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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 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 Affordable Financial Services is reminding everyone that April is Credit Scores Education Month. Those who are looking to apply for a mortgage should check their credit score, as the federal government has tightened its lending requirements. Credit Scores Education Month is a month-long campaign sponsored by the Consumer Bankers Foundation and the Leadership Conference on Civil … Continue reading April is Credit Scores Education Month Housing Watch reported today that applications for mortgages from the Federal Housing Administration (FHA) increased last week as applicants rushed to fill out the paperwork before the new FHA requirements took effect on October 4. According to data from the Mortgage Bankers Association, the seasonally adjusted Purchase Index rose 9.3% from the previous week to its … Continue reading FHA Mortgage Application Numbers Bounce Back 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 The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that could … Continue reading Feds Launch Broader Mortgage Aid Program Mortgage rates are at record lows, the Wall Street Journal reported today. Interest on 30-year fixed loans fell from 4.54% last week to 4.49% this week. This week’s 15-year mortgage rate is 3.95%, down from 4% last week. Five-year adjustable-rate mortgages are at a new low of 3.63%, compared to 3.76% a week ago. One-year … Continue reading Affordable Financial Services Weekly Finance Review The Mortgage Bankers Association reported today that applications to purchase homes were up 1.5% last week compared to the previous week. This slight uptick could be attributed to the increasing volume of government loans and remarkably low mortgage rates. The unadjusted purchase index also rose by the same percentage, according to the MBA. Compared to four … Continue reading Mortgage Applications Rise 1.5% Yesterday, the Federal Housing Administration (FHA) announced tighter lending requirements on loans insured by them. This is an attempt by the FHA to keep its cash reserves above the Congress-mandated levels, which have fallen recently due to rising mortgage defaults. This change in the FHA’s lending requirements is expected to lead to an increase in mortgage … Continue reading FHA Announces Changes In Mortgage Lending Requirements |
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