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Mortgage Rate Re-Pricing Alert 2:40 PM ET, September 30, 2010

By:: David Coster - MortgageLoan.com | September 30, 2010

Mortgage pricing has improved this afternoon. Mortgage-backed securities prices have returned to neutral for the day after showing a step decline early this morning. Analyst credit the reversal in the stock market for the change. Traders appear to have cashed in the gains that were achieved in early trading today after three positive economic reports.

Mortgage Rates Continue to Fall

By:: Kara Johnson - MortgageLoan.com | September 30, 2010

Mortgages interest rates hit record lows again this week, according to the Freddie Mac Primary Mortgage Market Survey.

Average interest rates on the 30-year fixed-rate loan dropped to 4.32 percent, matching the record low set four weeks ago, and the 15-year fixed-rate loan fell to 3.75 percent, a new record low.

Second Lender Halts Foreclosures Over Document Issues

By:: Kirk Haverkamp - MortgageLoan.com | September 30, 2010

JP Morgan Chase has announced it is temporarily suspending foreclosures, becoming the second major bank to do so over concerns about improperly signed affidavits.

Tax Consequences of a Second Mortgage

By:: Barbara Eisner Bayer - MortgageLoan.com | September 30, 2010

Everyone loves to hate income taxes. So one aspect of the U.S. tax code that’s enormously popular is the mortgage interest deduction, which provides sizeable tax breaks on first and second mortgages.

Mortgage deduction basics

Mortgage Rates Move on Better News, September 30, 2010

By:: David Coster - MortgageLoan.com | September 30, 2010

The markets and in-tun, mortgage rates respond to new economic data. Good news for the economy is typically bad for mortgage rates and vice versa. With two key economic reports released today signaling better than expected news, rates are headed up.

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Final GDP, 8:30 AM ET, High Rate Impact

HUD Help for Seniors: A Lower-Cost Reverse Mortgage

By:: Barbara Eisner Bayer - MortgageLoan.com | September 29, 2010

When William Shatner played Captain Kirk on the Starship Enterprise, he was a young hunk guiding people to “boldly go where no man has gone before.” Now, the 79-year old senior citizen is guiding people to better financial sense by saying, “If saving money is wrong, I don't want to be right!” The Federal Housing Administration (FHA) must be listening, because they’ve just lowered the upfront costs of reverse mortgages, which will help seniors save money when they tap their home equity.

Understanding reverse mortgages

Home Purchase Mortgage Applications Edge Up

By:: Peter King - MortgageLoan.com | September 29, 2010

Mortgage rates continued to fall to new lows last week, accompanied by a small increase in the number of people seeking to buy a home.

S&P Survey Suggests Softening Housing Market

By:: Kirk Haverkamp - MortgageLoan.com | September 29, 2010

Annual gains in home prices have slowed in recent months, raising concerns over possible weakening of the housing market.

Mortgage Rates Approach Records--Again, September 29, 2010

By:: David Coster - MortgageLoan.com | September 29, 2010

Mortgage rates being offerred by the largest lenders to the best borrowers are approaching the all-time lows they reached in late August. Two reasons seem to explain the drop: the possibility of more quantitative easing by the Fed and a lack of borrowers at higher rates. Today should not see much movement in mortgage rates.

Mortgage Rate Trend Direction: Neutral

Economic Reports/Rate Impact: No Official Economic Data Released Today

Survey Shows Big Gap in Credit Scores

By:: Kirk Haverkamp - MortgageLoan.com | September 28, 2010

There’s a big gap among Americans when it comes to credit worthiness and the ability to obtain mortgages and other consumer loans.

Minneapolis, Midwest Have Best Credit Scores

By:: Kirk Haverkamp - MortgageLoan.com | September 28, 2010

If you’re looking for a mortgage or other type of loan, it might not hurt to be from Minneapolis, at least on average.

