All Entries Tagged With: "mortgage"
Mortgage Rates Hit Record Lows but still Homeowners not taking Advantage of Rates
The latest mortgage rates have reached a new record low this week. In the past 90 days, mortgage rates have dropped from the low 5s, to high 4s, and now as low as 4 percent for a 30-year fixed loan. According to experts there are lots of home-owners and buyers aren’t taking advantage of the [...]
Mortgage Fraud Scheme Busted by FDLE
FDLE arrested ten South Floridians for their alleged role in an $8 million mortgage fraud and identity theft plan. The crooks scheme is to rip-off banks and steal people’s identities so alleged they could get mortgages and buy properties. Recent investigation shows that there are 14 properties in Broward and Miami-Dade were given mortgages under [...]
$1.5 Billion Mortgage Assistance to 5 States
The Treasury Department on Wednesday approved $1.5 billion for Arizona, Nevada, California, Michigan and Florida to help people from losing their homes due to the mortgage crisis. The money will primarily be utilized to subsidize monthly mortgage payments of distressed homeowners. These states have designed an assortment of novel programs to help homeowners facing foreclosure, according to assistant Treasury secretary Herbert Allison.
Drop-outs Hit Obama’s Mortgage Modification Program
All is not well for the U.S. administration’s $ 75 billion mortgage modification program. Total 436,000 of 1.24 million borrowers enrolled have subsequently been disqualified or have opted out of it. The program was launched in March 2009 with an objective to help homeowners with mortgage loans to save their homes. A staggering 155,000 borrowers dropped out in the last month itself.
Cheap Mortgage Loan Drives Refinancing
The average rate for 30 year old mortgage loan continued to be at one of its lowest, even as it marginally rose to 4.75 percent last weekend compared to the previous week’s level of 4.72 percent, according to Mortgage Finance giant Freddie Mac. Incidentally, the mortgage rate had hit a record low of 4.71 percent last December, the lowest ever since Freddie Mac started keeping track of rates.
The average rate on a 15 year old mortgage rose up to 4.2 percent from its record low of 4.17 percent last week.
