Low Government Mortgage Interest Rates

Mortgage rates were unchanged this week at the lowest point in decades, but it hasn't been enough to jump-start the housing market. Government-sponsored mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans this week was 4.57 percent. That's the same as a week earlier and the lowest since Freddie Mac began tracking rates in 1971. The last time home loan rates were lower was the 1950s, when most mortgages lasted just 20 or 25 years.

"Low Government Mortgage Interest Rates"

Hipotecas Prestamos 01:48 PM

Filings for Foreclosures Properies

The foreclosure plague seems to have reached its peak and started to fade, but the recovery is still fragile. The number of foreclosure filings of all types -- including notices of delinquency, auction notices and repossessions fell during the first six months of 2010, according to RealtyTrac, the online marketer of foreclosed properties.

"Filings for Foreclosures Properies"

Hipotecas Prestamos 01:39 PM

Home Loan Mortgage Interest Rates Changes 2010

Mortgage rates have fallen to the lowest level of the year as investors poured money into the safe haven of U.S. government securities. The average rate on a 30-year fixed rate mortgage dipped to 4.78 percent this week from 4.84 percent a week earlier, mortgage company Freddie Mac said Thursday. It was the lowest level since early December, when rates fell to a record low of 4.71 percent.

"Home Loan Mortgage Interest Rates Changes 2010"

Hipotecas Prestamos 12:28 PM

Homebuyers Incentives

U.S. homebuilders are growing more optimistic about their fortunes, with many expecting improved sales and customer traffic in coming months despite the end of homebuyer tax incentives.

The National Association of Home Builders said Monday its housing market index, which tracks industry confidence, rose three points this month to 22, the highest reading since August 2007.

Hipotecas Prestamos 09:21 PM

The Obama Mortgage Modification Plans

From the Cato Institute - Today President Obama announced an expansion and modification of his Home Affordable Modification Program (HAMP). While one can debate the merits of incentives to keep unemployed families in their homes while they search for jobs I personally believe this will more often than not keep those families tied to weak labor markets what should be beyond debate is the various bailouts to mortgage lenders contained in the program's fine print.

"The Obama Mortgage Modification Plans"

Hipotecas Prestamos 10:25 AM

Reverse Mortgages Senior Citizens Drawbacks

Reverse Mortgages Can Be Beneficial But What Are The Drawbacks For Senior Citizens?

Senior citizens that are looking into getting a reverse mortgage loan can benefit greatly from doing so as a reverse mortgage can provide much needed money later in life. If homeowners have paid off most or all of their home then a reverse mortgage can be very lucrative, but there are some things to be aware of before getting such a loan.

"Reverse Mortgages Senior Citizens Drawbacks"

Hipotecas Prestamos 10:22 AM

Home Mortgage Applications Figures

U.S. mortgage applications rose in the latest week for the first time in three weeks as demand for home purchase loans reached the highest level since October, data from an industry group showed on Wednesday. If demand for home purchase loans, a tentative early indicator of home sales, continues to rise it will bode well for the spring season, the peak home buying season.

"Home Mortgage Applications Figures"

Hipotecas Prestamos 10:20 AM

Wells Fargo Updated Mortgage Interest Rates

The 30 year fixed rate is currently at 4.875 percent. The APR is 5.065 percent. When it comes to FHA Loans, the mortgage rate there for the 30 year fixed is slightly higher. It's currently at 5.12, while the APR is 5.85.

The 15 year rate is 4.25% and its APR is 4.57. The 5 year ARM is 3.75, while the 5 year ARM FHA is 3.75.

Those were today's conforming mortgage rates at Wells Fargo. The larger loan amounts in eligible areas are a little higher when it comes to 30 year fixed rate. The mortgage loans for that are currently originated at 5.12 percent. The APR is 5.26. The FHA is the same, but the APR is considerably higher at 5.794 percent.