Taking Advantage of a Cash-in Refinance

By:: Barbara Eisner Bayer - MortgageLoan.com | September 28, 2010

When retail stores open early on Thanksgiving weekend, bargain hunters line up for hours to take advantage of great deals. If you follow the trend of those in the know, you, too, can find great opportunities. Mortgage industry professionals are noticing a trend that can help borrowers who have a chunk of cash in the bank get a great deal, as well – the cash-in refinance.

The trend is your friend

Mortgage Rates Still Excellent, September 28, 2010

By:: David Coster - MortgageLoan.com | September 28, 2010

Mortgage Rates appear headed for slight improvement at initial pricing this morning. The stock market is opening down while mortgage-backed securities are popular this morning. Limited data will be available to guide markets today.

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: Consumer Sentiment, 10:00 AM ET, Moderate Rate Impact

No Promises in Mortgage Loan Modification

By:: Barbara Eisner Bayer - MortgageLoan.com | September 27, 2010

President Obama’s mortgage modification program has reached out to distressed homeowners, but it’s left many of them with nothing but broken promises.

Mortgage Rates Head Down to Start the Week, September 26, 2010

By:: David Coster - MortgageLoan.com | September 27, 2010

Mortgage rates seem to want to head lower to begin the week. Most economic data will come toward the end of the week. Today appears to be a "trader's day", trading the opposite of recent trends to generate more commissions.

Mortgage Rate trend Direction: Down

Economic Reports/Rate Impact: No economic reports released today

Chicago Home Sales Post Small August Gain

By:: Kara Johnson - MortgageLoan.com | September 27, 2010

Chicago-area home sales inched up in August, but barely made a dent in the sharp dropoff that followed the end of the homebuyer tax credit program.

Weekly Mortgage Rate Review--Economy Putting One Foot in Front of the Other, September 24, 2010

By:: David Coster - MortgageLoan.com | September 27, 2010

The US economy's movement can be described as "putting one foot in front of the other". While it may not be pretty and may more closely resemble a sailor staggering back to the ship following a night of liberty, the direction is definitively forward. There are continuing signs that markets are moving in a sustainable direction over the mid-to-longer term. For stocks this means higher levels. For mortgage-backed securities (MBS) this means lower levels. Mortgage rates still appear headed higher.

New Foreclosures Down, Mortgage Performance Steady

By:: Kirk Haverkamp - MortgageLoan.com | September 25, 2010

New foreclosures initiated in the second quarter of the year were at their lowest rate since the final months of 2008, according to a new government report issued today.

Mortgage Rates Guided By Durable Goods, September 24, 2010

By:: David Coster - MortgageLoan.com | September 24, 2010

Durable goods orders and existing real estate sales will provide direction to the markets and mortgage rates today. Additionally, analysts will watch the currency markets for signs of Japanese intervention to support the yen.

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Durable Goods Orders, 8:30 AM ET, Moderate Rate Impact

Home Equity Loan vs. HELOC: Know the Differences

By:: Barbara Eisner Bayer - MortgageLoan.com | September 24, 2010

Before any big fight, boxing fans will size up the contenders on strength, size, and endurance. You should do the same when you step up to the ring to convert your home equity into cash.

New Home Sales Unchanged in August

By:: Kara Johnson - MortgageLoan.com | September 24, 2010

New home sales remained flat in August, with the seasonally adjusted rate unchanged from July, according to estimates released this morning by the Commerce Department.

Mortgage Rates Largely Unchanged This Week

By:: Kara Johnson - MortgageLoan.com | September 23, 2010

Mortgage rates were largely unchanged this past week, despite signals that the Federal Reserve may take new steps to reduce the cost of credit and boost the economy.

Existing Homes Sales Trend Upward

By:: Peter King - MortgageLoan.com | September 23, 2010

Existing home sales in August regained some of the ground they lost the previous month, rising 7.6 percent to a seasonally adjusted annual rate of 4.13 million, according to figures released this morning by the National Association of Realtors.

New MHA Trial Modifications Inch Up

By:: Kirk Haverkamp - MortgageLoan.com | September 23, 2010

The number of homeowners receiving permanent loan modifications under the government’s Making Home Affordable Program continued to shrink in August, even as the number of new admissions to the program ticked upward for the first time in nearly a year.

