To resolve mortgage abuses by top U.S. banks, a pending proposal intends to give states the power to enforce penalties on firms mistreating borrowers. An exclusive report from Reuters said that under the said proposed settlement mechanics now being reviewed will broaden the powers of the state and could enforce monetary penalties of as much [...]
The regime of very low interest rates in the United States had not raised enough optimism among home buyers as indicated in the 2.9 percent decline in mortgage applications, according to the latest statistics from Mortgage Bankers Association (MBA). Data from MBA said that on a seasonally adjusted basis, the Market Composite Index, a measure [...]
Online transactions used to be the territory of products geared for easy sale wherein consumers click their way through the latest movie or music, with the deal sealed once payment has been made and download completed. But the wide reach of internet has opened up a new front for lenders to offer their products for [...]
After a three-week losing streak that saw fixed rate mortgages lower than ever before, it looks like they started picking up now. The Federal Home Loan Mortgage Corporation or Freddie Mac announced an increase in fixed mortgage rates for the week that ended January 26, 2012. Economists are hoping that this could indeed be an [...]
Freddie Mac announced on Thursday that the average rate on the 30-year fixed rate mortgage rose to 3.98 percent, that’s an increase from last week’s 3.88 percent, which was a record low. This is the first time this month when the 30-year FRM climbed, although it stilll remained below 4 percent. The national average on [...]
The Federal Home Loan Mortgage Corporation (Freddie Mac) announced Thursday that the average 30-year fixed mortgage rate went up from 3.88 percent last week to 3.98 percent this week. This marked the first increase for the new year, although rates remained below the four percent mark as they have been for the past two months. [...]
According to the Mortgage Bankers Association (MBA), mortgage applications in the US declined last week, mainly due to the rebound of interest rates from record lows. The MBA announced that the Market Composite Index decreased 5.0 percent last week on a seasonally adjusted basis compared to previous week. The Refinance Index has seen a drop [...]
The Federal Reserve’s recent announcement that mortgage rates will stay low for the next two years has caused interest rates to remain firm at their present low figures and mortgage-based security prices to increase. Currently, 30-year fixed mortgages are carrying a rate of 3.5%, while the 15-year fixed mortgages are available at a rate of [...]
The increasing debt crisis in Europe may take a while to be resolved, prompting both the World Bank and the International Monetary Fund to downgrade their expectations this year, with the latter readying to raise some $600 billion to combat threats of global recession. Back in the US, the looming global crunch kept the fixed [...]
Mortgage rates were generally higher today, as the national average on the 30-year FRM increased to 4.06%, compared to the 3.94% rate it held yesterday. On the other hand, the 15-year fixed rate mortgage is up today too, averaging a 3.34% rate compared to yesterday’s 3.26%. Looking at some of the major lenders’ home loan [...]