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- MortgageRefinance.com
4/25/2013 1:56:15 PM
The 15-year fixed rate mortgage fell to 2.61% today, down from 2.64% last week. These low interest rates haven’t been seen since Nov 2012. Freddie Mac released its rates update today showing national rates dropping on a continued slide, across the board. For four weeks in a row, the most popular, 30-year fixed rate mortgage is on a decline, falling a one basis point to 3.40%.
Variable mortgage rates were also down, 5/1 ARMs being the biggest winner loosing 2 basis points down to 2.58% and one-year ARMs lost a single point to reach 2.62%. Read more
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- MortgageRefinance.com
4/24/2013 1:20:41 AM
Mortgage applications for U.S. homes increased last week for 3rd week in a row, helped by renewed demand for refinancing, data from an industry group showed on Wednesday.
The Mortgage Bankers Association (MBAs) reports its seasonally adjusted mortgage application activity index, which includes both mortgage refinancing and home buying demand, was up 5 percent in the week ended April 19. The number of home purchases increased by 3.9 percent to reach the highest levels since May of 2010, while the refinance index increased by 5.2 percent. Read more
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- MortgageRefinance.com
4/1/2013 12:11:55 AM
After losing an average of 35% in home equity since the real estate crash, many Americans have seen their home equity increase significantly as the market improves. Based on a Federal Reserve Board report, equity has risen by $1.7 trillion since 2011.
In fact, a recent Federal Reserve board study shows that homeowners experience about a half $1 trillion increase in home equity during the final quarter of 2012. The current total of $8.2 trillion in equity represents the highest amount since the beginning of the housing crisis. As a result, mortgage refinance has opened as an option for many borrowers. Read more
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- MortgageRefinance.com
3/15/2013 12:58:39 AM
Many homeowners who buy homes with high property values, and can afford to make larger monthly mortgage payments, usually take on nonconforming or jumbo loans.
A jumbo loan refers to mortgage financing for loan amounts higher than the maximum conforming limits established by Freddie Mac and Fannie Mae. Mortgage lenders also have blended jumbo loan products, which combines a home loan and home equity line of credit.
According to the trade publication Inside Mortgage Finance, lenders completed $38 billion in private jumbo mortgage applications during the second quarter last year. This represented a 65% year over year increase above 2011 and the highest quarterly dollar volume since the first quarter of 2008. Read more
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- MortgageRefinance.com
3/6/2013 10:18:25 PM
Mortgage lenders receive lots of publicity about foreclosures and lending practices related to faulty paperwork and other business processes. One problem that has not received as much attention is mortgage discrimination.
This situation occurs when mortgage companies reject home mortgage or mortgage refinance applications for inappropriate reasons, which violates state and federal laws. Read more
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- MortgageRefinance.com
3/4/2013 1:40:33 AM
Last year, mortgage lenders completed more short sales transactions than foreclosures--by a three-to-one margin. Foreclosed homes accounted for about 11% of all home sales in 2012, compared to 13 % in 2011. The volume of short sales increased by 5% and made up 32% of home sales deals.
Many homeowners have been unable to qualify for a mortgage refinance and take advantage of the historic low mortgage interest rates. Some of these people elect to enter short sales transactions to get from under the financial burden of costly underwater mortgages. Read more
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- MortgageRefinance.com
2/27/2013 12:15:18 AM
Between 2007 and 2012, home values plunge an average of 35% across the nation. In some areas like Florida, Nevada, California, and Arizona, home owners loss as much as 60% of their homes’ value--and home equity.
In the fourth quarter of 2011, home equity for U.S. homeowners dropped to a low of $6.45 trillion, according to figures released by the Federal Reserve. From January to September 2012, the trend reversed, with home prices rising 20%. Homeowners experienced a $1.3 trillion increase in home equity to $7.71 trillion.