According to the government’s monthly Housing Scorecard and Making Home Affordable (MHA) program report, 33,342 homeowners were approved for permanent loan modifications in August, down from 36,695 the month before.

At the same time, the number of n

Protection from Reckless Mortgage Lenders

By:: Barbara Eisner Bayer - MortgageLoan.com | September 23, 2010

In every shipment of McIntosh and Granny Smith, there’s bound to be a few bad apples. Finding them can be challenging, though, because they’re well hidden among many good pieces of fruit. It’s the same situation when it comes to mortgage lenders. While an overwhelming majority of them are honest, there are bad apples in the group, and the Federal Housing Administration (FHA) is having trouble weeding them out.

Mortgage Rates Are Expecting Poor Data, September 23, 2010

By:: David Coster - MortgageLoan.com | September 23, 2010

A good cross-section of economic data will be available today to guide markets. Additionally, comments from investor Warren Buffet and from Chinese Premier Wen Jiabao could impact markets and mortgage rates today.

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: Jobless Claims, 8:30 AM ET, High Rate Impact

Fed Hints at Economic Stimulus

By:: Peter King - MortgageLoan.com | September 22, 2010

The Federal Reserve is hinting it may soon take new steps to inject more cash into the economy if the weak recovery falters and deflation becomes a threat.

Mortgage Applications, Rates Both Decline

By:: Peter King - MortgageLoan.com | September 22, 2010

Mortgage application activity has fallen for the third consecutive week, despite declining interest rates that are at or near record lows.

FHFA Reports Home Prices Fell in July

By:: Kara Johnson - MortgageLoan.com | September 22, 2010

U.S. home prices fell half a percent from June to July, according to new figures from the Federal Housing Finance Agency.

Simplified Mortgage Disclosures is Warren's Goal

By:: Kirk Haverkamp - MortgageLoan.com | September 22, 2010

Simplifying mortgage disclosure forms so that borrowers get a clearer picture of the costs and obligations involved will be a primary goal of the new Consumer Financial Protection Bureau and Elizabeth Warren, the consumer advocate appointed to oversee its creation.

Mortgage Rates Respond to Fed, September 22, 2010

By:: David Coster - MortgageLoan.com | September 22, 2010

The Federal Reserve's statement yesterday that it is willing to consider additional purchases of US Treasury debt is the dominant driver of market activity today. This practice is known as quantitative easing and should drive mortgage rates lower.

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: No Economic Reports Released Today

Small Home Improvements Make a Big Difference

By:: Barbara Eisner Bayer - MortgageLoan.com | September 22, 2010

“Save money, don’t spend” is the current American mantra. With the housing market in a slump, the unemployment rate hovering at 10 percent, and significant loss of value in most homes, it’s difficult to spend money on anything but necessities. Is that home renovation you’ve been dreaming about light years away? Don’t give up -- with a little creativity, you can spend a relatively small amount of money and make significant changes to your environment.

Lighting up your life

Mortgage Rates Move with Housing Data, FOMC Comments, September 21, 2010

By:: David Coster - MortgageLoan.com | September 21, 2010

Mortgage rates will have early directional guidance from housing starts data. This afternoon the Federal Reserve Open Market Committee will release a statement that will impact mortgage rates.

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: Housing Starts, 8:30 AM ET, High Rate Impact

GMAC Denies Halting Foreclosures in 23 States

By:: Peter King - MortgageLoan.com | September 21, 2010

GMAC Mortgage is denying a report that it has suspended foreclosures in 23 states, saying all new foreclosures are continuing as usual.

Are You a Candidate for a 15-Year Mortgage?

By:: Barbara Eisner Bayer - MortgageLoan.com | September 21, 2010

The old saying that bigger is better doesn’t always hold true when it comes to mortgage terms. In the past, many financial planners discouraged choosing a 15-year mortgage over a 30-year one for two very good reasons. First, your monthly payment would be much higher with the shorter term. And second, your money would be locked up in mortgage payments, which meant that if, heaven forbid, a financial emergency occurred, you might be short on funds.

