Higher Mortgage Rates Possible
Economist believe mortgage rates will increase, predicting the average 30 year rate will move closer to 5.75% over the next six months. Such forecasts force homeowners with adjustable rate mortgages to consider refinancing their loans to avoid an increase in their monthly payments. An increase that few are prepared to handle when we consider the [...]
Pending Home Sales Drop, Market Looks Bleak
The National Association of Realtors’ index on pending home sales dropped by 16% in November. This is more than three times what economists expected to see. The pending home sales index showed a decline in every region, 26% in the northeast and mid-west, 15% in the south and 3% in the west. The drop-off was [...]
Fed Purchases Of Mortgage Backed Securities To End
The Federal Reserve Bank will discontinue buying mortgage backed securities in March 2010. The Federal Reserve has been actively supporting the treasury and mortgage markets with purchases of treasuries and mortgage backed securities since fall 2008. This could have an impact on the mortgage climate for the foreseeable future. A Morgan Stanley chief economist feels [...]
Unemployed Homeowners Might Receive Assistance
Advocacy groups are meeting with officials from Housing and Urban Development, the Treasury Department and the White House Economic Council. These groups hope officials will take part in an existing $75 billion program to help homeowners modify mortgages and implement a program that would help the jobless stay in their homes. Spearheading this program is [...]
Lenders Resist Making Home Affordable
The Treasury Department announced a total of 31,382 homeowners have received a permanent home loan modification since details of the program were announced in March. 4% of homeowners whose home loans were re-worked through the Making Home Affordable Program have successfully completed the trial period to receive permanent modifications. There are currently more than 728,000 [...]
Reverse Mortgage Option Gaining Momentum, Seniors at Risk
More seniors are applying for reverse mortgages than ever before. This trend is gaining momentum as seniors are finding their retirement nest egg disappearing. Tim McDonald, a reverse mortgage specialist for Wells Fargo Home Mortgage, says, “the aging population is becoming more and more aware of reverse mortgages as a way to stay in [...]
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