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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 Housing Wire recently reported that mortgage applications to lenders fell 2.3% for the week ending December 10, marking the third straight week of declines. According to the Mortgage Bankers Association, the refinance index also declined for the fifth consecutive week by 0.7%. However, the refinancing share of the mortgage activity grew to 76.7% of total applications, … Continue reading Mortgage Applications Decline by 2.3% MarketWatch recently reported that the Mortgage Bankers Association is predicting that — barring any “blockbuster” announcement from the Federal Reserve next month — mortgage rates will come out of their record lows, reaching above 5% by 2011. The MBA predicts that rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, … Continue reading MBA: Mortgage Rates Will Rise Above 5% in 2011 The Associated Press reported today that the Obama administration is looking to make it easier for consumers who wish to take out a home mortgage. Last week, Obama advisor Elizabeth Warren and Treasury Secretary Timothy Geithner said the administration would quickly implement a number of consumer protections that are part of the sweeping overhaul of the … Continue reading Government Seeks to Simplify Mortgage Process The National Association of Realtors recently reported that existing home sales in August were up 7.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.13 million units in August, compared to the upwardly revised figure of 3.84 million units in July. However, last month’s figures were off by 19%, compared to … Continue reading Affordable Financial Services Weekly Finance Review With mortgage rates at record lows, some homeowners are still not taking advantage of them, but through no fault of their own. Today’s CNNMoney article reports how the new lending requirements are turning away borrowers who, under the old lending rules, would have been eligible for a loan. Last week, mortgage rates fell for the eighth … Continue reading Some Homeowners Unable to Take Advantage of Record-Low Interest Rates Never did we see a more important dichotomy in the releases on the state of real estate in the past week. First, Standard and Poor’s released a report that stated it will take three years to clear the shadow inventory from the markets, though this number will vary widely based upon location. Three years of … Continue reading Affordable Financial Services Weekly Finance Review 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 |
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