Housing Starts Rose in August

By:: Kirk Haverkamp - MortgageLoan.com | September 21, 2010

New housing construction starts rose 10.5 percent in August, exceeding economist’s projections and raising hopes the market may be coming back from last summer’s declines.

Mortgage Rate Re-Pricing Alert 2:20 PM ET, September 20, 2010

By:: David Coster - MortgageLoan.com | September 20, 2010

Mortgage pricing is improving this afternoon following comments from President Obama. The President did not signal any new policies or strategies to address the economy. The result is a mixed market--higher stocks and higher bond yeilds. That is contrary to the common relationship between these two investment classes and indicates uncertainty. I would not be surprised for mortgage pricing to move back towards neutral by the end of the day.

Mortgage Rates Depend on Response to President, September 20, 2010

By:: David Coster - MortgageLoan.com | September 20, 2010

Limited data push presidential comments during town hall today to the top of potential movers of mortgage rates. Rates are expected to open neutral with potential for some improvement following the President's comments.

Mortgage Rate Trend Direction: Neutral

Economic Reports/Rate Impact: No Economic Reports Released Today Key

Home Builders Remain Pessimistic

By:: Kara Johnson - MortgageLoan.com | September 20, 2010

Homebuilders remain pessimistic about the outlook for their industry, overwhelmingly viewing market conditions over the next six months as poor.

Celebrity Real Estate Meltdown: Learn How to Sell Your Home

By:: Barbara Eisner Bayer - MortgageLoan.com | September 20, 2010

If you’re selling your home, you may have a lot more in common with Jamie Dimon, Chairman and CEO of JPMorganChase, than you think. All his wealth and power isn’t helping sell his mansion on Chicago’s Gold Coast. He’s just slashed the asking price from $9.5 million to $6.95 million.

Fall Popular Season for San Francisco Homebuyers

By:: Kirk Haverkamp - MortgageLoan.com | September 20, 2010

Fall is in the air. Time for football, pumpkins, hayrides and – at least in the San Francisco area – shopping for a home.

Weekly Mortgage Rate Review--Much Ado About Nothing, September 17, 2010

By:: David Coster - MortgageLoan.com | September 18, 2010

Yawn!--This week appeared at the outset to have the potential for dramatic moves in mortage rates due to the quantity of economic data released. Yet, in the end, after moves down and up, we find ourselves essentially back where we began. I suppose it really shouldn't be that surprising given the time of the year and lack of clarity in both the data and the political environment.

Mortgage Rates Surprise, September 17, 2010

By:: David Coster - MortgageLoan.com | September 17, 2010

Important data on inflation will be released this morning and may move mortgage rates. Also, political comments by Speaker of the House Nancy Pelosi have the potential to effect mortgage rates for some time to come.

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: Consumer Price Index, 8:30 AM ET, High Rate Impact

Consumer Advocate to Head New Financial Product Regulator

By:: Kirk Haverkamp - MortgageLoan.com | September 17, 2010

Ending months of speculation, President Obama has asked consumer advocate Elizabeth Warren to lead efforts to establish an agency intended to protect consumers against hidden hazards in mortgages, credit cards and other financial products.

Five Ways to Preserve Your Home Equity

By:: Barbara Eisner Bayer - MortgageLoan.com | September 17, 2010

Home equity is an endangered species. According to Bloomberg, housing prices have dropped 26 percent since 2006. A report earlier this year claimed that 11.3 million homeowners -- almost a quarter of all U.S. mortgage holders -- were underwater on their loans. If you’re one of the lucky ones who still has equity in your home, do everything in your power to retain it. Here are five tips to preserve your home equity.

Completed Foreclosures Hit New High in August

By:: Peter King - MortgageLoan.com | September 16, 2010

A record number of homes were lost to foreclosure in August, even as the number of homeowners initially defaulting on their mortgages continued to decline.

