30-Year Mortgage Rates Fell in Latest Week: Zillow By: Reuters Interest rates on 30-year fixed-rate mortgages fell in the latest week, real estate website Zillow.com said on Tuesday. Low rates on mortgages should continue to boost home loan refinancing activity and put more cash into consumers’ hands to funnel into the economy. They also […]
Tag: Mortgages
Fed finalizes ban on lender-paid bonuses for mortgage brokers The Federal Reserve has finalized its rules banning lender-paid bonuses for mortgage brokers and loan officers who get borrowers to accept a higher interest rate than necessary. The Fed said that its consumer tests found that borrowers generally are unaware of the payments lenders make to […]
Foreclosures and Loan Modification Programs The state Senate passed a bill that bars lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. We urge the Assembly to move the bill forward. Despite the vital interest that both lenders and borrowers have in avoiding money-losing foreclosures, the number […]
Mortgage Rates Drop to Lowest Rate in 50 Years Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren’t rushing to refinance their loans or buy homes. Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week. That’s down from […]
Fannie Mae: Walk Away and You Will Pay Dare I say it? “What took you so long??” An announcement from government-owned mortgage giant Fannie Mae warns: “Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed […]
Categories
Mortage Rates at All Time Lows
Mortgage Rates Hit an All-Time Low Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac. Although rates have held below 5 percent since early May, Michael Fratantoni of the Mortgage Bankers Association notes that demand for purchase […]