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Bloomberg Business Week reported today that mortgage applications rose by 1.3% on the week ending March 26, according to the Mortgage Bankers Association (MBA). This may result in a boost in the housing market as applicants scramble to beat the April 30 deadline to sign a contract on a home and qualify for the homebuyers’ … Continue reading Rise in Mortgage Applications May Boost Home Sales The U.S. Commerce Department recently reported that sales of new homes have fallen 2.2 percent from the previous month to 308,000 and 13 percent below the February 2009 figure of 354,000, making last month’s figure the lowest on record dating back to 1963. This also marked the fourth consecutive month that new home sales declined. … Continue reading February New Home Sales Hit New Low The Associated Press reported this week that the government’s mortgage relief plan has helped only 16% of borrowers who signed up since the plan’s launch last year. According to the Treasury, till last month, 170,000 homeowners had completed their applications and undergone permanent loan modifications, out of the 1.1 million homeowners who enrolled in the … Continue reading Under Government’s Mortgage Plan, 16% of Borrowers Received Aid After last week’s decline, mortgage rates fell again this week, continuing to remain below 5%, according to Freddie Mac’s weekly survey. This week’s 30-year fixed-rate mortgage rate averaged at 4.95%, slightly lower than the average rate of 4.97% the previous week and lower than the average rate of 5.03% last year. The 15-year fixed rate mortgage … Continue reading Mortgage Rates Fall For Second Week A survey conducted by the National Association of Business Economists found that a 42% of business economists expect the Federal Reserve to increase interest rates by between a quarter and a half percentage point within the next six months. The Federal Reserve is expected to end its $1.25 trillion purchase program of mortgage-backed securities by the … Continue reading Economists Predict Interest Rates Will Rise in Six Months Beginning April 5, the government plans to launch a new program that will allow homeowners to sell their homes for less than they owe and pay them to help cushion the loss. So far, the government’s Making Home Affordable Program focused on helping homeowners keep their homes and prevent foreclosure through loan modifications or refinancing. However, … Continue reading New Program Will Help Homeowners Make a Short Sale Mortgage rates fell again this week, according to Freddie Mac’s weekly national survey. The average rate on 30-year fixed mortgages fell to 4.97% from 5.05%. The average rate on 15-year fixed mortgages declined from 4.4% to 4.33%. Adjustable rate mortgages (ARM) were also lower this week, with the average 3-year ARM falling to 4.43% while … Continue reading Affordable Financial Services Mortgage Report The government announced yesterday that it would be extending its Home Affordable Refinance Program (HARP) that was scheduled to end on June 10 this year. The program, which was started to help troubled borrowers with little or no equity in their homes, will now continue till June 30, 2011. HARP initially had a goal of helping … Continue reading Government Extends Home Affordable Refinance Program |
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