Most Think Housing Market Has Bottomed Out: Fannie Mae

By:: Kirk Haverkamp - MortgageLoan.com | September 16, 2010

Most Americans believe the housing market has hit bottom and that home values will either hold steady or increase over the next year, according to a new Fannie Mae survey.

Mortgage Rates Look to Move Higher, September 16, 2010

By:: David Coster - MortgageLoan.com | September 16, 2010

Action by the Bank of Japan yesterday and the possibility of further action to support the yen could move mortgage rates today. Additionally, a series of economic reports could move rates.

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Producer Price Index, 8:30 AM ET, Moderate Rate Impact

Refinancing? Get on Top of the Lock

By:: Barbara Eisner Bayer - MortgageLoan.com | September 16, 2010

Canada’s first native-born Prime Minister, Sir John Abbott, was known for telling the following story: “How do you know so much about everything?' was asked of a very wise and intelligent man; and the answer was 'By never being afraid or ashamed to ask questions as to anything of which I was ignorant.’”

Mortgage Rates Manufacture Change, September 15, 2010

By:: David Coster - MortgageLoan.com | September 15, 2010

Data on inflation and manufacturing could move mortgage rates today. Additionally, a move by the Bank of japan in support of their currency has the potential to impact US dollar values and mortgage rates in turn.

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Import Prices, 8:30 AM ET, Low Rate Impact

Finding a Jumbo Mortgage Lender

By:: Barbara Eisner Bayer - MortgageLoan.com | September 15, 2010

Locating a reputable jumbo mortgage lender can make you feel like Lt. Gerard in The Fugitive. If you aren’t careful, your search may be fraught with dead ends, unexpected circumstances, and even potential criminal activity.

Most Expect Stagnant Home Prices Over Coming Year

By:: Kara Johnson - MortgageLoan.com | September 15, 2010

Short-term confidence in the housing market is sagging, even as homeowners are becoming somewhat more optimistic about the long-term picture.

Demand for Mortgage Refinancing Sags

By:: Peter King - MortgageLoan.com | September 15, 2010

Mortgage applications fell this past week, driven by declining demand for mortgage refinancing among consumers.

Three Best Reasons for a Second Mortgage

By:: Barbara Eisner Bayer - MortgageLoan.com | September 14, 2010

Second mortgages have been accused of playing the role of bad boy in the mortgage crisis. Many borrowers, who wanted to buy homes with no money down, were piggybacking second mortgages on top of first ones. In addition to new homes, they were acquiring massive amounts of debt. Since everyone “knew” that housing prices would continue to climb, no one was worried about paying those loans back. They could always refinance and get more money out of the increased home equity to cover whatever financial woes they encountered.

Private Company Offers Incentives for Underwater Homeowners

By:: Kirk Haverkamp - MortgageLoan.com | September 14, 2010

A private company is proposing a new approach to keep underwater homeowners from walking away from their mortgages. Pay them to stay current on their loan.

Freddie Mac Sees No Double Dip in Housing

By:: Peter King - MortgageLoan.com | September 14, 2010

Recent declines in home sales do not appear to indicate a weakening of the underlying housing market, but instead reflect sales pulled forward by the homebuyer tax credit, according to a new analysis by Freddie Mac.

Mortgage Rates Move With Data, September 14, 2010

By:: David Coster - MortgageLoan.com | September 14, 2010

Today for mortgage rates, it's all about the consumer as the monthly retail sales figures for August are released. Also, the US government is increasing pressure on the Chinese government to allow the value of its currency to increase.

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: Retail Sales, 8:30 AM ET, High Rate Impact

Mortgage Rates Wait for Data, September 13, 2010

By:: David Coster - MortgageLoan.com | September 13, 2010

At the start of a new week mortgage rates appear poised for a neutral opening with no new data available to traders. Over the weekend new international banking regulations were announced that will require banks to raise additional capital.

