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As of October 4, the Federal Housing Administration will raise insurance fees on many of the mortgages they back, according to an article in today’s Newsday. The reason for the hike, the FHA says, is to offset the loss of funds as the result of the recent foreclosure crisis. FHA loans are generally used by first-time … Continue reading FHA Set to Hike Insurance Fees While the 30-year mortgage rate increased, the rate for the 15-year mortgage went down to a record low. The Wall Street Journal reported that the 30-year rose slightly from 4.78% last week to 4.79% for the week ending June 3. Meanwhile, the 15-year rate dropped from 4.21% last week to 4.2% this week — the … Continue reading Affordable Financial Services Weekly Finance Review Bloomberg BusinessWeek reported yesterday that mortgage applications have risen for the second week in a row. This increase could be attributed to gains in refinancing, cushioning a drop in purchases after the federal tax credit expired on April 30. According to the article, the Mortgage Bankers Association’s (MBA) index increased 0.9 percent in the week ending … Continue reading Mortgage Applications Increased 0.9% Last Week 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? 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 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 A recent article in the New York Times discusses the new phenomenon of voluntary defaults on mortgages. While it has always been common for homeowners who could not afford to pay to default on their mortgages, the economic crisis has given rise to a new trend of people who voluntarily choose not to pay. Despite programs … Continue reading Walking Away From Your Home Launched in February 2009, the government’s $75 billion Making Home Affordable Program was started with the mission of strengthening the housing market and the economy. The program offers refinancing and loan modification options to eligible homeowners, helping them stay in their homes. The loan modification option is covered by the Home Affordable Modification Program (HAMP) … Continue reading Affordable Financial Services’ Guide To The Home Affordable Refinance Program (HARP) After rising continuously for five weeks, mortgage rates dropped, though they still remain above the 5% level. According to Freddie Mac’s weekly survey of mortgage rates, 30-year fixed-rate mortgage rates fell to 5.09% for the week ending January 7, 2010 from 5.14% the previous week. The rates on 15-year fixed-rate mortgages declined from 4.54% to … Continue reading Mortgage Rates Fall After a Five-Week Rise NJ NY PA and CT Properties Only! Purchase or Refinance Equity Based Loans, Stated Income or Continue reading Stated Income & No Income Check Loans Are Still Available With Affordable Financial Services |
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