Long-term mortgage interest rates moved up in the latest week, according to mortgage guarantor Freddie Mac, but with the Fed unsure of its own rate direction for 2015 there may be fewer mortgage rate increases through the end of the year.
The average rate on a 30-year fixed rate mortgage (FRM) rose to 3.82 percent, excluding fees, during the week ended October 15, 2015, up from 3.76 percent the week before. The new rate is down compared with the previous year when it averaged 3.97 percent.
The Read more [...]
The number of U.S. ‘zombie’ foreclosures – vacant properties in the foreclosure process but not yet repossessed by the lender – plunged 43 percent in the third quarter from the year before, according to data from foreclosure data firm RealtyTrac.
There were 20,050 zombie foreclosures in the third quarter of 2015, a 27 percent decrease from the second quarter.
Foreclosures have declined on a broad scale over the past several years, leading to fewer vacant properties overall. Vacant properties, Read more [...]
Long-term mortgage interest rates made little movement in the latest week, according to data from mortgage giant Freddie Mac, even though foreign markets continued to scare investors, a condition that typically pushes rate down.
The average rate on a 30-year fixed-rate mortgage slipped to 3.85 percent, excluding fees, during the week ended October 1, 2015, down from 3.86 percent the previous week. Compared with the year earlier, rates were down from 4.19 percent.
Fifteen-year fixed-rate mortgages Read more [...]
The U.S. existing-housing market cooled off considerably in August, according to the National Association of Realtors, with the probable cause being a lack of inventory and the beginning of the traditionally slower buying season.
Total existing-home sales fell 4.8 percent in August, to a seasonally adjusted annual rate of 5.31 million, down from 5.58 million in July. Compared to a year ago however, sales are still up 6.2 percent and have increased on a yearly basis for the past 11 straight months.
"Sales Read more [...]
The Federal Reserve decided to again leave it target interest rate unchanged today, citing the volatility in the global markets as its motive for inaction.
“To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate,” the Federal Open Market Committee wrote in its statement . The federal funds rate has been unchanged since December 2008, during Read more [...]
Mortgage bankers believe that 2016 will be a booming year for home sales even as they also predict mortgage interest rates will rise by the end of 2015, according to a new survey from Lenders One.
During a survey conducted at the Lenders One Summer Conference in August, 89 percent of mortgage bankers said they think interest rates will jump before the end of the year while 60 percent forecasted that 2016 will still be a sellers’ housing market.
“Mortgage bankers are generally optimistic Read more [...]
The U.S. housing market has seen a major decline in the percentage of buyers paying for homes with cash over the past several years, according to the National Association of Realtors, a sign that investors are being replaced by traditional homebuyers. The net effect should be a stabilizing of the market with more gradual price increases over the long term.
The NAR found that 23 percent of all existing-home sales in July were all-cash sales. And while that figure is up slightly from June’s 22 Read more [...]
After falling for a whole month, long-term mortgage interest rates showed some growth again in the latest week, according to data from mortgage backer Freddie Mac.
The average rate on a 30-year conventional fixed rate mortgage rose to 3.94 percent, excluding fees, during the week ended August 13, 2015, up from 3.91 percent the week before. One year earlier the average rate was higher still at 4.12 percent.
The rise in rates was a product of on-target jobs reports, according to Freddie Mac chief Read more [...]
Fewer homeowners in the foreclosure process in the 2015 second quarter were seriously underwater – when the remaining mortgage is more than 25 percent higher than the value of the property – according to housing data firm RealtyTrac. The increase in equity for many troubled homeowners may help save some from losing their homes.
During the second quarter of this year, there were 7,44,580 seriously underwater U.S. properties, representing 13.3 percent of all homes with a mortgage. That number Read more [...]
After a two-month rest above 4 percent, long-term mortgage rates have dipped back into more familiar territory this week, according to mortgage backer Freddie Mac, being pulled down by overseas stock troubles.
The average rate on a 30-year fixed rate conventional mortgage declined to 3.98 percent, excluding fees during the week ended July 30, 2015, down from 4.04 percent the week before. The 30-year rate is also down from one year earlier when it averaged 4.12 percent.
"Monday's 8 percent decline Read more [...]