Mortgage Rate Re-Pricing Alert 1:00 PM ET, September 13, 2010

By:: David Coster - MortgageLoan.com | September 13, 2010

Mortgage pricing has improved today and lenders are likely to pass this along to consumers. The move appears to simply be trading related and not based on any specific economic data or news.

Moody's: Most Mortgage Losses Already Incurred

By:: Kirk Haverkamp - MortgageLoan.com | September 13, 2010

U.S. banks have already written off over two-thirds of the losses they are expected to take on soured mortgage loans during the current economic downturn, according to an analysis by Moody’s Investors Service.

Katherine Hepburn’s Brownstone: Lessons in Buying and Renting

By:: Barbara Eisner Bayer - MortgageLoan.com | September 13, 2010

Have you ever wondered what it would be like to live like a movie star? You’ll get your chance if you can afford to rent the former New York City home of four-time Academy Award winner Katherine Hepburn, which is currently for rent at $27,500 per month.

Different "Mortgage" Rules Apply for NYC Co-ops

By:: Kirk Haverkamp - MortgageLoan.com | September 11, 2010

If you’re thinking about buying a home in New York City, there’s a good chance you’ll be getting a co-op rather than a condo or a house. According to the official figures from the city, co-ops make up 43 percent of the non-rental housing in the city, but private sources put the figure even higher, as much as 75-85 percent.

Mortgage Refinances Slow Under HARP

By:: Kara Johnson - MortgageLoan.com | September 10, 2010

The pace of mortgages refinanced under the government’s Home Affordable Refinance Program (HARP) slowed in the second quarter of the year, despite falling interest rates that made refinancing more attractive to homeowners.

Shopping for the Best Mortgage Rate

By:: Barbara Eisner Bayer - MortgageLoan.com | September 10, 2010

When Smokey Robinson sang “You better shop around” back in the Motown era, he shared advice from his mother that applies to mortgages as well as women. The singer’s mom told him: “Get yourself a bargain son, don’t be sold on the very first one.” Here’s how to shop for the best mortgage rates.

Comparison shop

Step number one is to contact a variety of lenders. There are five places to check:

Weekly Mortgage Rate Review--The Climb Begins, September 10, 2010

By:: David Coster - MortgageLoan.com | September 10, 2010

Mortgage Rates Climb for First Week in 3 months

Mortgage Rates Continue Climb, September 10, 2010

By:: David Coster - MortgageLoan.com | September 10, 2010

Mortgage Rate Trend Direction: Up

Economic Reports/ Rate Impact: No Economic Reports Released Today

Key News: Bank Capital Concerns, China's Economy

Summary

Mortgage Rates' Slow Move, September 9, 2010

By:: David Coster - MortgageLoan.com | September 09, 2010

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Jobless Claims, 8:30 AM ET, Trade Balance, 8:30 AM ET

Key News: Economist Argues Against European Austerity Measures

Summary

The Changing Face of FHA Mortgages

By:: Barbara Eisner Bayer - MortgageLoan.com | September 09, 2010

Halloween is just around the corner, but that isn’t why FHA loans are about to have a whole new face. The housing crisis has caused problems for the FHA, and the mortgage insurer must make some changes to avoid saddling taxpayers with another bailout.

IRS May Wrongly Seek Tax Credit Repayment

By:: Kirk Haverkamp - MortgageLoan.com | September 09, 2010

Nearly 60,000 individuals who purchased homes in 2009 could get a notice from the IRS improperly demanding that they repay their homebuyer tax credit, according to the Treasury Department.

Mortgage Rate Re-Pricing Alert 4:00 PM ET, September 9, 2010

By:: David Coster - MortgageLoan.com | September 09, 2010

Mortgage pricing has increased this afternoon as traders react to a poor result from today's auction of 30 Year US Treasury bonds. With no official data released before next Tuesday, this trend could continue for the next couple of days.

Funds Again Flow to USDA Mortgage Program

By:: Kirk Haverkamp - MortgageLoan.com | September 09, 2010

Funding has been restored for the USDA’s Guaranteed Rural Housing Loan Program, meaning that lenders can once again begin issuing mortgages under the popular government program.

