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After rising above the 5 percent level, Freddie Mac reported that mortgage rates fell again last week. The 30-year fixed-rate mortgage fell to 4.97% for the week ending February 11 from 5.01 percent the previous week. The average for 15-year fixed-rate mortgages was 4.34 percent. The lower interest rates make refinancing an attractive option for homeowners … Continue reading Mortgage Rates Fall Again Fitch Ratings reported yesterday that the delinquency rate for prime jumbo mortgages increased to 9.6 percent in January from 9.2 percent in December. The term “jumbo mortgage” applies to mortgages with a loan amount that is higher than what government-sponsored mortgage companies like Fannie Mae and Freddie Mac can finance. The “conforming” loan limit ranges from … Continue reading Delinquency Rate For Prime Jumbo Mortgages Rises To Nearly 10 Percent A recent article in the Washington Post suggests that the Federal Reserve may consider restarting its program for purchasing mortgage-backed securities if the economy does not show signs of recovery. With the $1.25 trillion program scheduled to end in March, speculation over the fate of the mortgage industry and housing market remains high. In two interviews … Continue reading Should The Federal Reserve Continue Its Purchase Program for Mortgage-Backed Securities? The expectation of rising interest rates seems to have pushed up mortgage applications over the last week. The Mortgage Bankers Association reported yesterday that the mortgage application index rose by 21 percent for the week ending January 29 from 513 to 620.7. With the Federal Reserve announcing last week that its plan to stop purchasing mortgage-backed … Continue reading Mortgage Applications, Refinancing Rise Sharply Over Past Week According to the Mortgage Bankers Association (MBA), the number of mortgage applications in the U.S. declined for the first time in four weeks. The MBA’s index of applications fell by 11 percent for the week ended January 22, from 575.9 to 513. Despite the low interest rates, refinancing activity dropped with the index of refinancing applications … Continue reading Mortgage Applications Decline Over Previous Week Mortgage Backed Securities are mixed today but still in positive territory. RATES are ON FIRE today. Take a look and take advantage of them while you can. We’re still right at resistance and the market can go either way and fast. The FOMC announcement is in 60 minutes. Earlier this morning the Commerce Department reported that … Continue reading Affordable Financial Services’ Mortgage Market Report See how this week shapes up below: MON: Existing Home Sales TUES: Case Schiller Index / Consumer Confidence WED: Crude Inventories / New Home Sales / FOMC Meeting On Rates THURS: Jobless Claims / Durable Goods Orders FRI: GDP / Chicago PMI Last Week- Another decent week for the bond and mortgage markets, the benchmark 10 yr treasury yield fell 8 basis points to its … Continue reading Affordable Financial Services’ Weekly Finance Review The $75 billion Home Affordable Modification Program (HAMP) started in March 2009 to help homeowners prevent foreclosures by providing financial incentives to mortgage companies and investors for modifying home loans. Since then, approximately 66,000 homeowner mortgages have been permanently modified under the program, while 46,000 modifications are underway. The program is still a long way from … Continue reading A Review Of The Home Affordable Modification Program One of the main reasons for the reported failure of the government’s mortgage modification plan is something as simple (or complicated) as paperwork. Now a new set of rules, added under the Real Estate Settlement Procedures Act, which went into effect on January 1, addresses the issue of paperwork. Mortgage lenders are now required to use … Continue reading Simplified Paperwork May Help Mortgage Borrowers The bond and mortgage markets opened better this morning as the choppy trade remains intact with not much actual change in rates this week so far. At 8:00 the 10 yr +7/32, mtgs +3/32 and the DJIA futures -30; at 9:00 the 10 yr note +13/32 at 3.69%, breaking under 3.70%, … Continue reading Affordable Financial Services Mortgage Market Report |
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