Well, What Do You Know? The MBA Has to Short-Sell, Too!

The battered real estate market has finally made its way all the way to the top. The Mortgage Bankers Association recently had to sell its 10-story headquarters building in Washington D.C. While they are being very mum about the whole deal, we do know that the building was sold to CoStar Group Inc. for $41.3 million. We also know that the MBA paid $79 million for the property in 2007 and financed the purchase with a $75 million loan from a group of banks headed up by PNC Financial Services Group Read more [...]

Mortgage Rates Below 5 Percent are Magic Numbers

Rates on 30-year fixed rate mortgages dropped below 5 percent last week and continued to fall this week, creating a dramatic stir in refinancing. According to mortgage finance company Freddie Mac, the average rate on a 30-year FRM sank to 4.87 percent, excluding points, during the week ending Thursday, down from 4.94 percent. The 15-year FRM rate also dropped, falling to 4.33 percent from 4.36 percent, and the one-year adjustable rate mortgage averaged 4.53 percent, up from 4.49 percent. There Read more [...]