30-Year Rates Edge Up After Long Decline

By:: Peter King - MortgageLoan.com | September 09, 2010

Interest rates rose on 30-year fixed-rate mortgages rose slightly this past week, ending nearly three months of consecutive declines, according to the weekly rate survey from Freddie Mac.

Saving Money on a Mortgage Refinance

By:: Barbara Eisner Bayer - MortgageLoan.com | September 08, 2010

The key to successful financial management is saving money wherever possible. That’s one of the reasons that mortgage refinancing has become extremely popular. Rates are lower than they’ve been in 50 years, and savvy homeowners are taking advantage of this opportunity by jumping on the refinance bandwagon. In addition to lowering your rate, there are additional ways to save even more money when you refinance your loan.

Cut your closing fees

Mortgage Rates Get Tanned, September 8, 2010

By:: David Coster - MortgageLoan.com | September 08, 2010

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: Federal Reserve Beige Book, 2:00 PM ET

Key News: Portuguese Bond Auction

Summary

Mortgage Applications to Buy Homes Show Modest Increase

By:: Kara Johnson - MortgageLoan.com | September 08, 2010

Mortgage applications to buy homes inched upward last week, as the housing market struggles to regain its footing following the end of the homebuyer tax credit program.

Lenders Agree to Give Communities First Crack at Foreclosures

By:: Peter King - MortgageLoan.com | September 07, 2010

In an effort to stabilize neighborhoods with high foreclosure rates, bank-owned properties in certain targeted areas will be offered for sale first to state and local governments, along with selected nonprofit organizations before they are made available to private investors.

FHA Short Refinance Offers New Option for Underwater Homeowners

By:: Kirk Haverkamp - MortgageLoan.com | September 07, 2010

Starting Sept. 7, 2010, underwater homeowners have a new option for refinancing their mortgages. The question is, how many will be able to take advantage of it?

Protect Yourself from HELOC Disaster

By:: Barbara Eisner Bayer - MortgageLoan.com | September 07, 2010

Sometimes, something that you think is safe can turn into something quite dangerous. Like golfing, one of the safest sports known to man. Or is it? A golfer in California recently hit a routine stroke. The ball hit a rock and actually started a fire, which enflamed 25 acres and required 150 firefighters to tame it.

Mortgage Rates Head Down After Holiday, September 7, 2010

By:: David Coster - MortgageLoan.com | September 07, 2010

Mortgage Rate Trend Direction: Down

Economic Reports/Rate Impact: No Economic Reports Released Today

Key News: European Bank Issues

Summary

Borrowing from a 401k to Refinance an Underwater Mortgage

By:: Kirk Haverkamp - MortgageLoan.com | September 04, 2010

A lot of homeowners would love to refinance at today’s rock-bottom rates but can’t because they’re underwater on their mortgages. One possible solution: borrowing from a 401k plan to pay down the difference.

Weekly Mortgage Rate Review--End of the Rate Records?, September 3, 2010

By:: David Coster - MortgageLoan.com | September 04, 2010

Have we Seen the Last Record Low in Mortgage Rates?

Evidence is mounting that the trend of ever-lower mortgage rates may be coming to an end. I will consider the evidence and give you my thoughts after we review mortgage rate activity for the week.

More Expect Home Values to Decline

By:: Kirk Haverkamp - MortgageLoan.com | September 03, 2010

U.S. consumers are taking an increasingly pessimistic view of home values, in the wake of plunging home sales and other bad news from the housing market.

Mortgage Rate Mania – Can’t Trust the Prognosticators

By:: Barbara Eisner Bayer - MortgageLoan.com | September 03, 2010

If you’ve been thinking about a mortgage refinance or the purchase of a home, you’ve probably been watching the direction of mortgage rates, along with the pundits in the news media. But beware what you read when financial professionals start predicting the future. As legendary CBS-TV newsman Edward R. Murrow said, “A reporter is always concerned with tomorrow.” Therefore, it’s a trap of the trade to assume what lies ahead.

