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.
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Mortgage rates remained flat last week, as President Obama unveiled a $75 billion plan to help prevent foreclosures. The average 30-year fixed mortgage stayed constant at 5.41% for the week ended March 4, according to Bankrate.com. The average jumbo 30-year fixed rate reached the lowest level in nearly two years, slipping to 6.77% from 6.87%. The average 15-year fixed rate mortgage ticked up to 4.94% from 4.93%. Adjustable-rate mortgages fell, with the 1-year ARM pulling back to 5.43 from 5.58%; the 5/1 adjustable-rate mortgage decreasing to 5.39% from 5.40%. Mortgage rates are continuing their sideways movement, though they may tilt higher as long-term concern grows regarding how the government will manage its growing budget deficit, according to Weiss Research analyst Mike Larson. "Mortgage rates are moving sideways with an upward bias. There are some concerns for how we'll pay for the stimulus and everything else. And despite the dismal economic news the market is getting, there's some concern about supply overshadowing that, and that's impacting bond prices," Larson said. President Obama's $75 billion foreclosure prevention program went into effect Wednesday. The Homeowner Affordability and Stability Plan will help more homeowners refinance into new, low-interest rates and it provides incentives to lenders and servicers to restructure mortgages. Mortgage rates have dropped, along with stock prices and economic activity, within the past six months. In September, the average 30-year fixed mortgage rate was 6.55%, meaning a $200,000 loan would have carried a monthly payment of $1,270.72, according to Bankrate.com. With the average rate now at 5.41%, the monthly payment for the same size loan would be $1,124.31, a savings of $146 per month. Bankrate.com's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. SOURCE: CNN
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