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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