Fixed mortgage rates moved sharply upward this week in anticipation that the Federal Reserve would signal that it would soon start scaling back its purchases of Treasury bonds that have served to keep interest rates low for the past four years.
Borrowers who suffered a foreclosure or bankruptcy during the recent recession may still be able to qualify for an FHA mortgage under new guidelines established by the Department of Housing and Urban Development (HUD).
Mortgage delinquencies have fallen to pre-recession levels, while the rate of new foreclosures is at its lowest level in more than six years, according to new figures from the Mortgage Bankers Association (MBA).
Mortgage rates cooled off this week, backing off their recent highs following Federal Reserve Chair Ben Bernanke's reassurances the Fed would not hasten to back off its program of Treasury bond purchases that produced record low rates over the past four years.
Yesterday's Senate confirmation of Richard Cordray as the undisputed head of the Consumer Financial Protection Bureau (CFPB) not only solidifies his status, but that of the bureau itself and the actions it has taken over the past two years.
Fixed mortgage rates eased back down this week, giving back part of last week's sharp increases as fears diminished somewhat over the Federal Reserve's plans to start scaling back its program of Treasury bond purchases.