3rd Week of Increases, Rates close in on 3.600%

May 25, 2013

Freddie Mac results of its Primary Mortgage Market Survey (PMMS), shows that fixed mortgage rates are trending higher for the third consecutive week, putting pressure on refinance momentum. This week, the 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending May 23, 2013, up from last week when […]

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>13 Million Homeowners Underwater in Q1

The national negative equity rate fell in the first quarter, to 25.4 percent of all homeowners with a mortgage, according to the first quarter Zillow Negative Equity Report. Another 18.2 percent of homeowners with mortgages, while not technically underwater, likely do not have enough equity to afford to move. Slightly more than 13 million homeowners […]

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April 24, 2013

Lenders make mortgage loans to individuals and secure them by real property. The real estate property acts as collateral for the loan and will only be sold by the lender if the borrowers default on the mortgage loan contract. So when you apply for a loan, the lender will scrutinize your financial situation to make […]

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Home Affordable Refinance Program (HARP)

Find out if you’re eligible to take advantage of this government sponsored program.   Are you making your mortgage payments on time but are still unable to refinance and take advantage of today’s low mortgage rates? Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be […]

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April 3, 2013

It’s not just mortgage rates that are falling nationwide. Mortgage closing costs are, too. According to Bankrate.com’s annual Mortgage Closing Cost Survey, it costs the average U.S. homeowner 7 percent less to close on a mortgage in 2012 as compared to 2011. Along with lower mortgage rates, lower closing costs are a driving force behind […]

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