30 Year Fixed Mortgages 5.01 Feb 2010

Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.25 percent.

Rates fell to a record low of 4.71 percent set in early December. They've been held around 5 percent by a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

The average rate on 15-year fixed-rate mortgages rose slightly to 4.40 percent from 4.39 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.27 percent, up from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.22 percent from 4.29 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year and 15-year mortgages. It averaged 0.6 point for five-year loans and 0.5 point for one-year loans.

Ahorre 02:45 PM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Credit Consumer Education Problems

"According to a survey in our office, the number one cause of clients' financial problems in 2009 was reduced income, so the economy is definitely having an impact," said Terri Stocki, certified consumer education director for Consumer Credit Counseling Service of Northeastern Pennsylvania.

"Credit Consumer Education Problems"

Ahorre 10:16 PM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Home Loan Trial Modifications Foreclosures

Banks and other lenders are still foreclosing on Americans' homes at a rate that's outpacing the Obama administration's main effort to stem the crisis. In fact, while the Treasury Department's Home Affordable Modification Program, or HAMP, has started the mortgage modification process on almost 760,000 homeowners who are at risk of losing their homes, less than 5 percent of those workouts have become permanent, government data show.

"Home Loan Trial Modifications Foreclosures"

Ahorre 10:18 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Citibank 30 Year Fixed Rates for 2010

CitiGroup is advertising mortgage rates that are at or just above 5% on a refinanced 30-year fixed-rate mortgage, which can benefit homeowners who are seeking to lower their monthly payment on their mortgage. CitiGroup advertises the benefits of their 30-year fixed-rate mortgage on their website and cite lower mortgage payments, accessing home equity, and reduction in the term and interest to shorten the life of a mortgage loan as benefits of doing so.

"Citibank 30 Year Fixed Rates for 2010"

Ahorre 10:17 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

New Low Mortgage Rates Home Loans

Mortgage rates hover near historic lows By Holden Lewis • Bankrate.com

Mortgage rates are near historic lows, and it's about to get harder to get a home loan.

The benchmark 30-year fixed-rate mortgage rose 1 basis point, to 5.01 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 5.92 percent; four weeks ago, it was 5.35 percent.

The benchmark 15-year fixed-rate mortgage fell 1 basis point, to 4.46 percent. That's the lowest in the 24-year history of Bankrate's weekly survey. The benchmark 5/1 adjustable-rate mortgage fell 2 basis points, to 4.52 percent. That's the lowest the 5/1 ARM rate has been since Bankrate started collecting rates on hybrid ARMs at the beginning of 2005.

"New Low Mortgage Rates Home Loans"

Ahorre 07:51 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Home Mortgage Bank Relief Programs

Treasury Presses Banks for Mortgage Relief - The Obama administration said last Monday that it would increase the pressure on banks to help troubled homeowners permanently lower mortgage payments. The government blames banks and mortgage companies for dragging their feet and, under the new guidelines, will fine them if they fail to increase the number of home owners given relief.

"Home Mortgage Bank Relief Programs"

Ahorre 07:48 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Mortgage Modifications Orlando Florida Web

Mortgage - Hundreds of foreclosure-fearing Central Floridians filled several ballrooms in Orlando's Wyndham Resort on Thursday in hopes of getting their mortgage modified. Armed with worn manila folders, briefcases or binders of mortgage paperwork, they waited in lines, took numbers and then met with their lending institutions as part of the federal government's Making Home Affordable Foreclosure Prevention Workshop.

"Mortgage Modifications Orlando Florida Web"

Ahorre 07:45 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

United States Home Foreclosure Programs

United States Home Foreclosure Programs - The number of homeowners getting help from the government's massive foreclosure program is growing, according to data released Tuesday, but it is unclear how many of these borrowers might still lose their homes.

"United States Home Foreclosure Programs"

Ahorre 10:37 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Home Foreclosures Housing Market

The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers.

"Home Foreclosures Housing Market"

Ahorre 10:32 AM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Is Now a Good Time to Refinance a Mortgage?

Is now a good time to refinance our mortgage to a 15 year fixed rate? We currently have a home equity line of credit with an adjustable 4.25% interest rate and balance of $90,000. The loan term has about 5 years remaining. It is very unlikely that we will be able to pay off the loan by end of term with one college senior & one college bound high school senior. We have a good to excellent credit history.

"Is Now a Good Time to Refinance a Mortgage?"

Ahorre 08:14 PM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

Mortgage Interest Rates early November 2008

Debt - Mortgage interest rates for October 31st, 2009 are mixed. Today we are likely to see very little movement but currently we are seeing the 30 year fixed rate mortgage up to 4.88% while the 15 year fixed is down to 4.25%. The 5/1 ARM is also up to 3.79%. With the last day in October being a Saturday it is likely that it is going to be a very slow day in the mortgage industry.

Yesterday we saw a huge drop in treasury yields, over 3% on the 10 year yield. The 10 year yield now sits right on its 50 day moving average which is going to make next week very interesting. We are either going to see bounce off this average and we are going to move much higher or we are going to see a breakdown which could lead us all the way down to the 200 day moving average.

"Mortgage Interest Rates early November 2008"

Ahorre 07:53 PM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate

The Internal Revenue Service $1 Million Mortgages

The Internal Revenue Service has delivered a valuable gift to those with $1 million-plus mortgages on their mansions. In an internal legal memo released publicly last month, the IRS concluded that a taxpayer can deduct interest on the first $1.1 million of a home mortgage--$100,000 more than earlier legal findings allowed.

The ruling is a boon to the 137,670 taxpayers who, according to First American CoreLogic, a mortgage data firm, have mortgage balances above $1 million.

"The Internal Revenue Service $1 Million Mortgages"

Ahorre 07:49 PM | Foreclosed Homes | Credit Scores | Mortgage Buying | Real Estate