Mortgages Blog

Thursday, June 24, 2010 10:51 am
By Holden Lewis · Bankrate.com

A busy day yesterday, hence the lack of blog posts. The biggest news of the day (well, the biggest news from Bankrate’s perspective) came from the weekly mortgage rate survey. Mortgage rates fell to a modern-day low again. Yet mortgage applications were down. I explained that getting a mortgage might not be as hard as

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Tuesday, June 22, 2010 10:54 am
By Holden Lewis · Bankrate.com

Yesterday I wrote that the lender won’t refinance the mortgage if you owe more than the house is worth. Carol, a loan officer, gently reminded us of the existence of the Home Affordable Refinance Program. HARP is designed to let people refinance even though they are upside-down on their houses. I had forgotten about HARP,

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Monday, June 21, 2010 4:02 pm
By Holden Lewis · Bankrate.com

Today I highlight three ways to mess up your mortgage closing. I just finished writing a sequel: five ways to mess up your refi. That should be published next Monday. Not to steal my thunder, but I’ll tell you the No. 1 way that homeowners doom their refinances: They overestimate their homes’ values. We are

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Monday, June 21, 2010 10:43 am
By Holden Lewis · Bankrate.com

We have an eventful economic calendar this week. One highlight is Wednesday’s interest rate announcement from the Fed’s rate-setting committee. And there are reports on home sales and prices, as well as economic output and inflation. If any of these spring a surprise, there could be a modest effect on mortgage rates. Wednesday’s decision on

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Friday, June 18, 2010 5:23 pm
By Holden Lewis · Bankrate.com

Fannie Mae and Freddie Mac say they will grant mortgage forbearance to homeowners who are affected by the gulf oil spill. Sounds good, but forbearance is not a cure-all. Here are some things you need to know.

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Tags: Mortgages
Thursday, June 17, 2010 12:31 pm
By Holden Lewis · Bankrate.com

The Senate has approved a measure to extend the deadline for claiming the homebuyer tax credit. Now it’s up to the House. According to a report in The Wall Street Journal, some homebuyers aren’t going to be able to make the June 30 deadline for closing. The Senate agreed to extend the deadline to Sept.

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Thursday, June 17, 2010 10:53 am
By Holden Lewis · Bankrate.com

Mortgage rates held steady this week, the same as the previous week’s record low, with the 30-year fixed averaging 4.88 percent in Bankrate’s survey. For the few homeowners who haven’t refinanced yet, this is good news. Well, as long as they qualify for a mortgage. Among the qualifications are having a job and owning a

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Wednesday, June 16, 2010 11:45 am
By Holden Lewis · Bankrate.com

Mortgage rates are flat this morning, following a report that says housing starts plummeted in May. I’m not implying a cause-and-effect relationship. But the lousy housing starts numbers surely don’t hurt folks who are looking for a good rate on a mortgage refinance. Single-family housing starts fell 17 percent in May (PDF file) compared to

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Wednesday, June 16, 2010 9:52 am
By Holden Lewis · Bankrate.com

Homeowners are refinancing in big numbers, according to the Mortgage Bankers Association. The MBA says refi applications rose 21.1 percent last week and are at their highest level since May 2009. Three-quarters of mortgage applications were from homeowners hoping to refinance. And the MBA says purchase applications were up, too. These numbers are seasonally adjusted,

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Tuesday, June 15, 2010 2:43 pm
By Holden Lewis · Bankrate.com

The head of a credit counseling organization says she’s glad that consumers have irrational and self-destructive attitudes about mortgages. The National Foundation for Credit Counseling conducted a financial literacy survey in which 15 percent of respondents said that there is “no justifiable circumstance under which it would be acceptable to default on a mortgage.” (Emphasis

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Tags: Mortgages
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