Get ready for some major renovations in the federal reverse mortgage program. On Wednesday, the U.S. Senate joined the House in passing legislation giving the Federal Housing Administration authority to alter its Home Equity Conversion Mortgage program, or (HECM), protect borrowers and help the agency avoid a federal bailout. The agency is expected to reveal…
Average fixed rates on U.S. long-term mortgages neared their highs for the year this week amid signs of further strength in the economy. Mortgage buyer Freddie Mac says the average rate on the 30-year loan was 4.57 percent this week. That’s up from 4.51 percent last week and close to its high this year of…
An all-time record for home affordability was established in 2012, the National Association of Realtors (NAR) reports. More average-income families than ever could afford to buy a typical home last year, explains NAR. Great mortgage rates and terrific home prices create ideal conditions for purchasing real estate. “A window of opportunity remains open for buyers,”…
If you’re ready to buy a home, you need to get your finances in order first. For most people, buying a house involves a double financial whammy. First you have to assemble a pile of cash for the down payment and closing costs. Then you must convince a bank to lend you an even more…
Home ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason). When you leave, you can sell it to recoup the purchase price and – with any luck – earn a profit too. TIP: High costs mean you should be…
If you’ve ever willingly sought and and enjoyed vanilla ice cream, then you’re already familiar with the flavor of today’s bond market rally. The employment data was just weak enough to cast a modicum of doubt on the certainty of the Fed announcing tapering on September 18th. Even if it doesn’t cast such doubt for…
Federal regulators proposed on Wednesday a new rule that would make mortgage lending standards less restrictive. The proposed new Qualified Residential Mortgage rule, released jointly by six government agencies, was cheered by both consumer advocates and mortgage industry members–who typically don’t see eye-to-eye on much–largely because it eliminates much stricter down payment rules that the…
The U.S. economy grew at a 2.5 percent annual rate in the second quarter, faster than initially estimated, as American companies exported more and consumers bought fewer imports than the government had calculated last month. The number was revised up from the government’s initial announcement that the economy had grown at a 1.7 percent annual…
More jobs and easier loan terms will boost demand for new mortgages in the second half of this year as homebuyers shrug off higher interest rates, according to a Fannie Mae forecast. Lending for mortgages to purchase homes will increase 21 percent for the final six months of 2013 to $341 billion from $282 billion…
The White House released a raft of evidence touting California’s housing recovery due to policies adopted since Obama took office in 2009, including: • As of May, 369,000 homeowners had refinanced their mortgages at lower rates through a program aimed at preventing foreclosures. • As of June, 294,000 homeowners had modified or were modifying the…