Mortgages Blog

Thursday, July 15, 2010 12:08 pm
By Holden Lewis · Bankrate.com

“Ugh!” is the first line of an e-mail I got from Anthony Sanders, professor of real estate and finance at George Mason University. He’s talking about mortgage purchase applications, which have fallen to puny levels last seen in December 1996. Sanders continues: “The Obama tax credit caused a blip in home purchases, but it seemed

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Thursday, July 15, 2010 9:23 am
By Holden Lewis · Bankrate.com

Mortgage rates edged higher this week, with the 30-year fixed rising to its third-lowest rate ever in the 25-year history of Bankrate’s weekly survey. Yeah, that sounds kinda strange. In the previous two weeks, we recorded the lowest rates on the 30-year fixed in the company’s quarter-century history. This week, the mortgage rate went up,

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Monday, July 12, 2010 9:27 am
By Holden Lewis · Bankrate.com

The second half of this week has an eventful economic calendar, with economic reports that could wreak mischief with mortgage rates.┬áDon’t be surprised if you see noticeable swings — up or down — on Friday. I’ll start with Friday and work backward, because Friday’s report on consumer prices has the most capability of affecting mortgage

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Wednesday, July 7, 2010 10:10 am
By Holden Lewis · Bankrate.com

For the fourth week in a row, we are going to set a record for the lowest rate in the nearly 25-year history of Bankrate’s weekly mortgage survey. Last week the 30-year fixed averaged 4.75 percent in Bankrate’s survey. When the survey is conducted today, I expect it to fall to around 4.66 percent. Here’s

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Friday, July 2, 2010 11:34 am
By Holden Lewis · Bankrate.com

The June employment report was bad. The effect on mortgage rates has been minimal. The implication is that mortgage rates simply don’t have much more room to fall. Nonfarm payrolls fell by 125,000 jobs in June, about 25 percent worse than expected. In my opinion, the more ominous news was about hourly earnings and the

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Thursday, July 1, 2010 12:32 pm
By Holden Lewis · Bankrate.com

Mortgage rates hit another historic low this week. In Bankrate’s weekly survey, the 30-year fixed fell to 4.75 percent. If you want to know what this has to do with a certain ice-blonde movie star, you’ll have to read the article. In this week’s Rate Trend Index, a plurality of our mortgage experts predict that

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Thursday, July 1, 2010 8:57 am
By Holden Lewis · Bankrate.com

The Senate extended the homebuyer tax credit Wednesday night, and the measure should hit the president’s desk soon. The House had extended the tax credit earlier in the week. This means that homebuyers have until Sept. 30 to close their transactions and take possession of their houses. The deadline had been June 30. And now

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Wednesday, June 30, 2010 11:18 am
By Holden Lewis · Bankrate.com

An extension of the homebuyer tax credit could be passed and signed into law today. It’s not a sure thing, because now the ball is in the court of a dysfunctional Senate. Yesterday, the House passed a three-month extension of the deadline to close on the loan in order to qualify for the homebuyer tax

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Wednesday, June 30, 2010 9:11 am
By Holden Lewis · Bankrate.com

Mortgage rates continue to fall, ever lower. Today is the day of Bankrate’s weekly mortgage rate survey. For the third week in a row*, we’ll hit a record low for the 30-year fixed.** In the survey conducted today, the benchmark 30-year fixed mortgage should fall to around 4.7 percent, down from last week’s record 4.81

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Tuesday, June 29, 2010 1:23 pm
By Holden Lewis · Bankrate.com

Plain vanilla is back, in stealth mode. A year ago, the Obama administration set out its goals for financial reform. One goal was to require mortgage lenders to offer “plain vanilla” loans. The definition of “plain vanilla” wasn’t as narrow as you might expect: It included not only 30-year fixed-rate mortgages, but also hybrid ARMs.

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