Mortgages Blog

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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Monday, June 28, 2010 11:34 am
By Holden Lewis · Bankrate.com

The June employment report comes out Friday. It would be prudent to lock a mortgage rate before then, but I wouldn’t blame you for taking a gamble. According to Briefing.com, the consensus prediction is that nonfarm payroll jobs decreased by 100,000 this month, and the unemployment rate edged down to 9.8 percent. If Friday’s jobs

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Friday, June 25, 2010 2:21 pm
By Holden Lewis · Bankrate.com

The House and Senate have agreed on a financial regulation overhaul, which will impose some changes on the mortgage industry. Will it help consumers who get home loans? Lenders don’t seem particularly happy about the compromise bill, and consumer advocates seem pleased. I’m not so sure the financial regulation overhaul will help mortgage borrowers. As

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Tags: fed, Mortgages
Friday, June 25, 2010 9:26 am
By Holden Lewis · Bankrate.com

The economy grew more slowly than expected in the first three months of the year, but prices rose more quickly than expected. This is a mixed report. On balance, I think it points toward higher mortgage rates, but I wouldn’t bet my next paycheck on that prediction. In the first quarter, gross domestic product grew

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