Because of all the abuses during the housing boom, government-sponsored mortgage financier Fannie Mae is rolling out some new rules for interest-only and ARM loans. These rules should have always been the common sense standards that lenders stuck to, but the frenzied pace and profits of the rising housing market from 2003 to 2007 helped them forget common sense.
Well, in response to that lack of judgment, Fannie Mae is tightening its restrictions on certain loans. In order to now get an interest-only Read more [...]
Even though interest rates still remain low, rates are expected to begin to rise as we progress through 2010. Many experts are speculating that rates will begin to go up as soon as the Federal Reserve ends its mortgage-backed securities purchase program sometime this year. For homeowners who are enjoying low ARM rates, those days could soon be coming to an end.
ARM mortgages are mortgages that start with a very attractive lower fixed interest rate, generally for 1, 3 or 5 years. The negative Read more [...]
For the first time since May, interest rates on long-term mortgage loans dropped below 5 percent this week, reaching near-record lows, according to mortgage financier Freddie Mac. The average rate on a 30-year fixed rate mortgage (FRM) plunged to 4.94 percent, excluding points, for the week ending Thursday, from 5.04 percent last week. Rates have not been that low since the week ended May 28 when it was 4.91 percent. Last year at this time, the average rate was much higher at 6.10 percent.
Other Read more [...]
Somehow foreclosures do not seem to be having the same terrible impact on the housing market as they have previously in this recession. Freddie Mac announced today that long term mortgage interest rates rose in the past week. The average rate on a 30-year fixed rate loan grew to 5.29 percent excluding points, up from 5.22 percent the previous week. Both 15-year FRM loan rates and one-year ARM rates also moved upward. Freddie Mac VP and chief economist Frank Nothaft said the increase was due to better Read more [...]
Long-term mortgage interest rates rose slightly in the latest week, as various economic indicators proved inconclusive, according to mortgage giant Freddie Mac Thursday.
The average rate on the 30-year fixed rate mortgage rose to 5.07 percent, excluding fees, during the week ended February 26, 2009, up from 5.04 percent. This week's increase was the first in three weeks. One year ago, the average rate was 6.24 percent.
"Mortgage rates were little changed this week amid mixed data reports Read more [...]
Interest rates on long-term mortgage loans dipped down by only 0.02 percent in the latest week, and rates on other loans saw relatively little change as well, according to mortgage finance company Freddie Mac Thursday.
During the week ended January 29, 2009, the average interest rate on a 30-year fixed rate mortgage inched down to 5.10 percent, excluding fees, from 5.12 percent. Two weeks ago, the average rate was 4.96 percent, while one year ago the rate was much higher at 5.68 percent.
Rates Read more [...]
Interest rates on long-term mortgage loans fell to another all-time low this week, breaking the 5 percent barrier, according to mortgage giant Freddie Mac Thursday.
"Interest rates for 30-year fixed rate mortgages fell for the 11th straight week to another record low, due in part to the slowing economy and government actions," said Frank Nothaft, Freddie Mac vice president and chief economist.
"So far,” he explained, “both the U.S. Treasury Department and the Federal Reserve have added Read more [...]
Federal Reserve efforts helped long-term mortgage interest rates drop to their lowest point on record, for the fourth straight week, according to mortgage giant Freddie Mace Thursday.
"Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae," said Frank Nothaft, Freddie Mac vice president and chief economist. "On Read more [...]
Average interest rates on long-term U.S. home loans increased by the fastest pace in over twenty years during the latest week, according to mortgage giant Freddie Mac Thursday.
The company reported that 30-year fixed-rate mortgages carried an average rate of 6.46 percent, excluding fees during the week ended Oct. 16, a growth of 52 basis points from 5.94 percent the week before. That represents the largest weekly increase since the middle of April 1987. The current rate is even up from last year Read more [...]
A proposed $700 billion financial sector bailout bill passed in the Senate Wednesday night by a vote of 74-25, after the U.S. House of Representatives failed to pass a similar bill Monday.
The legislative package will give the federal government the authority and funding to buy up roughly $700 billion worth of soured mortgage and insurance securities from major corporate players that would otherwise face bankruptcy.
In an effort to pass the controversial piece of law, the Senate also included Read more [...]