Home price appreciation presents good news to all homeowners—especially retirees or and people close to retirement who plan to tap into their home equity to finance their lifestyles. Increasingly, a common option for older homeowners who have equity in their homes is to use that wealth to obtain a reverse mortgage or complete a reverse mortgage refinance. Read more
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- MortgageRefinance.com
2/15/2013 12:48:32 PM
After nearly six years of a badly deteriorated housing market, the real estate analytics firm Corelogic estimates that 4.5 million Americans lost their home. According to the S&P Case-Shiller Home Price Index, the average U.S. homeowner lost about 35% off the value of their home 2007 - 2012. That amounts to almost $7 trillion of wealth—most of it which homeowners planned to use to help fund their retirements.
Currently, 11 million Americans have an underwater mortgage, based on Corelogic numbers. The term has become synonymous with homeowners who owe more on the balance of their home mortgage than the actual market value of their home. Read more
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- MortgageRefinance.com
2/10/2013 11:25:47 PM
Higher home values and low mortgage interest rates have many homeowners consider refinancing their mortgages. In additional more borrowers are choosing loan products with shorter terms. This presents a viable option for homeowners who want to save more money on the mortgage over the long-run.
Borrowers who have a high-interest rate and can refinance to a significantly lower rate, may be able to avoid higher monthly mortgage payments. However, many people who refinance to a loan with a shorter payback period will end up with higher payments. Read more
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- MortgageRefinance.com
1/28/2013 1:55:39 AM
With mortgage interest rates still floating around historic lows, everything points to now as a good time for homeowners who have not already done so to mortgage refinance. Along with extremely low mortgage rates, the employment picture has improved and home prices have increased. Some impediments to refinancing remain, such as low appraisals and tighter credit criteria. These factors make it challenging for some borrowers to refinance.
Nonetheless, here are a few strategies to help you determine if a mortgage refinance is right for your current circumstances. Read more
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- MortgageRefinance.com
1/19/2013 1:51:17 PM
The major banks have added significant profits to their bottom lines due to a surge in mortgage refinance completions in 2012. This is in great contrast to activity level seen after the Great Recession, which started in June 2007. Mortgage lenders were completing very few mortgage refinance applications because unemployment, high consumer debt, and falling property values dominated the housing market, which made it difficult for homeowners to qualify for refinancing. Read more
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- MortgageRefinance.com
1/4/2013 6:56:12 PM
Home owners who intend to complete a mortgage refinance soon and people looking to purchase should move quickly to take advantage of low interest rates.
This is the message put forth by two Federal Reserve by economists Andreas Fuster and David Lucca, who work at the New York regional bank. The communication contradicts the dynamics of the relationship between mortgage rates and mortgage bonds.
Usually, mortgage interest rates have a direct correlation with mortgage bonds. For example, if the interest rates paid on bonds falls lower, a decrease in mortgage interest rates usually follows Read more
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- MortgageRefinance.com
12/18/2012 1:08:31 AM
As mortgage interest rates continue to plummet and inflation remains under the Federal Reserve two percent benchmark, more and more people ask the question: Should I Refinance My Mortgage. Even a just a slight difference in the interest rate on a 30-year fixed-rate mortgage can make a significant difference.
You should run various scenarios to decide whether you would benefit from a mortgage refinance other if you would lose on the proposition. Of course, your interest rate will depend on your credit score. Read more
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- MortgageRefinance.com
12/4/2012 11:59:03 PM
The major criticism about President Obama’s housing programs has been the failure of the programs to help as many homeowners as were originally intended.
The first program called the Home Affordable Modification Program (HAMP) was originally introduced right after the financial crisis in late 2008. When the administration announced HAMP in February of 2009, it promised to help over 4 million American homeowners. The Home Affordable Refinance Program (HARP) came along in March 2009.
Neither program has lived up to its original claims. Read more
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- MortgageRefinance.com
11/28/2012 11:40:09 PM
By now, the average U.S. homeowner has probably heard numerous news reports about the looming “fiscal cliff.” Many potential borrowers who plan on a mortgage refinance or to buy a home may be unclear about what the fiscal cliff means and how it affects their personal circumstances.
Fiscal cliff refers to financial repercussions of actions the federal government will be forced into taking--in the form of tax increases and budget cuts—if Congress fails to resolve certain budgetary issues as outlined in the Budget Control Act of 2011. The law goes into effect at midnight on December 31, 2012. Read more
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