Financial Reform Building Momentum
Senator Chris Dodd, chairman of the Senate Banking Committee, took a step forward when he unveiled his plan for financial reform legislation on Monday. The legislation introduced is a package comprised of concessions from both sides of the aisle. A number of representatives are not satisfied with the language in the bill. A key component [...]
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 [...]
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 [...]
More Changes Ahead for Freddie Mac and Fannie Mae
A proposal released Wednesday by the Mortgage Bankers Association is asking congress to split Freddie Mac and Fannie Mae. The proposal outlines a detailed plan for restructuring the U.S. mortgage market by establishing a “proposed framework for a refined government role in the secondary mortgage market designed to ensure liquidity for mortgages without presenting unnecessary [...]
Fed Says Growth Likely To Return
Federal Reserve Chairman Ben Bernanke offered his most optimistic outlook on the economy since the financial crisis began last September. Bernanke, during his Jackson Hole Wyoming speech said, “After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return [...]
Mortgage Rates Rise as Foreclosures Increase
The Federal Reserve announced that the average rate of a 30 year fixed rate mortgage rose to 5.38%, up from 5.17% the week before. The average rate for a 15 year fixed rate mortgage is now at 4.71%, up from 4.6%. Real estate research firm Zillow reported on Tuesday that, while home values continue to fall, [...]
Mortgage Delinquencies Surge
The Federal Reserve reported that home mortgage delinquencies rose to 7.91%, the highest level since the Fed began tracking delinquencies. Credit card delinquencies, at 6.5%, are also at record highs. Commercial real estate delinquencies are also rising rapidly at 6.4%. The overall delinquency rate of all consumer loans stands at 4.7%, also a record.
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 [...]
Bernanke Expects Housing Recovery
In a closed door session with Senate lawmakers, federal Reserve Chairman Ben Bernanke testified that he expects the U.S. housing market to begin recovery this year. Sen. Pete Domenici (R) said, “He let us believe that the housing situation should begin to ameliorate by the end of the year”. Bernanke signalled that further interest rates [...]
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