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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 Reuters reported today that Fannie Mae’s gross mortgage portfolio grew 6.3% in June over the previous month. Last month, the government-owned lender’s portfolio grew by $4.1 billion to $817.8 billion, which has gone up 12.1% since the beginning of the year. The portfolio growth could be attributed to a drop in May’s mortgage delinquency rate. … Continue reading Affordable Financial Services Weekly Finance Review 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 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 Treasury prices rose after lower-than-expected existing home sales, MarketWatch reported today. According to MarketWatch, yields on 10-year notes, which move inversely to prices, fell 3 basis points to 3.22%. These findings come after today’s report from the National Association of Realtors showed existing-home sales for May unexpectedly fell 2.2% to an annual rate of 5.66 … Continue reading Treasurys React to Existing Home Sales Data Bloomberg BusinessWeek reported today that it could cost U.S. taxpayers between $160 billion and $1 trillion to fix government-owned mortgage companies Fannie Mae and Freddie Mac — even after receiving $145 billion in bailout money from the government. That amount, according to the article, is greater than the bailouts granted to American International Group Inc., … Continue reading Fixing Fannie and Freddie Could Have $1 Trillion Price Tag April was one of the cruelest months for homeowners seeking aid from the federal government to pay their mortgages. The Washington Post reported yesterday that 280,000 borrowers — or 20% of homeowners — were dropped from the Making Home Affordable program, raising questions about the effectiveness of stemming the tide of foreclosures. Treasury data showed that … Continue reading 1 in 5 Homeowners Dropped from Federal Mortgage Aid Program in April With foreclosures at an all-time high and 25% of homeowners finding themselves underwater on their mortgages, many homeowners find themselves seeking help. CNNMoney.com reported that the Obama administration recently announced that loan servicers will be required to lower balances in the loan modification process. Freddie Mac and Fannie Mae — two government-controlled mortgage owners — say … Continue reading Where Can You Get Help With Your Mortgage Payments? |
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