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Mortgage Mess Keeps Investors Away From PennyMac
NEW YORK: If you need more proof that the mortgage crisis is far from over, look no further than the tepid reaction to the initial public offering of PennyMac Mortgage Investment Trust.PennyMac (PMT) is a real estate investment trust that wants to buy up distressed loans, modify the mortgages to keep borrowers in their homes… »
Mortgage Refinancing Activity Falls
NEW YORK (Reuters) — Mortgage applications fell for the first time in four weeks, driven by a drop in demand for home refinancing loans as interest rates climbed, data from an industry group showed on Wednesday.Applications for loans to buy a home, an early indicator of sales, were flat. Lack of interest for purchase… »
Mortgage Rates Tick Lower After Bernanke
NEW YORK: Home mortgage rates ticked lower after Federal Reserve Chairman Ben Bernanke said the central bank will continue to keep interest rates low. The average 30-year fixed mortgage slipped to 5.55% from 5.58% the week prior, and the 15-year fixed fell to 4.89% from 4.93%, according to the weekly national survey from Bankrate.com.Recently… »
Mortgage Applications Climb But Remain Near 2009 Lows
NEW YORK (Reuters) — Mortgage applications rose despite a jump in borrowing costs last week, but still bounced around the year’s lows with unemployment fears depressing demand.The Mortgage Bankers Association’s total loan applications index rose by a seasonally adjusted 2.8% to 528.9 last week, even as 30-year mortgage rates rose by about 1/4 percentage point… »
Mortgage Help Do You Qualify
NEW YORK: The eagerly anticipated foreclosure prevention program unveiled Wednesday by President Obama targets 9 million borrowers for help – are you one of them?The 75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions: First, the government is aiming to help more homeowners refinance to take advantage of… »
Mortgage Rates End Little Changed In Up-and-down Week
NEW YORK: Home mortgage rates saw an up-and-down week but ended almost unchanged, according to a report released Thursday.The average 30-year fixed mortgage slipped to 5.58% from 5.59% the week prior, and the 15-year fixed held at 4.93%.The lack of change belies rates’ “yo-yo movement” over the week, said the weekly national survey from Bankrate.com.”It… »
Mortgage Rates Continue Slide
NEW YORK: Home mortgage rates fell for the third time in four weeks, with the 30-year fixed slipping to 5.59% from 5.7% the week prior, according to a report released Thursday.The average 15-year mortgage rate also fell, dropping to 4.93% from 5.07%, according to the weekly national survey from Bankrate.com.”A disappointing June jobs report, coupled… »
Mortgage Applications Rebound After Sharp Drop
NEW YORK (Reuters) — Demand for mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday.The industry group’s total loan applications index rose a seasonally adjusted 10.9% to 493.1 in the week ended July 3, after slumping the… »
Obama Mortgage Plan Needs Work
NEW YORK: Mr. President, help us get one of your mortgage workouts now.That’s what many borrowers are saying nearly five months after President Obama unveiled his housing rescue plan. The program is beset with problems, say borrowers, housing counselors and even the president himself. Loan servicers are overwhelmed by the numbers of homeowners applying for… »
Mortgage Applications At 7-month Low
NEW YORK (Reuters) — Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday.The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines… »