Borrowers who thought they’d seen the last of 30-year fixed mortgages with interest rates below 4% got a pleasant surprise this week, as stock market selloffs, fears of another world-wide economic slowdown, and perhaps an Ebola scare helped drive down mortgage rates to their lowest levels in more than a year. Interest rates on the…
WASHINGTON — Sales of existing houses climbed 1.7 percent in August to a six-and-a-half-year high, and factories grew busier in the mid-Atlantic region this month, providing signs that rising borrowing costs are weighing only modestly on the economy. The National Association of Realtors said on Thursday that existing houses were selling at an annual rate…
Here are five ways that mortgage experts say the market is becoming more flexible: 1. Some lenders are easing payment and credit score requirements. Having a modest down payment or a lower than stellar credit score won’t necessarily keep you from buying a home. 2. Piggyback loans are popping up. The term describes two mortgages…
The Federal Reserve said Wednesday it will leave interest rates unchanged and continue to buy $85 billion in bonds every month while the economy continues to improve at a “modest” pace. The Fed will only begin pulling back on its stimulus program if the data points continue to improve. Stocks are off the highs of…