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Tag Archives: Refinance

Freddie Mac Releases New Guidelines for Refinancing Eligibility

Freddie Mac released a new seller/servicer guide this week with revised rules regarding mortgage refinance and underwriting requirements. For loans with settlement dates on or after May 1, 2011, Freddie Mac will require verification of funds for all refinance mortgages. The GSE is also eliminating streamlined refinances for mortgages it owns and has updated refinance requirements for mortgages secured by properties subject to Property Assessed Clean Energy (PACE) obligations.

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Mortgage Applications Increase for Third Week on Refinancing Wave

The number of people submitting mortgage applications rose last week due to a surge in refinancings. It marked the third consecutive week that application volume overall has increased. During all three weeks, applications for refinancing have risen while new applications for home purchases have declined. Refinance apps have gained momentum as borrowers take advantage of lower rates, but MBA says it's unlikely home sales will pick up any time soon.

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Consumer Demand for Mortgages Increases for Second Straight Week

The number of mortgage applications filed by consumers rose last week as interest rates eased and more homeowners moved to refinance their home loans. According to data released by the Mortgage Bankers Association (MBA) Wednesday, total mortgage loan application volume increased 2.2 percent for the week ending January 7, 2011, when compared to the previous week. It marked the second week in a row that application volume has climbed as MBA's index hit its highest level in nearly a month.

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Demand for Mortgages Fluctuates at Year-End but Remains Weak

The number of mortgage applications filed by consumers bounced up and down during the final weeks of 2010, dropping the week before the Christmas Day holiday and rising the week after. Market watchers warn that although a number of economic indicators have signaled improvement in recent weeks, the incremental boosts are doing little to lift the home financing market, which with mortgage rates steadily rising, looks to be situated for many more months of depressed activity.

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Mortgage Rates Head Upward Last Week of the Year

Mortgage interest rates began to climb again last week, after falling the week prior for the first time in more than a month. Freddie Mac says the results of its latest survey reveal increasing mortgage rates for all loan products included in the study except the 1-year adjustable-rate mortgage (ARM). Rates across the board climbed higher in a separate study released by Bankrate. More than half of the industry experts surveyed by Bankrate believe mortgage rates will continue to rise.

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Freddie Mac’s Nothaft Predicts Mortgage Rates to Remain Below 5%

Frank Nothaft, chief economist for Freddie Mac, says he expects long-term mortgage rates to hold below the 5 percent threshold throughout 2011, as key macroeconomic drivers provide a backdrop that supports a continued, albeit gradual, housing recovery. Turning to home prices, Nothaft says markets that have large inventories of for-sale homes and REO properties will continue to see home-value weakness in 2011, but he believes price indexes for the U.S. as a whole are close to bottoming out.

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Mortgage Loan Applications Plunge 18.6 Percent: MBA

Consumer demand for home mortgages fell sharply last week, as interest rates continued to edge up from six-month highs. The Mortgage Bankers Association (MBA) reported Wednesday that its measurement of total mortgage loan application volume plunged 18.6 percent for the week ending December 17. The steep drop was driven by a 24.6 percent decline in applications for mortgage refinancing, which have fallen for six straight weeks now.

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GSEs’ Foreclosures Outnumber Modifications More than 2 to 1 in Q3

For every home loan held by Fannie Mae and Freddie Mac that was modified during the third quarter, 2.3 loans were foreclosed on during the same period. The GSEs initiated foreclosure on 339,000 home mortgages during the July to September timeframe. Loan modifications completed in the quarter totaled 146,500, with the majority of those completed through non-HAMP programs. The two companies approved 29,500 short sales during the third quarter.

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Survey: Consumers Don’t Comparison Shop for Mortgages

Consumers usually hunt for the best deal -- except when it comes to their mortgages. While 96 percent of American consumers compare prices when shopping, nearly 40 percent obtain just one home loan quote, according to a new survey from LendingTree. The survey also revealed that only 28 percent of borrowers are very confident they received the best possible deal on their current mortgages. Even though 85 percent of consumers use the Web to comparison shop other items, only 21 percent say they shopped online first for mortgage rates.

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New Mortgage Applications Fall as Rates Rise for Fifth Straight Week

Data released by the Mortgage Bankers Association (MBA) Wednesday shows that consumer demand for mortgages waned last week as interest rates soared to their highest level in nearly seven months. MBA's index of new applications for home purchases plummeted 5.0 percent, breaking a three-week streak of increases, while the refinance index slipped 0.7 percent. MBA says Treasury rates increased last week following news that lower tax rates could be extended for another two years. Mortgage rates also followed higher.

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