BOND REPORT
Updated Oct. 9, 2013
Bond Ticker3:49 pm - Rally On: The sell off that has lasted throughout most of the day has finally halted as yields are now slightly lower after breifly crossing into positive territory. The long bond is generating the most interest as its 3.722% yield is enticing to some. After breaking support earlier in the...

bad luck
Updated Oct. 9, 2013
Bank of America reportedly foreclosed on a Florida man’s home despite him not having a mortgage on the property.Homeowner Jason Grodensky bought his Ft. Lauderdale home last December, choosing to pay cash instead of taking on a mortgage.But just seven months later, the Charlotte-based bank had...

15 y fixed vr 30 y fixed
Updated Oct. 9, 2013
Pay Yourself Instead of the BankWould you like to own your home free and clear before your kids start college? Before you retire? Or would you simply like to save a significant chunk of change over the life of your mortgage, perhaps as much as $100,000? Consider the 15-year mortgage instead of the more common...

info for home onwers 62 and older
Updated Oct. 9, 2013
What is a reverse mortgageA reverse mortgage is a low-interest loan for senior homeowners that uses a home’s equity as collateral. The loan amount is a percentage of the home’s value determined by the age of the youngest homeowner. The loan does not have to be repaid until the last surviving...

1st time home buyer info
Updated Oct. 9, 2013
The Federal Housing Administration provides a loan guarantee program in lieu of private mortgage insurance so qualified borrowers can get a mortgage loan with a low down payment. The FHA doesn't lend you the money, they guarantee the loan, so the lender doesn't take on a financial risk by extending...

Upfront Mortgage Insurance will decrease from 2.25 to 1.00
Updated Oct. 9, 2013
Effective for FHA loans for which the case number is assigned on or after October 4, 2010 the Upfront Mortgage Insurance will decrease from 2.25 to 1.00 (100 basis points) on all FHA insured loans except Home Equity Conversion (HECM - "reverse mortgage"). Chances are you have heard this or some version...

No Closing Cost Refinance
Updated Oct. 9, 2013
In order to get a No Closing Cost Refinance you will need to accept a slightly higher rate than a normal No Points mortgage. Usually about .250% to .500% higher. Non-Recurring Closing Costs include the following: Appraisal Fee, Credit Report, Lenders Fees, Broker Fees, Title Insurance, Escrow Fees and Recording...

update on rates
Updated Oct. 9, 2013
RATES STEADY: Fixed rates on 30-year and 15-year mortgages were unchanged this week at 4.37 percent and 3.82 percent, respectively.. STILL NEAR LOWS: Earlier this month, the rate for a 30-year fixed mortgage fell to 4.32 percent, which was the lowest level on records dating back to 1971.. MORE DECLINES COULD COME:...

Big Banks may be foreced to Buy back of Bad Loan
Updated Oct. 9, 2013
Major U.S. banks are under pressure from government officials, as well as groups of investors and insurers, to repurchase or modify bad mortgage loans they pooled into securities and sold to unwitting buyers.. In the latest effort, a group of investors with roughly $500 billion invested in 2,300 mortgage...

Cash out refinance info
Updated Oct. 24, 2014
Cash-out Refinance MortgagesUse cash out for a variety of purposesWhether your borrowers are looking to receive cash out from the increased value of their home to use for debt consolidation, or for any other purpose, Freddie Mac's cash-out refinance mortgage options could be the solution.. Our cash-out...

info on refinancing for a lower rate
Updated Oct. 9, 2013
Fixed-rate Mortgage OverviewAs a cornerstone of U.S. home financing, Freddie Mac purchases a variety of fixed-rate mortgages. Starting with traditional 15-, 20-, and 30-year fixed-rate mortgages, and expanding into many varieties of specialty mortgage products - like 40-year fixed rate Home Possible(R)...

Home Prices Probably Cooled, U.S. Consumer Sentiment Off
Updated Oct. 9, 2013
Gains in U.S. home prices probably slowed in July and consumer confidence this month cooled, restraining the biggest part of the economy, a pair of reports may show today. . Property values in 20 cities increased 3.1 percent in July from the same month last year, less than the 4.2 percent gain in the 12 months to...

Dubai Says Canceled Half of Planned Real Estate Projects on Weak Demand
Updated Oct. 9, 2013
Dubai’s government canceled almost half of the real estate projects planned in the emirate after the credit crisis caused demand to collapse and a housing glut drove down home prices. . Out of 980 registered projects, 495 were scrapped or are in the process of being cancelled by the emirate’s...

mortgage buy down for a lower rate
Updated Oct. 9, 2013
Mortgage buydowns -- what is that? You've probably heard the term before, but if you're like most people, it might not make a lot of sense to you. In part, the reason it may sound confusing is because a mortgage buydown rarely results in a permanent lower monthly payment nowadays; it's only...

Will Stopping Foreclosure Help The Housing Market?
Updated Oct. 9, 2013
Housing economists and analysts go back to the question of whether it’s still worth saving the current market or if it’s better to let the market free fall and think about the housing market’s future. Though it is admirable how some homeowners are currently fighting off dubious...

Is Government About to Make Mortgage Market Even Worse?
Updated Oct. 9, 2013
Today's weekly mortgage applications survey from the Mortgage Bankers Association might seem to offer a small glimmer of hope. . Yes, refinancings-which have been running at around 80 percent of all mortgage applications-fell despite a new record low average rate on the 30-year fixed of 4.38...

market updates September 29, 2010
Updated Oct. 9, 2013
Bond Ticker..2:52 pm - Listless: The 78.70 level in the dollar index has held up as support over the course of the afternoon as the dollar looks to rebound from its seventh decline in the past eight sessions. The euro is back near its highs even though the dollar has not pushed to intraday lows, while the pound...

NEW REVERSE MORTGAGE OPTION
Updated Oct. 9, 2013
HUD ANNOUNCES NEW REVERSE MORTGAGE OPTIONLower upfront premium makes FHA Home Equity Conversion Mortgage more affordable WASHINGTON - The Federal Housing Administration (FHA) today announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage...

Treasury announces sale of Citigroup shares
Updated Oct. 9, 2013
Treasury announces start of sale of $2.2 billion in trust preferred shares of Citigroup. The government said Wednesday it is starting to sell $2.2 billion in trust preferred shares that it holds in Citigroup, another move to recoup the costs incurred in the $700 billion financial bailout.. The Treasury Department...

FHA Condominium
Updated Oct. 9, 2013
As authorized with the passage of the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Administration (FHA) implemented an approval process for condominium projects and insurance requirements for mortgages on individual units, under Section 203(b) of the National Housing Act.. The new...