Here is how today's jumbo rates are at Wells Fargo. The 30 year fixed mortgage is at 5.5 percent. The APR is 5.643 percent. The 5 year ARM is 5 percent even. The APR for this rate is much lower at 3.93 percent.

Investors and mortgage brokers eye on Fed's move, which has announced the end of purchasing of MBA (Mortgage-backed Securities) by the end of March. Some of them, pointing to the basic fundamentals of supply and demand say the home loans rates will go up and brace for the hike. Others say it's not every likely, pointing out that investors have largely reacted to the surprising news. Thus, the Federal Reserve winding down the purchase of MBA, which has been responsible for lower rates, may not surprise anyone.

Hipotecas Prestamos 10:09 PM

Mortgage Rates Remain Steady

Freddie Mac reports that mortgage rates remained under the 5 percent mark for the second consecutive week, with the average interest on a 30-year fixed loan coming in at 4.95 percent from 4.97 percent a week earlier.

Meanwhile, interest on 15-year fixed loans averaged 4.32 percent versus 4.33 percent the previous week. Rates on five-year, adjustable-rate mortgages settled at 4.05 percent, a decline from 4.11 percent last week.

Source: Lakeland (Fla.) Ledger (03/12/10)

Hipotecas Prestamos 02:28 PM

Treasury to Cut Foreclosure Relief Paperwork

The Treasury Department is announcing a plan Thursday to reduce the burdensome paperwork surrounding the foreclosure relief plan.

Two changes expected to make a big difference are: Lenders will be required to collect two pay stubs at the start of the process, and borrowers will be required to give the Internal Revenue Service permission to provide their most recent tax returns.

Participating mortgage service companies will be required to acknowledge that they have received a borrower’s application within 10 days and approve or deny the application within 30 days. Borrowers will still be required to make three months of trial payments before the modification is made permanent.

Treasury officials are also reportedly devising a plan to give unemployed borrowers a break on payments – probably for six months – but because the details aren’t decided, the announcement won’t be made this week.

Source: The Associated Press, Alan Zibel (01/27/2010)

Hipotecas Prestamos 02:04 PM

Banks Seek Payback from Mortgage Walkaways

Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former home owners who walked away from their properties or sold them in short sales.

Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn’t paid.

About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but home owners usually waive that protection in a refinance.

Most states allow collection on unpaid home-equity loans.

Banks are most likely to try to collect from people who walk away from a property on which they are still making payments.

“The bank is going to pull your credit report, and if you’re current on your other bills they are going to come after you and potentially ruin you,” said Larry Tolchinsky, a Florida real estate attorney.

Source: Bloomberg, Kathleen M. Howley (01/28/2010)

Hipotecas Prestamos 02:03 PM

New Home Sales Continue to Decline

New home sales fell 7.6 percent in December, the U.S. Commerce Department reported Wednesday. This was the second straight month that new home sales declined.

The Commerce Department also reported that new home sales in 2009 were down 22.9 percent compared with 2008, hitting a record low of 374,000 units. The Federal Reserve responded on Wednesday by leaving short-term lending rates at near zero and pledged to keep them low.

"This report does not totally ruin the notion that housing is recovering, but it does underscore the fragility of that recovery. It's not good news for broader economic growth," said Dana Saporta, an economist at Stone & McCarthy Research in Princeton, New Jersey.

Source: Reuters News, Lucia Mutikani (01/27/2010)

Hipotecas Prestamos 02:03 PM

Refinancing Mortgage Rates December 2009

Demand for U.S. home loans rose last week to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said on Wednesday.

"Refinancing Mortgage Rates December 2009"

Hipotecas Prestamos 11:49 AM

About U.S. Foreclosure Programs

About U.S. Foreclosure Programs - The number of homeowners getting help from the government's massive foreclosure program is growing, according to data released Tuesday, but it is unclear how many of these borrowers might still lose their homes.

"About U.S. Foreclosure Programs"

Hipotecas Prestamos 10:37 AM