Freddie Mac Chief Says Mortgage Rates Near Bottom
John Koskinen, Freddie Mac’s interim CEO, said that mortgage rates are near their bottom on friday. Any further rate decreases will be small.
Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed mortgages averaged 4.85 % for the week, down drom 4.98 % the week before and 5.85 % last year at this time. 15 [...]
Federal Reserve Move Lowers Mortgage Rates Below 5%
The Federal Reserve will increase its purchases of mortgage-backed securities this year by $750 billion. This is on top of the $500 billion promised between January and June. Market watchers expect the move to drive down mortgage rates in coming weeks.
Mortgage rates are already at near-record lows. Nationally, the average 30-year fixed mortgage was 4.94 [...]
Second Homes Eligible for Refinancing Under Mortgage Plan
Initial reports from the White House and Treasury were that only owner occupied, primary residences would be eligible for refinancing under the mortgage relief plan. Now Fannie Mae and Freddie Mac are saying that loans they hold on second homes and small rental properties of less than 4 units are eligible, provided the loans are [...]
Obama’s Mortgage Relief Plan
Under the Housing Affordability and Stabilization Plan, lenders will be given incentives to try to slow foreclosures. The plan may help up to 5 million homeowners refinance mortgages, which they have been unable to because they owe more than 80 percent of the home’s value.
The plan also provides incentives for lenders who modify the loan [...]
Mortage Rates Low, But Fees Up
New rules instituted by Freddie Mac and Fannie Mae are raising fees for borrowers with less than perfect credit ratings. Borrowers must have a FICO score of 740 or higher in order to avoid the additional fees known as Loan Level Price Adjustments.
Event borrowers with perfect credit now have to paying additional points in order [...]
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