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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 For the second consecutive week, mortgage applications have dropped, Reuters reported today. The Mortgage Bankers Association said that, despite rock-bottom interest rates, mortgage applications for both home purchases and refinancing decreased 8.9% for the week ending September 10. The MBA’s seasonally adjusted index of refinancing applications decreased 10.8% the same week, its lowest level since the … Continue reading Mortgage Applications Fall Again Despite mortgage rates falling to their lowest levels in decades, applications for home loans remained stagnant, the Associated Press reported today. The Mortgage Bankers Association says that overall applications rose 0.6% from the previous week, according to the AP. Applications for refinancing and home purchases increased by seasonally adjusted rates of 0.6% and 0.3%, respectively. The … Continue reading Record-Low Interest Rates Do Nothing for Mortgage Applications The Associated Press recently reported that more people are dropping out of the Obama administration’s loan modification program — a sign, experts say, that foreclosures will rise and cause further damage to an already weakened housing market. The Treasury Department says that, of the 1.3 million homeowners who enrolled in the program since March 2009, 530,000 … Continue reading More Homeowners Leaving Government Loan Program In a report released by the Mortgage Bankers Association (MBA), mortgage applications in the U.S. declined over the last week, even as the National Association of Realtors reported strong sales of existing homes during November, in a report released yesterday. The MBA’s survey, which covers about 50% of all U.S. retail residential mortgage applications, found that … Continue reading Mortgage Applications Declined Over Last Week Even As Housing Market Showed Improvement During November Brian Leibowitz, CEO of Affordable Financial Services, answers a few questions on current trends in the mortgage industry. What do you think is the reason for the recent rise in mortgage applications? Low interest rates have been the major catalyst in motivating homeowners to attempt to refinance. But due to recent cutbacks in major lending institutions, loan … Continue reading Quick Q&A with Brian Leibowitz, CEO, Affordable Financial Services |
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