Mortgage Rates Heading Higher, September 3, 2010

By:: David Coster - MortgageLoan.com | September 03, 2010

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Non-Farm Payrolls, 8:30 AM ET, High Rate Impact

ISM Services Index, 10:00 AM ET, Moderate rate Impact

Subdued Inflation Sends Mortgage Rates to New Lows

By:: Peter King - MortgageLoan.com | September 02, 2010

Low inflationary pressures allowed mortgage rates to fall to new lows again this week, according to today’s weekly rate survey from Freddie Mac.

Pending Home Sales Show Modest Increase

By:: Kara Johnson - MortgageLoan.com | September 02, 2010

Pending home sales rose modestly in July, two months after taking a steep plunge that put the housing market into the doldrums.

VA Loans and Natural Disasters

By:: Barbara Eisner Bayer - MortgageLoan.com | September 02, 2010

According to the Center for Research on Epidemiology of Disasters, natural disasters were up 233 percent during the period 2000 to 2009 as compared to 1980 to 1989, and up 67 percent from 1990 to 1999. Whether it’s hurricanes, earthquakes, tornadoes, floods, or lava eruptions, if you’re a homeowner with a Veteran’s Administration (VA) loan, your property is at risk if the unexpected occurs. Here’s what to do if disaster strikes.

Mortgage Rates Respond to the Market, September 2, 2010

By:: David Coster - MortgageLoan.com | September 02, 2010

Mortgage Rate Trend Direction: Up

Economic Reports/Rate Impact: Jobless Claims, 8:30 AM ET, High Rate Impact

Productivity, 8:30 AM ET, Low Rate Impact

Mortgage Rate Re-Pricing Alert 11:00 AM ET, September 1, 2010

By:: David Coster - MortgageLoan.com | September 01, 2010

Mortgage pricing is worsening after a big rally in the US stock market. A surprising result from the ISM Manufacturing Index sent already higher stock prices even higher. Call me cycnical, but August opened with a huge rally, only to end up down more than any August since 2001.

Mortgage Rates Roll, September 1, 2010

By:: David Coster - MortgageLoan.com | September 01, 2010

Mortgage Rate trend Direction: Up

Economic Reports/Rate Impact: Construction Spending, 10:00 AM ET, Low Rate Impact

ISM Index, 10:00 AM ET, Moderate Rate Impact

Consequences of a Second Mortgage Default

By:: Barbara Eisner Bayer - MortgageLoan.com | September 01, 2010

Being late is good for making dramatic entrances at cocktail parties, but the advantages stop there. Arrive late to work and you could get fired. And if you slip behind on your second mortgage payments, you risk losing your home.

Default sets the wheels in motion

New Disclosures to Help Explain Reverse Mortgages

By:: Kirk Haverkamp - MortgageLoan.com | September 01, 2010

Reverse mortgages can be complicated financial products that many borrowers find hard to understand. To help clear things up, the Federal Reserve is proposing a new set of disclosures to provide a better understanding of the costs and risks associated with them.

Low Rates Fail to Spur Home Purchases

By:: Peter King - MortgageLoan.com | September 01, 2010

Mortgage applications for home purchases declined in August, despite falling interest rates that continued to set record lows and suggesting that home sales remain weak following July’s sharp declines.

The four-week moving average for home purchase mortgage applications is down 0.2 percent, the Mortgage Bankers Association reported this morning, despite a 1.8 percent gain last week. Compared to the same week one year ago, purchase applications are down 37 percent.

Private Loans Modifications Continue Briskly

By:: Kirk Haverkamp - MortgageLoan.com | September 01, 2010

Roughly two-thirds of the more than 1 million homeowners who have obtained permanent mortgage loan modifications this year did so outside of the government’s Home Affordable Modification Program (HAMP), according to a new report.

Through the end of July, nearly 760,000 homeowners have obtained private mortgage loan modifications through their lenders so far this year, according to figures from the Hope Now Alliance. Another 368,000 were approved for permanent loan modifications under HAMP.