A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they’ve built up […]
Mortgage rates took the day to do just a little bit more of what they’ve been doing in fairly grand fashion for the past week: MOVE LOWER! When the good times started in earnest, rates were already in line with their lowest levels in more than a year. As of today, they’re another quarter or […]
(Huntington, NY) — Brian Leibowitz, CEO and Owner of Affordable Financial Services LTD, says the government’s proposal to do away with the mortgage interest deduction (MID) will negatively impact the mortgage lending industry as prospective homeowners will hold off on buying a home and fewer purchase applications are filed. U.S. Congressman Dave Camp of Michigan, […]
Brian Leibowitz, CEO and Owner of Affordable Financial Services LTD, says there will be fewer homes being purchased once the Federal Housing Administration’s plans to increase mortgage insurance premiums on homeowners and request from borrowers a larger down payment on a home are implemented. He also said that these changes will also place an additional financial burden on […]
As of October 4, the Federal Housing Administration will raise insurance fees on many of the mortgages they back, according to an article in today’s Newsday. The reason for the hike, the FHA says, is to offset the loss of funds as the result of the recent foreclosure crisis. FHA loans are generally used by […]
While the 30-year mortgage rate increased, the rate for the 15-year mortgage went down to a record low. The Wall Street Journal reported that the 30-year rose slightly from 4.78% last week to 4.79% for the week ending June 3. Meanwhile, the 15-year rate dropped from 4.21% last week to 4.2% this week — the […]
Bloomberg BusinessWeek reported yesterday that mortgage applications have risen for the second week in a row. This increase could be attributed to gains in refinancing, cushioning a drop in purchases after the federal tax credit expired on April 30. According to the article, the Mortgage Bankers Association’s (MBA) index increased 0.9 percent in the week […]
A recent article in the Washington Post suggests that the Federal Reserve may consider restarting its program for purchasing mortgage-backed securities if the economy does not show signs of recovery. With the $1.25 trillion program scheduled to end in March, speculation over the fate of the mortgage industry and housing market remains high. In two […]
According to the Mortgage Bankers Association (MBA), the number of mortgage applications in the U.S. declined for the first time in four weeks. The MBA’s index of applications fell by 11 percent for the week ended January 22, from 575.9 to 513. Despite the low interest rates, refinancing activity dropped with the index of refinancing […]
See how this week shapes up below: MON: Existing Home Sales TUES: Case Schiller Index / Consumer Confidence WED: Crude Inventories / New Home Sales / FOMC Meeting On Rates THURS: Jobless Claims / Durable Goods Orders FRI: GDP / Chicago PMI Last Week- Another decent week for the bond and mortgage markets, the benchmark 10 yr treasury yield […]