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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Pending Home Sales Show Modest Increase
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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Subdued Inflation Sends Mortgage Rates to New Lows
According to the Center for Research on Epidemiology of Disasters, natural disasters were up 233 percent during the period 2000 to 2009 as compared to 1980 to 1989, and up 67 percent from 1990 to 1999. Whether it’s hurricanes, earthquakes, tornadoes, floods, or lava eruptions, if you’re a homeowner with a Veteran’s Administration (VA) loan, your property is at risk if the unexpected occurs.
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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Private Loans Modifications Continue Briskly
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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Low Rates Fail to Spur Home Purchases
Reverse mortgages can be complicated financial products that many borrowers find hard to understand. To help clear things up, the Federal Reserve is proposing a new set of disclosures to provide a better understanding of the costs and risks associated with them.
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New Disclosures to Help Explain Reverse Mortgages
U.S. home prices posted significant gains in June, but other recent signs are pointing to what could be a bumpy road ahead for the housing market.
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Home Prices Up, But Show Signs of Slowing
U.S. home prices increased 3.1 percent the second quarter of the year, spurred by seasonal factors and the expiring federal tax credit, according to figures released today by secondary mortgage lender Freddie Mac.
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Home Prices Show Strong 2nd Quarter Increase
Homeowners able to refinance their mortgages are increasingly looking to shorten up the term by converting to a 15-year loan, according to the financial data company CoreLogic.
Educating borrowers to make better financial decisions might be a better way to protect them from risky mortgage products rather than banning such products entirely, one of the governors of the Federal Reserve has proposed.