Applications to refinance fell 7.4% last week, and home applications fell 10.3%, but total applications were still at one of their highest levels since early June, as buyers hurried to take advantage of the $8,000 first-time home buyer tax credit before the November 30th deadline. Average rates for 30-year fixed rate mortgage rose to 5.08%, [...]
Mortgage applications rose last week by 5.6%, as lower borrowing costs attracted more consumers to refinance and purchase homes. Lower rates are helping entice more buyers who can get credit, but still, a rebound may be slow to materialize as prices are cut further and the number of homes on the market exceeds demand. Richard [...]
Fixed mortgage rates have fallen for three consecutive weeks and are approaching their lowest levels. The average 30-year fixed mortgage rate was 5.14% this week- compared to 6.26% last year at this time. Falling rates can spur refinancing activity, which is what happened in April when rates fell to 4.78%.
The Mortgage Bankers Association reported an 11% increase in mortgage applications as more people are refinancing and applying to purchase homes. 30-year fixed-rate mortgages averaged 5.2% this week, down from last week’s average of 5.32%.
Mortgage rates are not at record lows anymore, but at 5.3 or 5.4 %, they’re still pretty good. The question is, should you refinance? There’s a simple online calculator at www.bankrate.com that will help you figure it out. All you have to do is plug in your current mortgage balance, payments and rate… and then [...]
Results of the Mortgage-Foreclosure Diversion Program are now available- 5,000 homeowners participated in the program, 1,400 foreclosures were averted, and 700 Sheriff’s sales were postponed. Rising unemployment will continue to have an effect on the housing crisis, but the Making Homes Affordable Program (voluntary program that seeks to modify or refinance mortgages) and Mortgage-Foreclosure Diversion [...]
Obama’s Mortgage Refinancing program has made it possible for 80,000 loans to be refinanced this year so far. Right now, if you have a loan through Fannie Mae or Freddie Mac, its loan-to-value ratio is 105% or lower, and you are not delinquent in payments, you can refinance. With mortgage rates increasing though, this program [...]
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