Home >> Tag Archives: Housing Affordability (page 25)

Tag Archives: Housing Affordability

Mortgage Rates Slam into New Record Lows as Europe Wobbles

Mortgage rates continued to drop Thursday as the average 30-year fixed mortgage rate slammed into a new record low of 3.87 percent, according to Freddie Mac. The GSE found that for interest rates for the 15-year loan fell to 3.13 percent, while the jumbo 30-year fixed mortgage declined to 4.47 percent, each setting record lows. Adjustable-mortgage rates were mixed, with the average 3-year and 1-year ARMs inching higher to 3.07 percent. The popular 5-year and 1-year ARMs pulled back below the 3 percent threshold.

Read More »

Mortgage Applications Drop as Interest Rates Post New Lows

application

Mortgage applications decreased 6.7 percent over the week ending June 19, while interest rates also fell, finding new lows in some categories, according to the Mortgage Bankers Association. Refinances still make up a majority of applications ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 78 percent for the week, slightly lower than the 79 percent share recorded the previous week. The amount of refinance applications fell 8 percent over the week. HARP 2.0 refinance applications stood at 20 percent three weeks ago but have been at 24 percent for the past two weeks.

Read More »

Study: New HARP Bill Would Result in 13M New Refinances

If it becomes law, a Senate bill could increase the number of homeowners who refinance under the Home Affordable Refinance Program by up to 13 million. That's the consensus reached by professors with Columbia University Business School, which released the study on Thursday. The study sketched the likely effects of a bill recently co-sponsored by Sens. Barbara Boxer and Robert Menendez. Researchers said that new HARP modifications could lead to roughly $35 billion in savings for homeowners, a number that could help stem the rate of foreclosure activity nationally.

Read More »

Lawmakers Call Appraisal Management Firms Into Question

At a House of Representatives hearing titled Appraisal Oversight: The Regulatory Impact on Consumers and Business Thursday, lawmakers reviewed testimony on recent and impending changes in the appraisal industry. One of issue of focus during the hearing was the rise of appraisal management companies and their validity and necessity in the market. According to a recent report by the Government Accountability Office, AMCs have grown from 15 percent market share to between 60 and 80 percent market share.

Read More »

Confusion Over Reverse Mortgages Linked to Higher Foreclosures

The CFPB released a report Thursday showing that although reverse mortgages are meant to help borrowers in retirement, they are in fact causing problems for many who don├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót fully understand them. A reverse mortgage is a type of home loan that lets older homeowners access the equity they have built up on their homes and defer loan payment until they sell the home, move out, or pass away. The original purpose of reverse mortgages was to allow these homeowners to convert home equity into retirement income.

Read More »

Mortgage Rates Stay Flat as Europe Trembles

Mortgage rates remained somewhat flat for the week ending June 28, according to Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Primary Mortgage Market Survey. Average fixed mortgage rates remained largely unchanged, helping to keep affordability high for buyers in the market to purchase a home or looking for a refinance. The 30-year fixed averaged 3.66 percent (0.7 point), staying level with the all-time low that was achieved the previous week. At this time in 2011, the 30-year fixed averaged 4.51 percent. The 15-year fixed averaged 2.94 percent (0.7 point), down slightly from 2.95 percent the previous week.

Read More »

Mortgage Applications Fall 7.1%, Prompted by Refinance Decline

Mortgage applications decreased 7.1 percent over the week last week with an 8 percent decline in refinance applications contributing largely to the decrease, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The decline was the same for an unadjusted and seasonally adjusted index. The percentage of mortgage applications made up by refinance applications fell slightly from 80 percent the previous week to 79 percent for the week. Interest rates for 30-year fixed-rate loans ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô with both conforming and jumbo loan balances ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased slightly for the week.

Read More »

Bank, Groups Go After CFPB to Declare It Unconstitutional

The Consumer Financial Protection Bureau faces a new legal challenge as a Texas community bank and two conservative groups launch a lawsuit to undo it and the financial reform law that created it two years ago. The Big Spring, Texas-based State National Bank recently paired with the Competitive Enterprise Institute and 60 Plus Association to sue the embattled consumer bureau in federal court. The suit challenges the constitutionality of the CFPB and Dodd-Frank Act, as well as Richard Cordray's appointment.

Read More »

Pending-Home Sales Make Strong Debut in May: NAR

The Pending Home Sales Index rose a strong 5.9 percent in May to 101.1, returning to its level of March, the National Association of Realtors said Wednesday. The index had slipped in April to 95.5 after reaching its highest level since April 2010. The index is up a solid 13.3 percent since May 2011. The report is another in a string of positive signs for the housing sector. Pending home sales are counted when sales contracts are signed, and are viewed as a leading indicator of existing home sales, according to NAR.

Read More »

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.