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 […]
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 […]
A growing number of U.S. borrowers have missed payments on home equity lines of credit (HELOC), even as mortgage delinquencies have been declining. As many borrowers are beginning to hit their loans’ 10-year anniversary, they will have to start paying the principal balance as well as the interest at this time. Therefore, homeowners will see […]
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 […]
The U.S. Mortgage Market Index from Loan Sifter and Mortgage Daily reported an increase in inquiries for rates on refinance transactions as interest rates fell. As compared to the week ending on September 13, the average pricing inquiries were up 17%. The week ending on September 20th saw the biggest gains in the refinance sector, […]
Mortgage applications are up 1.3% this week, making some recovery after a 2.5% decline in the last week of August, according to the Mortgage Bankers Association. The Refinance Index saw a 2% increase this week, with refinance activity up 1%, from 60 to 61. Although the Purchase Index fell 3% this week, purchase applications remain […]
RealtyTrac’s latest report shows that cash sales continued to rise, hitting 40 percent in July from 35 percent in June and 31 percent in July of 2012. RealtyTrac cited the recent uptick in interest rates as the reason for more cash buys, as some non-cash buyers can no longer afford to purchase a home, particularly […]
Today’s article from National Public Radio reported that the pent-up demand for homes will mean a greater resurgence in the housing market, but that might change as many young adults who have graduated from college within the past few years are saddled with hundreds of thousands of dollars of student loan debt. But what’s more […]
The Associated Press reported today that, if Congress has its way, the two government-controlled mortgage guarantee entities — Fannie Mae and Freddie Mac — could close down, resulting in higher mortgage rates. The House and Senate have separate bills that would phase out both Fannie and Freddie over a five-year period. But while the House […]
The National Association of REALTORS recently reported that approximately 29 percent of today’s homebuyers are down from the “historic norm” of 40 percent. The NAR cited tight credit conditions, limited housing inventories, and steep competition from investors for the same properties as reasons for the shrinking number of first-time homebuyers. Kevin Gillen, an economist at […]