Mortgages Blog

Wednesday, May 26, 2010 4:05 pm
By Holden Lewis · Bankrate.com

You want to refinance, eh? In tomorrow’s mortgage analysis, I’ll have some tips for refinancing mortgages. I’ll lay one on you now: Get your paperwork in order. If you haven’t got a mortgage loan in the last three more years, you’re in for a surprise. The level of documentation required has gone up considerably. Before

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Wednesday, May 26, 2010 1:50 pm
By Holden Lewis · Bankrate.com

Marilyn Bowden wrote a useful article this week for Bankrate about mortgage loan modifications and credit scores. The most important point that the article makes is that, even if you pay your modified loan on time, your credit score takes a hit. Why? Because “the original contract, in which you promised to pay a certain

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Wednesday, May 26, 2010 9:33 am
By Holden Lewis · Bankrate.com

Today is the day that Bankrate conducts its weekly mortgage rate survey. Last week, mortgage rates hit a record low in Bankrate’s nearly 25-year history when the 30-year fixed fell to 4.96 percent. I think today it’ll be around 4.93 percent, setting another record. In this week’s Rate Trend Index, I’m predicting that rates will

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Tuesday, May 25, 2010 4:54 pm
By Holden Lewis · Bankrate.com

Mortgage bond yields fell a little bit this morning, then recovered. Bond yields influence mortgage rates. As I write this, mortgage bond yields are back to where they were Friday afternoon — very low. I track Freddie Mac’s required net yields. Typically, you can add about half a percentage point to the Freddie RNY and

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Tuesday, May 25, 2010 11:30 am
By Holden Lewis · Bankrate.com

Do you plan to refinance under today’s super-low rates? I’m asking loan officers and experienced borrowers to give refi advice in the comments section.

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Tuesday, May 25, 2010 9:11 am
By Holden Lewis · Bankrate.com

You should lock soon — like, in the next day or two — if you want to secure a rock-bottom mortgage rate. I said this yesterday and I dislike repetition. But this is important. Mortgage rates are extremely low right now. Time to lock, if you’re close enough to the closing date that you don’t

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Monday, May 24, 2010 10:53 am
By Holden Lewis · Bankrate.com

Home resales were 22.8 percent higher in April than they were 12 months before, according to the National Association of Realtors. Previously owned homes were resold in April at a seasonally adjusted annual rate of 5.77 million units, according to the National Association of Realtors. A year before, they were sold at a rate of

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Monday, May 24, 2010 9:08 am
By Holden Lewis · Bankrate.com

We get some juicy economic reports this week that might not have a ton of effect on mortgage rates, but will let us know about the state of the housing market and what’s going on with economic growth and inflation. Today we get the April report on house resales, also known as existing home sales.

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Friday, May 21, 2010 10:44 am
By Holden Lewis · Bankrate.com

I wish I could say that I feel confident that Congress will protect mortgage borrowers when the House and Senate eventually reconcile on financial reform. But the way things are going, it looks like consumer protection is an afterthought. Almost a year ago, the Obama administration asked Congress to require lenders to offer “plain vanilla”

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Thursday, May 20, 2010 9:29 am
By Holden Lewis · Bankrate.com

Mortgage rates fell to a record low level this week, I explain in the weekly mortgage analysis. In the 25-year history of Bankrate’s weekly survey, the 30-year fixed has never been this low. Bankrate’s benchmark 30-year fixed dropped below 5 percent for the first time, settling at 4.96 percent. Mortgage rate records before the mid-1980s

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