Home » Mortgage News » 2009 » September
Gross Domestic Product Revised Slightly Upward
The U.S. gross domestic product shrunk at an annual rate of 0.7 percent in the second quarter of the year, far slower than in the preceding quarter and less than previous estimates had predicted. Read More» |
Home Prices Up, But Consumers Pessimistic
U.S. home prices rose for the third straight month in July, according to a leading index, but the good news comes against a background of more recent data showing continued trouble for the economy. Read More» |
State Mortgage Agences May Get $35 Billion Assistance
The U.S. Treasury will provide up to $35 billion over the next three years to state housing agencies to support low- and moderate income mortgages, according to new reports. Read More» |
New Home Sales Up; Existing Home Sales Down
Sales of newly constructed single-family homes rose for the fifth month in a row in August, according to figures released today by the U.S. Census Bureau and Department of Housing and Urban Development (HUD). Read More» |
Fed to Ease Out of Efforts to Keep Rates Low
Seeking to avoid a big jump in interest rates, the Federal Reserve has voted to stretch out its program to buy mortgage-backed securities and other debt to ease the impact on credit markets. Read More» |
Mortgage Rates Back Below 5 Percent
Interest rates on 30-year mortgages fell below the 5 percent barrier last week for the first time since May, prompting a surge in homeowners seeking to refinance their mortgages, according to the weekly rate survey from the Mortgage Bankers Association. Read More» |
FHFA Reports Slight Gain in Home Prices
U.S. housing prices rose 0.3 percent in July, somewhat weaker than analysts had expected, according to figures released today by the Federal Housing Finance Agency (FHFA). Read More» |
FHA to Tigthen Credit, Appraisal Rules
The Federal Housing Administration has announced that it will require higher credit scores and tighten credit requirements in general for both lenders and borrowers, effective January 1. It's about to get more difficult to obtain an FHA home mortgage. Just how much isn't yet clear.... Read More» |
15-Year Mortgage Interest Rates Hit Record Low
Fifteen-year mortgage rates hit their lowest level in at least 18 years last week, dropping to an average 4.47 percent and 0.6 points, megalender Freddie Mac announced Thursday. Read More» |
Housing Starts Up Again
New housing construction starts rose modestly in August, continuing a generally upward trend since last spring and providing further hope that the housing market and economy are stabilizing after the worst economic downturn since the Great Depression. Read More» |
Bernanke Says Recession Is Probably Over
The recession is probably over, at least from a technical standpoint, Federal Reserve Chairman Ben Bernanke said Tuesday, although the economy will likely continue to struggle for another year or more. Read More» |
Retail Sales Rallied in August
U.S. retail sales rose 2.7 percent in July, driven largely by automotive sales but reflecting gains in general merchandise and food service sales as well, the Commerce Department announced today. Read More» |
IC Urges Mortgage Help for Jobless
In an effort to help homeowners avoid foreclosure, the Federal Deposit Insurance Corp. (FDIC) is urging its partner banks to temporarily reduce mortgage payments for borrowers who have become unemployed or underemployed. Read More» |
Case-Shiller: Home Prices Rising
U.S. home prices rose for the fourth consecutive month in August, according to the monthly Standard & Poors/Case Shiller Index, although rising unemployment and the pending expiration of the first-time homebuyer's tax credit raise doubts about whether the trend can be sustained. Read More» |
Cramdown Legislation Could Be Revived to Ease Foreclosures
U.S. Rep. Barney Frank (D-Mass.) and other leading Democrats have indicated that they may try again to pass "cramdown" legislation giving bankruptcy judges authority to modify mortgages if lenders don't do a better job of assisting at-risk homeowners. Read More» |
Foreclosures ease; loan modifications still lag
Foreclosure filings dropped slightly in August, but still remained near record levels, according to figures released this morning by the foreclosure tracking firm RealtyTrac. Read More» |
Mortgage Rates Approach 5 Percent Mark
Applications for new mortgages jumped sharply last week, as 30-year fixed interest rates dropped toward the magic 5 percent level, according to the weekly survey by the Mortgage Bankers Association. Read More» |
Home Prices Drop Slightly in July
U.S. housing prices fell slightly in July, reversing four months of modest gains, according to the latest IAS360 survey of major housing markets. Read More» |
IRS May Take Closer Look at Mortgage Interest to Catch Tax Dodgers
The IRS will likely start taking a closer look at mortgage interest deductions and payments in an effort to identify tax cheats who are underreporting their income or not filing at all. Read More» |
Mortgage Rates, Applications Both Fall
Mortgage rates fell last week, but the decrease failed to spur homeowners and potential home buyers into additional mortgage refinances and home purchases, according to figures released today by the Mortgage Bankers Association. Read More» |
Pending Home Sales, Other Economic Indicators Gain
Pending home sales rose in July for the sixth consecutive month, the longest streak of monthly increases since the National Association of Realtors (NAR) began tracking the data in 2001, one of several reports today offering positive economic news. Read More» |