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Tag Archives: Refinance

HUD Scorecard Touts Initiatives Despite Housing Health

Housing market conditions remained fragile despite numerous initiatives put forward by the Obama administration, according to a recent scorecard released Thursday by HUD and the Treasury Department. The administration cited numerous industry-respected analytics sources and painted a helpful portrait of the homeownership and refinance endeavors it has made possible. Sources polled for the government gauge of housing and economic health included CoreLogic and Standard & Poor's, among others.

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FOMC Minutes Portray a Pessimisstic Fed

Fed

Minutes released by the Federal Reserve Tuesday portrayed the last Federal Open Market Committee meeting as one given to doubts about the health of the U.S. economy, housing recovery, and global markets. Discussions between the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós central bank presidents reveal concern over the state of the economy and the Fed├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós ability to promote positive capital movements. The minutes also shed light on the controversial the Fed's decision to keep interest rates low until 2013.

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More Q2 Layoffs for Mortgage Professionals

Mortgage brokers, originators, and other loan production personnel continue to face a tough jobs market as two mortgage giants slashed their payrolls, according to second-quarter employment numbers released by MortgageDaily.com. The mortgage Web site predicted that bad loans and invitingly low mortgage rates could create the pickup needed for lenders to hire more brokers and loan officers. The results follow much worse numbers from the first-quarter over 2011.

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NYT: Obama Administration Floating Refi Proposal

On Wednesday the New York Times broke a story suggesting that Obama administration officials are floating proposals to inject the ailing housing industry with needed relief, encourage the markets, and potentially energize the broader economy. If it passed with recommendations from a Columbia Business School proposal, the refinance plan could potentially infuse the economy with $118 billion in savings and add to historic highs for mortgage applications.

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Mortgage Applications Hit 15-Year Bottom Despite Low Rates

Cresting on low tides in credit supply and buyer confidence, fewer first-time and repeat homebuyers filed mortgage applications last week, according to a weekly survey released by the Mortgage Bankers Association Wednesday. The MBA said that overall mortgage loan application volume dropped 2.4 percent, with purchases slamming into a 15-year low. The Market Composite Index, which the MBA uses to gauge loan application activity, showed a seasonally adjusted squeeze in loan volume.

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Jittery Markets Send Mortgage Rates to 50-Year Lows

Mortgage rates slammed into a 50-plus-year low Thursday, reflecting continuing concerns over European sovereign debt crises, the potential for defaults overseas, and an overall economic slowdown. Mortgage giant Freddie Mac posted a 4.15-percent average for 30-year fixed-rate loans, racing past the record 4.17-percent drop it registered in 2010. Citing the same reasons for new lows, Bankrate followed suit by revealing declines in fixed-rate mortgages for a third straight week. The rates continue on fears of a recession.

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Columbia Professors Propose Refi Boom for Recovery

If two professors at Columbia Business School have anything to say about it, 30 million homeowners across the country would refinance their mortgages and stabilize the lagging housing market in the process. The duo recently proposed the refi boom in a paper that aimed to prop up sagging home prices and accelerate job growth nationally. The academes, R. Glenn Hubbard and Chris Mayer, propose reducing mortgage rates by about one percent to encourage a boost in home prices and the housing recovery.

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Freddie’s Outlook Portrays a Roller Coaster Housing Market

Freddie

Mortgage giant Freddie Mac released an economic outlook Tuesday that portrays the housing economy as one cramped by recent turmoil, with less-than-favorable signs for a recovery despite historically low interest rates and home prices. Comparing the economy to a roller coaster, the outlook forecasts a long ride ahead for a gasping recovery, with interest rates and home prices sure to remain low. The outlook cites employment numbers, economic growth, mortgage rates, and home prices.

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