage Rates Rise 2008-04-25 11:41:33 According to Freddie Mac, inflation fears is the reason for mortgage rates rising this week after staying virtually the same for the past three.
30-year, fixed-rate mortgages jumped to 6.03% from 5.88% last week. 15-year, fixed rate mortgages were also up to 5.62% from 5.40% last week according to Freddie Mac.
Frank Nothaft, Freddie Mac vice president [...] Read more:Mortgage
, Rates
, Mortgage Rates
Mortgage Industry Trends Analysis 2008-04-30 14:53:31 Transunion.com released their analysis of trends in the fourth quarter for the mortgage industry recently. The report, the third in an ongoing series, said that the national average of mortgage debt per borrower fell from the previous quarter by almost 4%, with only 2 states showing an increase - Hawaii and Alaska. On the other [...] Read more:Mortgage
, Trends
, Analysis
Mortgage Rates Fall Slightly 2008-05-09 18:56:49 Even though rates on 30-year, fixed-rate mortgages dropped slightly this week they are still above 6% for the third week in a row. Freddie Mac reported Thursday that the 30-year rate was down to 6.05% from 6.06% the week before.
Frank Nothaft, chief economist at Freddie Mac said, “The housing market is still struggling amid falling [...] Read more:Mortgage
, Rates
, Mortgage Rates
A New Mortgage Rate Calculation? 2008-05-06 18:44:34 Due to the recent housing crisis foreclosures are estimated to reach 2 million by the end of next year. And that is causing bankers to rethink the way they set mortgage rates.
Previously there was a great divide of people that had a credit score of 600 or better and those that did not, but now [...] Read more:Mortgage
Short Sales of Homes 2008-05-19 12:13:30 Although short sales share the same name in the stock market they aren’t similar in real estate. The term in real estate refers to a transaction where a homeowner sells a home to a buyer for less than the amount owed on a mortgage. Then the bank or other lender may accept the shorted proceeds [...] Read more:Short
, Sales
, Homes
, Short Sales
Mortgage Rates Drop for Second Week 2008-05-16 11:43:31 According to a report released on Thursday by mortgage giant Freddie Mac, mortgage rates are down for the second week in a row. 30-year, fixed-rate mortgages are down to 6.01% from 6.05% last week. Five-year, adjustable-rate mortgages fell to 5.57% from 5.67%. Finally, one-year, adjustable-rate mortgages also dropped from 5.29% to 5.18%.
Meanwhile 15-year, fixed-rate mortgages [...] Read more:Mortgage
, Rates
, Second
, Mortgage Rates
Jumbo Mortgages Getting Less Expensive 2008-05-13 11:38:09 Jumbo-conforming mortgages were created by Congress to make homes in high priced areas more affordable. The people living in those areas may be breathing sighs of relief as those rates are beginning to drop. Many lenders cut their rates by 1/2% point late last week on the jumbo-conforming loans (loans that can be guaranteed by [...] Read more:Jumbo
Mortgage Rates Down for Third Week 2008-05-22 22:38:37 According to Freddie Mac’s survey released on Thursday, 30-year, fixed-rate mortgages are down again for the third week in a row. They have fallen from 6.01% to 5.98%. 15-year, fixed-rate mortgages are also down from 5.60% to 5.55%.
Adjustable-rate mortgage, however, were on the rise. 5-year ARMs were at 5.61%, up from 5.57% last week. One-year [...] Read more:Mortgage
, Rates
, Mortgage Rates
First Direct Back in the Game 2008-05-20 22:31:41 HSBC owned, online and telephone lender FirstDirect
has announced that they will begin offering mortgages to borrowers again on Monday. The company had withdrawn from the market six weeks ago because of high demand.
The reason for the suspension of First Direct’s mortgage offers to borrowers without existing accounts at the beginning of April was [...]
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