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Remember the old commercials urging people to turn their home equity into cash for new cars, vacations and other luxuries? Well, people are still cashing out, but for a different reason: to decrease the size of their home loan. MarketWatch reported today that “cash-in refinancing” is the new trend in which borrowers tap their home equity … Continue reading Homeowners Use Cash-in Refinancing to Pay Down Mortgages The Associated Press reported today that there was an increase in the number of applications for home loans last week as people sought to take advantage of the ever-decreasing interest rates. But the people jumping on the low-interest rate bandwagon aren’t those looking to buy a home; it’s those who already own a home. Data from … Continue reading Mortgage Applications Rise, But — Still — No Buyers The Associated Press reported today that the average rate for a 30-year mortgage has climbed to 5.3%. While this may be good news for those who put their homes on the market, those seeking to obtain a low-interest mortgage to buy a home may have a difficult time achieving “the American dream.” The jump in mortgage … Continue reading Rising Mortgage Rates May Impact Housing Market, Economy
The Wall Street Journal reported today that risk premiums on mortgage-backed securities sold by Fannie Mae, Freddie Mac and Ginnie Mae widened by 0.4 of a percentage point since the Federal Reserve completed its $1.25 trillion purchase of mortgage-backed securities on Wednesday. Over the past week, risk premiums on securities widened by 0.13 of a percentage … Continue reading A Buyer’s Market For Mortgage-Backed Securities 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 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 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 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 After falling last week, Freddie Mac reported today that mortgage rates fell again for the week ending January 14. Interest rates on 30-year fixed-rate mortgages fell to 5.06%, a decline from 5.09% last week. This is still higher than the average of 4.96% last year. The average rates on 15-year fixed-rate mortgages fell to 4.45%, compared … Continue reading Good Time To Refinance As Mortgage Rates Fall Again |
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