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The Wall Street Journal recently reported on the recent fall of mortgage rates. According to Freddie Mac’s weekly survey of mortgage rates, this week saw a decline in mortgage rates with the average rate on a 30-year fixed-rate mortgages dropping to 4.80% the week of April 21, compared to 4.91% the week before. A 15-year … Continue reading Affordable Financial Services’ Weekly Finance Review Data released by RealtyTrac on April 14 showed that the number of foreclosures in the first quarter of 2011 was lower than what it was during the same quarter in 2010. More than 681,000 homes received a foreclosure filing in Q1 2011, a 27% decrease. That same quarter, 215,046 borrowers lost their homes, which is … Continue reading Affordable Financial Services’ Weekly Finance Review Bankrate.com reported on March 31 that home equity rates fell slightly from 7% last week to 6.99% this week, based on a survey it conducted with large banks and thrifts. Meanwhile, the typical home equity line of credit (HELOC) averaged 5.57%, a gain of one basis point from the previous week. (One basis point is … Continue reading Affordable Financial Services’ Weekly Finance Review 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 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 A “short sale” is an oxymoron because of the lengthy process involved in closing the sale, but with new federal guidelines in place, the financial institutions and servicing companies will have more of an incentive to make a short sale, therefore, fewer homeowners will face foreclosure and short sale transactions will be completed in a … Continue reading Changes in Short Sales Process Will Help Prevent Foreclosures According to the latest figures released by the Mortgage Bankers Association (MBA), applications for mortgages rose slightly last week by a seasonally adjusted rate of 0.3% over last week. The MBA survey covers nearly 50% of all U.S. residential mortgage applications and gives an overview of the mortgage lending activity among mortgage bankers, commercial banks and … Continue reading Mortgage Applications Rise Slightly Over Previous Week As banks continue to seize more and more properties from defaulting borrowers, the number of vacant properties in the U.S. has now gone up to 18.8 million. Despite the low prices and availability of large number of homes in the market, buying a foreclosed property can often be difficult for buyers as the home may … Continue reading A Homebuyer’s Guide to The 203(k) Loan Program On November 6, 2009, President Obama signed a bill into law that extends the $8,000 first-time homebuyers tax credit program, initially scheduled to end in Novmeber, to April 2010. The expanded tax credit is part of a legislation that extends unemployment benefits by at least 14 weeks in 50 states. Besides extending the tax credit for … Continue reading New Bill Signed Into Law Extends and Revises Homebuyer Tax Credit |
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