Mortgage rates plummeted last week as week economic
reports, chiefly jobs and unemployment reports came in at the weakest
levels in several years.
The Freddie Mac Primary Mortgage Market Survey reported that the 30-
year fixed-rate mortgage (FRM) dropped 20 basis points from the previous
week to an average of 5.87 percent.
The current Weekly Mortgage Applications Survey (for
the week ending January 11,) confirmed that the trend of higher mortgage
applications is continuing…
The National Association of Realtors (NAR) announced
on Monday that it is launching a new campaign, reaching
out to consumers “with the facts about homeownership and the value of
real estate as a long-term investment.”
NAR’s Public Awareness Campaign is centered around a new website…
…By late afternoon both Reuters and the Wall Street Journal were
reporting the rumor as fact, saying that Bank of America
was preparing to follow-up its August investment of $2 billion in
Countrywide preferred stock (at approximately $18 per
share – ouch) with an outright purchase of the company…
The credit scoring system is being tweaked again as Fair Isaac
Corporation, developer of the FICO credit score rolls out a new model
dubbed FICO 08.
The new product was originally announced back in June but was not due
to be finalized for a while. A demand by users in the wake of both rising
mortgage defaults and consumer credit delinquencies for a better way of
analyzing risk has pushed FICO into speeding up the
release. It is expected that…
Today’s real estate market offers great deals and opportunities for first-time home buyers, those moving up to a more expensive home, and real estate and property investors.
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Mortgage interest rates as reported by Freddie Mac
were only slightly changed if changed at all during the week ended
December 27 – the last full survey week of the year.
The Primary Mortgage Market Survey reported an average for the 30-year
fixed rate mortgage (FRM) of 6.17 percent with an average 0.5 point. One
week earlier the 30-year averaged 6.14 percent with 0.4 point.