Mortgage loan applications have increased 23% this last week due to record low rates.
Mortgage loan applications have increased 23% this last week due to record low rates.
Orlando, FL (MBNews.org) -- Historic record low have encouraged many homeowners to refinance according to the Mortgage Bankers Association.
We have seen refinancing activity climbed 26.4% just this week week ending January 13, to its highest level since early August, the MBA reported. Meanwhile applications for new mortgages climbed 10.3% week-over-week.
Read more...
Time to buy a house? Home prices have fallen and mortgage interest rates are lower than they have ever been.
Miami (MBNews.org) — Time to buy a house? Home prices have fallen and mortgage interest rates are lower than they have ever been.
A recent report from J.P. Morgan Asset Management, titled “Housing: A time to buy,” written by David Kelly and David Lebovitz, made the case for why a home may be a wise purchase. Read more: Mortgage rates plunge beyond expectations.
Although the U.S. housing market remains extremely depressed, we believe that given current valuations and demographic dynamics, now may be the time to consider an investment in housing,” the report said.
Read more...Goldman, Two Firms Agree on Foreclosure-Signing Practice
Goldman Sachs will compensate some home loan borrowers for wrongful foreclosures under an agreement reached with a New York state banking regulator.
The agreement, which New York financial services superintendent Benjamin Lawsky reached with Goldman [GS 112.16 -4.06 (-3.49%) ] and Ocwen Financial [OCN 13.28 -0.52 (-3.77%) ], contains several measures to strengthen the oversight of foreclosure proceedings.
It also will allow Goldman's planned sale of its Litton Loan Servicing LP unit to continue.
Read more...U.S. asks Bank of America to report back up plans if conditions worsen
The U.S. Federal Housing Finance Agency plans to sue "more than a dozen" major banks for billions of dollars over alleged misrepresentation of mortgage-backed securities sold before the housing bubble burst, the New York Times reported late Thursday.
The U.S. Federal Housing Finance Agency plans to sue "more than a dozen" major banks for billions of dollars over alleged misrepresentation of mortgage-backed securities sold before the housing bubble burst, the New York Times reported late Thursday.
Read more...U.S. asks Bank of America to report back up plans if conditions worsen
U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation.
U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation. Read more...
More Americans at Risk of Foreclosure
The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy’s continued struggles.
The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy’s continued struggles.
The Mortgage Bankers Association said Monday that 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, rose 0.12 percentage point from the January-March period. Read more...
New York AG Kicked Off Foreclosure Probe Panel
Iowa Attorney General Tom Miller said late yesterday that his New York counterpart, Eric Schneiderman, had been removed from the executive committee working on a multistate foreclosure probe – and potential settlement – with U.S. banks.
| U.S. MBA’s Mortgage Applications Index Increased 11% Last Week |
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| Wednesday, 11 March 2009 00:00 | |||
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The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan rose 11 percent to 723.4 in the week ended March 6, from 649.7 the prior week. The group’s refinancing gauge jumped 13 percent and its purchase index gained 7.1 percent. Homeowners are seizing on the opportunity to lower monthly mortgage payments as the jobless rate climbs and financial markets slump. Still, record foreclosures are adding to the glut of properties on the market and depressing property values, indicating sales are likely to slow further as prospective buyers wait for cheaper home prices. “We’re not seeing any underlying pickup in demand for homes,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. Government efforts to stem foreclosures “may help cushion the housing slump, but they won’t yet spur a recovery.” The mortgage bankers’ purchase index increased to 253.3 last week from 236.4 a week earlier. The index reached an eight-year low of 235.9 in the first week of February. The refinancing gauge rose to 3470.7 from 3063.4. The average rate on a 30-year fixed-rate loan slid to 4.96 percent from 5.14 percent the prior week, the report showed. It reached a record-low 4.89 percent in early January. Lower Payments At the current 30-year rate, monthly borrowing costs for each $100,000 of a loan would be about $534, or $89 less than the same week a year earlier, when the rate was 6.36 percent. Today’s report also showed the average rate on a 15-year fixed mortgage decreased to 4.54 percent from 4.73 percent the prior week, while the rate on a one-year adjustable mortgage increased to 6.21 percent from 6.13 percent. The share of applicants seeking to refinance loans jumped to 67.9 percent of total applications last week, from 66.9 percent. President Barack Obama’s administration has pledged $275 billion to keep as many as 9 million borrowers in their homes. Steps include a tax break of up to $8,000 for first-time homebuyers that wouldn’t require repayment. Builders continue to struggle. Hovnanian Enterprises Inc., New Jersey’s largest homebuilder, yesterday reported its 10th consecutive quarterly loss as joblessness grew and prospective buyers waited for bargains. The Washington-based Mortgage Bankers Association’s loan survey, compiled every week since 1990, covers about half of all U.S. retail residential mortgage originations. SOURCE: Bloomberg
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