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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 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 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 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 |
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