17 Mar 09 Mortgage Rates Lowered
According to Web site Zillow.com. the national average interest rate for a thirty-year fixed rate home loans dropped last week, with Georgia remaining the state offering the lowest mortgage rates. For the week ended March 15th, the nationwide average thirty-year rate was 5.21%, down from 5.28% the week prior. In Georgia, the 30-year rate was 5.05% for the week ended March 15, the lowest in the nation.
By Monday night, the average rate on Zillow’s Mortgage Marketplace dropped again, to 5.05 %. Seattle-based Zillow compiles mortgage interest rates quoted by 4,000 participating mortgage lenders to potential borrowers on its site. FHA home loan rates and VA mortgage rates also continued the trend of rate reduction for thirty year home mortgages.
Tags: mortgage lenders, mortgage rates
15 Jan 09 Foreclosure Rates Climb 81% in 2008
RealtyTrac released a disturbing foreclosure report indicating that 2.3 million American homeowners faced foreclosure proceedings last year, an 81% increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices. This foreclosure report arrives as President-elect Barack Obama, pushes forth plans to use up to $100 billion of the remaining $350 billion in financial bailout money in an effort to stem the foreclosure crisis from getting worse.
The 4 states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California. More than 1.1 million properties in those four states received a foreclosure notice, almost half the national total. And more than one in five of those households were in California, which is coping with massive job losses in the housing and mortgage industries as well as a rapid decline in home prices.
FDIC Chief: Foreclosure Plan Needed
Tags: financial bailout money, foreclosure, foreclosure proceedings, loan modification plans, mortgage lenders, Mortgage Relief
13 Jan 09 Home Mortgage Lending Guidelines Tighten
Unfortunately with default rates breaking records every month, lenders are tightening guidelines more and more. Many mortgage lenders start revising guideline requirements with their wholesale mortgage products. Most lenders start by increasing the home equity requirements for cash out and rate and term refinancing. Most mortgage lenders will also increase the credit score requirements, especially on the stated income or jumbo mortgage loan products. Now with cash out FHA loans, lenders are requiring 2 full URAR appraisals to meet HUD product modification requirements. Get the latest interest rate updates and mortgage news reports as they happen.
Many California homeowners residing in high cost regions are unhappy with HUD lowering mortgage limits. The 2009 FHA loan limits are being lowered but HUD assures Mortgage Related News that millions of borrowers will still benefit from these FHA loan programs nationally. FHA announced the new ceiling in the high cost markets will be $625,500.
Tags: cash out, FHA loans, home equity, jumbo mortgage loan, mortgage lenders, rate and term refinancing
31 Dec 08 Mortgage Lenders Are Losing Lawsuits
Mortgage Lenders Are Losing Lawsuits
In a recent article by MortgageDaily.com , Homeowners appear to be winning a number of lawsuits filed against mortgage companies, an analysis of previously covered litigation by indicated.
Two of the pending cases are seeking to stop foreclosures while another is targeting predatory lending fees charged by state regulated lenders in Maryland. They reported that one of lawsuits accuses several mortgage lenders of steering minority black borrowers towards higher cost mortgage loans. One might say that the courts are more sympathetic to the distressed homeowners rather than the ailing mortgage companies. 2009 verdicts will be interesting and may forge new ground breaking laws that will be created to curb predatory lending abuse.
Tags: distressed homeowners, mortgage companies, mortgage lenders, predatory lending
