Category Archives: mortgage

Higher Rates to Ensue for Many Modified Mortgages

According to a recent government report from the office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP), 800,000 homeowners who received loan modifications during the financial crisis will begin to see their monthly payments go up by about $200 a month. About 30,000 homeowners will experience their first set of higher […]

Maturing Commercial Mortgages May Mean Fewer Refinances

According to the 2013 year-end Trepp report, about $1.4 trillion in commercial mortgages are anticipated to mature between 2014 and 2017. This, coupled with higher taxes and uncertain economic conditions, may result in fewer lenders willing to refinance. The northeast states (including New York, New Jersey and Connecticut), represent 30% of all maturing commercial mortgage […]

Mortgage Originations Expected To Dwindle In 2014

The Mortgage Bankers Association lowered the projected mortgage originations in 2014 to $1.12 trillion—a $57 billion decrease. Despite high expectations for the economy, financial institutions believe originations will remain low due to the newly created Qualified Mortgage Rule and high interest rates. Home purchase originations are anticipated to be at $677 billion this year, dropping […]

New Mortgage Lending Rules Take Effect

The Consumer Financial Protection Bureau recently issued new rules that were designed to create a “back to the basis” approach for mortgage lending. The new rules have been implemented to lower the risk of defaults and foreclosures. Under the new regulations, mortgage lenders are being asked to follow the Ability to Repay rule and Qualified […]

Mortgage Rates Increase After Announcement Of Tapering Of Bond Buying Program

  Freddie Mac’s Primary Mortgage Market Survey recently reported that the average rate for a 30-year fixed-mortgage was 4.48% as of the week ending December 26. The week prior, the rate was 4.47% — resulting in a 0.7% increase. One year ago during the same week, 30-year fixed-rate mortgages were about 3.35%. The 15-year fixed-rate […]

Affordable Financial Services LTD Says New HUD Regulations for Mortgages Will Hurt Smaller Lenders

Brian Leibowitz, CEO/Owner, Affordable Financial Services LTD, says the new rules from the U.S. Department of Housing and Urban Development regarding mortgages will negatively impact the mortgage lending business. He says the rules — which will take effect on January 10, 2014 — will place an unnecessary burden on these financial institutions, especially on the […]

30-Year Mortgage Rate Rises

Rates for fixed mortgages increased this week, which has indicated that buying a home will be less affordable in upcoming months. The average rate on a 30-year loan jumped from 4.29% to 4.46% this week, according to Freddie Mac. Regarding 15-year loans, rates also increased from 3.30% to 3.47%. Since May, when the Federal Reserve […]

U.S. Counties Report Improved Housing Market

Local municipalities have seen improvement in the housing market based on a survey of 712 county governments. According to the Thomas Reuters and the National Association of Counties’ Annual Local Property Markets Survey, 72% of U.S. counties reported an increase in assessed property values. In addition, 64% of counties reported a rise in the volume […]

Breaks for Homeowners Likely to Expire in 2014

Congress has indicated that all the write-offs homeowners enjoyed in the past are set to expire at the end of the year and see no further relief any time soon. Last year, Congress decided at the last minute to extend assistance for mortgage debt and deductions for mortgage insurance payments. Currently, The House and Senate […]

Rising Interest Rates Result in Fewer Mortgage Applications

Fewer applications were filed due to the increase in mortgage rates, which hit record highs, according to the Mortgage Bankers Association. For the week ending November 8, applications fell 1.8% and again by 2.89% the previous week. Refinancing applications decreased 2.3% and 3.9% the week before. Last week, the purchase index dropped by 0.5%; two […]