Rising Home Prices Means Fewer Mortgage Modifications

A few years ago ‘mortgage modification’ was a word on the minds of millions of homeowners. Today in an improving housing market, the need for such modifications to save borrowers in danger of foreclosure is shrinking. But according to the Federal Housing Finance Agency  , those who do still need help are finding fewer options available. There were 13,200 permanent loan modifications made through Fannie Mae and Freddie Mac in February of this year, down 3 percent from the month before. Of Read more [...]

Mortgage Rates Spike To 8-Month High

Long-term mortgage interest rates soared to new 2015 all-time highs in the latest week, according to mortgage guarantor Freddie Mac , as investors took on more risk in the wake of positive employment data. The average rate on a 30-year fixed rate mortgage (FRM) jumped to 4.04 percent, excluding fees, during the week ended June 11, 2015, up from 3.87 percent the week before. This is the first time the 30-year rate has averaged over 4 percent in over eight months, since the week of November 13, Read more [...]

Mortgage Rates Jump in Latest Week

Long-term mortgage interest rates skipped higher this week amid foreign bond market fluctuations and mixed economic reports at home, according to mortgage backer Freddie Mac. The average rate on a 30-year fixed rate mortgage (FRM) jumped to 3.80 percent, excluding fees, during the week ended May 7, 2015, up from 3.68 percent the previous week. Compared with last year, the rate is still down from 4.21 percent. The 15-year FRM rate also spiked, increasing to 3.02 percent, up from 2.94 percent Read more [...]

Mortgage Rates Hit 2015 High as Jobs Rebound

Long-term mortgage interest rates jumped up in the latest week, as investors responded to news that American job creation outpaced predictions in February. The average rate on a 30-year fixed-rate conventional mortgage bounced up to 3.86 percent, excluding fees, during the week ended March 12, according to Freddie Mac, up from 3.75 percent the week before . That is the highest level year-to-date although still historically low. The 30-year loan rate has not averaged above 4 percent since November Read more [...]

Mortgage Money Was More Available in January

It was slightly easier to get a home mortgage loan in January, according to the latest data from the Mortgage Bankers Association, continuing the two-year trend of slowly loosening credit standards. The MBA’s Mortgage Credit Availability Index (MCAI) rose 1.8 percent last month to 117.8 percent. An increase in the index means lenders are relaxing their lending standards whereas a decrease in the index indicates the lending climate is becoming more exclusive. For reference, the index was benchmarked Read more [...]

Mortgage Rates Plummet to 19-Month Low

A struggling global economy was at the root of plunging mortgage interest rates during the past week, according to Freddie Mac, with long-term rates falling to their lowest point since the end of May 2013. The 30-year fixed rate conventional mortgage carried an average rate of 3.66 percent, excluding fees, during the week ended January 15, 2015, down from 3.73 percent the week before. Rates have not been that low in over 19 months, since right before then-Fed Chairman Ben Bernanke announced plans Read more [...]

Mortgage Rates End Year Well Below Predictions

Long-term mortgage interest rates rose in the latest week, according to mortgage giant Freddie Mac, but still ended the year under 4.0 percent and well under analysts’ forecasts for 2014. "While mortgage rates edged up this week, they remain near 2014 lows,” said Freddie Mac vice president and chief economist Frank Nothaft. “Looking at full year data, the 30-year fixed-rate average for 2014 was 4.17 percent, the highest annual average since 2011.” He pointed to factors pushing rates Read more [...]

Stock Market, Low Inventory Stymied November Home Sales

Sales of existing U.S. homes slumped in November, according to the National Association of Realtors, pulling down the median price as the supply of homes contracted and stock market worries held buyers back. Total existing-home sales sank 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November, down from 5.25 million in October, the highest level of the year. Compared with a year ago, sales are still up 2.1 percent however. The median home price fell to $205,300, down from Read more [...]

European Financial Worries Push Mortgage Rates to 16-Month Low

Long-term mortgage interest rates plummeted to their lowest point in 16 months, falling below 4.0 percent for the first time this year, according to data from mortgage giant Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 3.97 percent, excluding fees, during the week ended October 16, 2014. That’s down from 4.12 percent the week before and down from 4.28 percent the year before. That is the lowest the 30-year rate has been since the week of June 20, 2013. "Mortgage Read more [...]

Mortgage Rates Fall Back Near 2014 Lows

As markets reacted to the dismal minutes from the last Federal Reserve meeting released Wednesday, rates on long-term mortgage interest rates fell back down near their yearly lows, according to data from Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 4.12 percent, excluding fees, during the week ended October 9, 2014, down from 4.19 percent the previous week. Rates are lower than they were last year at the same time when they averaged 4.23 percent. Other Read more [...]