Mortgage applications edge up in latest week USA Today
Stan Humphries , chief economist at real estate website Zillow.com based in Seattle , said refinancings are being held back for various reasons. "A lot of refinances have already been done," he said.
"Those that haven't been done are likely attributable to either homeowners who aren't in a position to refinance because of negative equity, or homeowners who want to move within the next couple of years and for whom the refinance costs don't make it economically viable over that short time frame."
Negative equity — when the balance owed on a mortgage is greater than a home's market price — has been one of the biggest banes of homeowners, making many unqualified for refinancing and preventing some from selling.
The MBA said borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.92% in the latest week, up 0.04 percentage point from the previous week. The rate remained above the all-time low 4.61% set in the week ended March 27. The survey has been conducted weekly since 1990. Interest rates were also well below the year-ago level of 5.18%.
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Moody's cuts MGIC, Radian ratings to junk; Genworth lower too Mortgage insurers, which cover potential lender losses on loans to borrowers who can't come up with a 20% down payment, have seen claims skyrocket in the |
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Want a mortgage or to refinance? Follow the 4 tenets that the ... - Chicago Tribune Want a mortgage or to refinance? Follow the 4 tenets that the said Donna Angarone, a mortgage rep with Countrywide Home Loans in Glenview. "I felt really sorry," she said of her recent loan applicant. |
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MonitorBankRates.com Launches Comparison Shopping for Auto Loans ... - PR Web (press release) MonitorBankRates.com Launches Comparison Shopping for Auto Loans Consumers currently can be matched with providers for home equity loans, new home purchase loans, refinance loans, mobile home loans and car loans. |
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How to Help Distressed Homeowners by Offering Free CMAs - RisMedia.com (press release) How to Help Distressed Homeowners by Offering Free CMAs Loan modification: When homeowners can prove that they are upside-down in their current mortgage (owing more on the home than they can sell it for), Pinnacle Investments Announces the Release of the Loan |
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As mortgage loan costs fall, refinancing perks up - Tampa Tribune As mortgage loan costs fall, refinancing perks up Refinancing a loan isn't free, so it's important to stay in the home long enough to reap the benefits of a lower rate and mortgage payment. |
