The Federal Reserve's commitment to keep interest rates low until 2015 isn't doing much to persuade consumers to borrow.
Read More »Fannie Mae: Housing Recovery to Withstand Economic Headwinds
In its October Economic Outlook report, Fannie Mae's Economic & Strategic Research Group pointed to financial and policy issues in the U.S. and abroad as looming challenges that could restrain meaningful economic growth in 2012. While the outlook on the economy was uncertain, the assessment for the housing market was more stable. Chief economist Doug Duncan said various indicators show "continued momentum toward a sustainable, long-term recovery," particularly the upward trend in home prices.
Read More »FHFA: HARP Volume for 2012 to Total 1M
According to the FHFA, the government's Home Affordable Refinance Program is on target to reach a million borrowers this year.
Read More »A.M. Best Sees ‘Encouraging Signs’ for Title Insurers
Citing "positive developments occurring in the housing market," A.M. Best is maintaining a stable ratings outlook for title insurance.
Read More »Wells, JPMorgan Post Record Quarterly Profits
Increased mortgage-related revenue pushed both Wells Fargo and JPMorgan Chase to record quarterly profits in 3Q 2012, the banks reported.
Read More »Analysts: Record-Low Rates Give Weak Boost to Refinances
Even with the record-low mortgage rates seen today, refinancing numbers are still not as high as expected. In CoreLogic's most recent MarketPulse report, Sam Khater and Molly Boesel noted, "the overall level of refinancing is still low given current mortgage rates, and there are still many homeowners nationwide with above market rates." Despite the new expansions from HARP 2.0, including the removal of its 125 percent LTV ceiling, other restrictions are still preventing homeowners from refinancing.
Read More »Report: Texas Pays Highest Effective Mortgage Rates
According to a report from Opera Solutions, Texas pays one of the nation's highest weight average coupon rates on its mortgages.
Read More »August Mortgage Mail Volume Hits Highest Level Since 2008
Mortgage direct mail may be down, but it's not dead and buried, marketing firm Mintel Comperemedia reported. A release from the company showed 62 million acquisition offers for mortgages were mailed to customers across the country in August, the highest monthly mail volume since May 2008. With the Federal Reserve committing to keep mortgage rates low until mid-2015 and demand for home loans improving, the environment is right for lenders to go full force with their direct marketing efforts, the firm said.
Read More »Mortgage Rates Up in Mixed Measures Following Jobs Report
Freddie Mac's Primary Mortgage Market Survey (PMMS) showed surprisingly little life this week following the better-than-expected jobs report for September. While rates did rise for the week ending October 11, most increases were mild. The 30-year fixed average posted the largest growth, rising to 3.39 percent (0.7 point) from 3.36 percent├â┬ó├óÔÇÜ┬¼├óÔé¼┬Øa record low├â┬ó├óÔÇÜ┬¼├óÔé¼┬Øthe week before. Bankrate's survey saw more dramatic increases, with the 30-year fixed hiking up seven basis points to 3.59 percent.
Read More »MBA: Mortgage Applications Slide Down to Start October
After having a banner week at the end of September, mortgage applications decreased to start October, the Mortgage Bankers Association reported.
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