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The housing market may be impacted by the possibility of a government shutdown. The Wall Street Journal reported on April 7 that Housing and Urban Development Secretary Shaun Donovan told Senate lawmakers that he is “very concerned” that if the government shuts down as a result of lawmakers failing to reach an agreement on a … Continue reading Affordable Financial Services’ Weekly Finance Review 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 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 The Wall Street Journal reported yesterday that the U.S. Treasury may introduce new guidelines for mortgage lenders to give distressed borrowers more time to try and qualify for the Home Affordable Modification Program (HAMP). Among other proposed changes, loan servicers would have to give borrowers 30 days to respond after they are denied a loan modification … Continue reading Treasury May Introduce New Guidelines For Mortgage Lenders Under HAMP Recent reports indicate that the number of homeowners falling behind on their mortgage payments have declined slightly over last year. In its quarterly delinquency report, the Mortgage Bankers Association found that mortgage holders who were 30 days delinquent declined to 3.6% of all borrowers in the fourth quarter from 3.8% in the third quarter and … Continue reading Number of Homeowners Defaulting On Mortgages Declined Slightly Mortgage applications declined again last week, according to the Mortgage Bankers Association (MBA). The MBA’s index declined by 2.1% in the week ending February 12. The decline was the result of a fall in demand for home purchases and refinancing. The MBA’s purchase and refinance gauge fell by 4% and 1.2% respectively. Many experts believe the … Continue reading Affordable Financial Services’ Weekly Mortgage Report According to a recent report by Mortgage Daily, a national mortgage industry news publication, employment in the mortgage industry expanded in 2009, after over 100,000 jobs were lost over the last three years. During 2009, net mortgage employment increased by 8,321 jobs, showing a marked increase from 2007 and 2008 when the industry lost 36,766 jobs … Continue reading U.S. Mortgage Industry Grew In 2009 |
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