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Obama Administration Extends MHA, HAMP Modification Programs Through 2015
The Obama Administration has extended its Making Home Affordable (MHA) program through December 2015. The action, taken Thursday brings that program into line with new expiration dates announced...
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Rising mortgage rates could fuel already hot housing markets
Mortgage rates have risen half a percentage point since setting record lows last fall, and many economists expect them to continue rising for the foreseeable future. The increase, a reaction to the...
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Interest rates tick higher, but experts say housing still strong
The days of ultra-cheap mortgages may be ending, but economists say that’s unlikely to slow the housing market – and indeed reflects growing confidence that the recovery is real. Last week, the...
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Short sales may show up on credit reports as foreclosures
Here’s some good news for the large numbers of short sellers whose transactions have been classified as “foreclosures” by the credit reporting system: There is a new code on the launch pad that could...
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Home Loan Rates Near 4% Send Buyers Scurrying
Rob Braunstein said his search for a three-bedroom home on a quiet street in Needham, Massachusetts is taking on more urgency as he watches mortgage rates tick higher. Every increase, he worries,...
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Homeowners Continue Shorten Loan Terms, Saving Billions
Homeowners who refinanced in the first quarter of 2013 maintained the approximate cash balance of the loan they were refinancing but in more than one quarter of the cases, they shortened the term of...
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FHA likely to end controversial ‘prepayment penalty’
Pressured by consumer protection regulators, the Federal Housing Administration is expected to end one of its most controversial practices: Charging borrowers interest on their home mortgages for weeks...
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Are Fixed-Rate Government-Backed Mortgages Over?
Congress has restarted its slog about the fate of Fannie Mae and Freddie Mac – and at stake could be the future of your standard issue 30-year fixed-rate mortgage. The two mortgage giants became wards...
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HARP 2.0 Continues to Succeed Where 1.0 Fell Short
Nearly one-half million homeowners refinanced their mortgagesin March according to the Refinance Report released by the Federal Housing Finance Agency (FHFA) today. Of the 461,652 refinances closed...
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Refinancing into shorter mortgages appears to grow more popular
The refinancing boom may be cooling down, but the move to shorter mortgages — especially 10-year loans among pre-retirees — appears to be accelerating. Some community banks say 10-year mortgages, once...
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How Interest Rates Affect The Housing Market
Mortgages come in two primary forms, fixed rate and adjustable rate, with some hybrid combinations and multiple derivatives of each. A basic understanding of interest rates and the economic influences...
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Why jumbo-mortgage rates have gotten so close to conforming rates
The rate differential between jumbo and conforming mortgages is disappearing, thanks to a mix of factors. They include rising guarantee fees on conforming loans, which make them more expensive relative...
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Bernanke Faith in Housing Seen in Mortgage Bonds: Credit Markets
Mortgage rates in the U.S., after increasing at the fastest pace in a decade, are poised to rise even further with Federal Reserve Chairman Ben S. Bernanke saying the central bank is ready to slow its...
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HARP needs more than a deadline extension
Homeowners who haven’t refinanced their mortgage because they owe more than their home is worth might have another shot at refinancing now that the Federal Housing Finance Agency (FHFA) has extended...
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Senate Abolish Fannie and Freddie Hits the Floor
A bill to abolish the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae will finally be introduced today after months of preparation. Although not widely believed to be passable...
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Short sale and foreclosure lock-out periods
Ryan M. writes, “I keep getting confused. How long again is it that I need to wait after a “short sale” or foreclosure to buy a new home?” This is a great question, and one that has been asked by many...
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Housing finance reform is off to a promising start
FEW TASKS facing Congress are more necessary than housing finance reform. The Fannie Mae-Freddie Mac debacle cost taxpayers tens of billions of dollars and left the mortgage market in...
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Three Reasons to Buy Real Estate in 2013
There’s little doubt that the past year has been good for real estate, with existing home prices up more than 11 percent nationwide. But does this mean buyers have missed the boat? Is the remainder of...
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Rise in U.S. mortgage rates cuts into home buyer demand
Expectations the Federal Reserve will slow its economic stimulus program by the end of the year pushed U.S. mortgage rates higher last week, sapping demand from potential home buyers, data from an...
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Wealthy Americans Benefit From Banks Hunting Jumbos
… While rates for conventional mortgages surged last month by the most in two decades, financing costs for million-dollar homes are becoming a relative bargain. Deposit-rich banks needing to make loans...
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