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.
| Mortgage Rates in U.S. Drop to 5.03%, Freddie Reports |
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| Thursday, 12 March 2009 00:00 | |||
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The rate dropped to 5.03 percent from 5.15 percent a week earlier, Freddie Mac, the McLean, Virginia-based mortgage buyer, said today. It dipped to 4.96 percent the week of Jan. 15, the lowest since Freddie began keeping track. “The move is relatively small,” said Donald Rissmiller, chief economist at New York-based Strategas Research Partners. “It’s not hurting anything, but it’s not a silver bullet.” Record home-loan delinquencies, falling house prices and job losses are cutting demand for new and existing homes in the second year of the U.S. recession. Consumers are worried about job security and the continued decline in home prices that means a house purchased today may be worth less in a few months. The U.S. jobless rate rose to 8.1 percent in February as employers reduced payrolls by 651,000, according to the Labor Department. President Barack Obama and Congress are trying to stem foreclosures and boost housing demand with measures including a tax break of up to $8,000 for first-time homebuyers. The administration has pledged $275 billion to keep as many as 9 million borrowers in their homes. Federal Reserve Plan Mortgage delinquencies increased to a seasonally adjusted 7.88 percent of all loans in the fourth quarter, the highest in records going back to 1972, the Mortgage Bankers Association said last week. Loans in foreclosure rose to 3.30 percent, also an all-time high. The Federal Reserve aims to reduce mortgage rates in part by buying mortgage-backed securities from Fannie Mae, Freddie Mac, and the Federal Home Loan Bank. U.S. mortgage applications climbed last week, led by a rebound in refinancing as borrowing costs dropped. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan rose 11 percent to 723.4. The group’s refinancing gauge jumped 13 percent and its purchase index gained 7.1 percent. The 15-year mortgage rate this week fell to 4.64 percent from 4.72 percent, Freddie Mac said. SOURCE: Bloomberg
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