Latest Mortgage News
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More Expect Home Values to Decline
U.S. consumers are taking an increasingly pessimistic view of home values, in the wake of plunging home sales and other bad news from the housing market.
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Pending Home Sales Show Modest Increase
Pending home sales rose modestly in July, two months after taking a steep plunge that put the housing market into the doldrums.
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Subdued Inflation Sends Mortgage Rates to New Lows
Low inflationary pressures allowed mortgage rates to fall to new lows again this week, according to today’s weekly rate survey from Freddie Mac.
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Private Loans Modifications Continue Briskly
Roughly two-thirds of the more than 1 million homeowners who have obtained permanent mortgage loan modifications this year did so outside of the government’s Home Affordable Modification Program (HAMP), according to a new report.
Through the end of July, nearly 760,000 homeowners have obtained private mortgage loan modifications through their lenders so far this year, according to figures from the Hope Now Alliance. Another 368,000 were approved for permanent loan modifications under HAMP.
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Low Rates Fail to Spur Home Purchases
Mortgage applications for home purchases declined in August, despite falling interest rates that continued to set record lows and suggesting that home sales remain weak following July’s sharp declines.
The four-week moving average for home purchase mortgage applications is down 0.2 percent, the Mortgage Bankers Association reported this morning, despite a 1.8 percent gain last week. Compared to the same week one year ago, purchase applications are down 37 percent.
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