Mortgages & Rates
Up-to-the-minute news and interest rate updates. What are the latest trends in mortgages and home loans? What programs exist to help homeowners? Keep up with the latest mortgage rate trends.
Mortgage Rates Stable, While Some Borrowers Regain Home Equity
Last month's snow storms are still weighing on housing activity, according to a recent report by Freddie Mac. The average interest rate for 30-year fixed mortgages rose slightly during the week of March 18, from 4.95 to 4.96 percent. For 15-year fixed mortgages, the average interest rate increased from 4.32 to 4.33 percent. Both of these figures remain below rates reported last year. The average interest rate for... — Read More >
Even the Unemployed Can Refinance a Mortgage Loan
Refinancing can seem daunting, especially if you have lost your job. But don't throw in the towel. Refinancing your home while unemployed is still possible.No-Documentation LoanA "no-documentation" mortgage loan may be the right solution for you. It's designed for the self-employed, or business owner, who doesn’t always have a steady income. Instead of proof of employment and salary, the mortgage loan requires... — Read More >
Before Walking Away From a Mortgage Loan ... Consider This!
Millions of middle-class Americans are in a difficult situation. They’re struggling to meet their mortgage loan payments, cannot sell their homes because they’re considerably underwater, owing more on their home than it’s worth. Plus, they have exhausted their savings and many are facing foreclosure on their homes.One in six workers are either unemployed or underemployed. With a tsunami of rate resets on... — Read More >
Mortgage Loan Delinquencies at Historic Highs
Almost 7.5 million U.S. homes are delinquent on their mortgage loan or in some state of foreclosure, according to the latest report by Lender Processing Services. The recent report showed that as of February, delinquency rates and foreclosures had reached the highest they have ever been, though the pace of deterioration in the housing market had slowed. In addition, home prices were beginning to slowly rebound... — Read More >
Low-Cost FHA Mortgage Loans Likely to Continue
The Federal Housing Administration (FHA) is unlikely to change its policies regarding low-cost, low-downpayment mortgage loans – an unwise move that would damage the housing market, according to the agency’s leader. In a statement before Congress, FHA Commissioner David Stevens refuted the notion that the required downpayment and credit scores for should be increased.Undermining the Housing Market?A recent study... — Read More >
Mortgage Rates Remain Low According to Continued Fed Policy
Mortgage rates will remain low for the foreseeable future, following the Federal Reserve’s decision to keep its key interest rate near zero percent. The continued low rates could prove advantageous for the housing market by preserving more reasonable costs for consumers who want to secure a mortgage loan or refinance.Set for an Extended PeriodThe Fed indicated exceptionally low fund rates would remain for an... — Read More >
Loan Modification Program Helps Underwater Homeowners
An increasing number of homeowners are finding themselves ‘underwater,’ meaning that their mortgage loan balance exceeds the value of their home. In such cases, it is very difficult to refinance the mortgage as a form of home loan modification, as lenders require roughly 20 percent equity in the residence before considering the option.Federal Mortgage Loan OptionsTo distressed property owners for who cannot... — Read More >
New Loans Helping Homeowners Ditch The Debt
Home loan modification programs are starting to gain traction, helping homeowners avoid foreclosure, while reworking mortgage loans that had pushed them to the breaking point. The Treasury Department says more than 168,000 households in February received permanent new mortgage loans under its year-old modification program, up from 117,000 in January and 67,000 in December. An additional 92,000 permanent... — Read More >
