mortgage rates and news: ALERT: Interest Rates Have Dropped - 11/26/08 11:53 AM
I have been contacted over the past couple of days by several mortgage professionals I work with.
The news is all the same. Interest rates have dramatically dropped in Massachusetts (and probably other states too) over the past few days.
I am hearing quotes of 5.50 percent on a 30-year, fixed-rate mortgage with no points and 5.75 percent with no points and no closing costs.
Rates have not been this good since the beginning of the year or before.
If you're interested in a referral to a reputable mortgage professional for a purchase loan or refinance, don't hesitate to call me anytime … (1 comments)

mortgage rates and news: Massachusetts Interest Rates Spike - 10/10/08 05:20 AM
I just got off the telephone with a mortgage professional I respect and trust, and he tells me the news on the home loan front is not pretty.
Mortgage interest rates have spiked over the past few days. Consumers that could have locked in their rate last week at around 6.25 percent for a 30-year fixed rate loan (or paid a point and locked in for less than 6 percent) are now looking at a 30-year, fixed-rate interest rate of 7.25 percent.
Some of these consumers who decided to "wait and see" whether rates would go lower now may not even … (3 comments)

mortgage rates and news: Will Surge In Mortgage Applications Boost Home Sales? - 03/28/08 03:13 PM
U.S. mortgage applications surged recently, but whether the rise in applications results in increased home sales is uncertain.
I found this comment by Dan Pierce, a portfolio manager at State Street Global Advisors in Boston, in a Reuters article about existing home sales.
"We saw a nice surge in mortgage applications in January, so we are seeing the echo of that in today's [increased] home [sales] figures. As far as home prices go, it reveals how consumers have to lower expectations if they want to sell their house. The regulators aggressive liquidity actions are definitely having an impact."
If his theory is correct, … (2 comments)

mortgage rates and news: U.S. Foreclosures Continue To Rise - 09/21/07 12:57 PM
RealtyTrac, Inc., a California-based company that tracks the foreclosure market, released data that showed U.S. foreclosure filings in August jumped 115 percent compared to August 2006 and rose 36 percent compared to July 2007, the Boston Herald reported September 18, 2007.
"The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages."
Multiple mortgages is not uncommon in recent years. One reason many home buyers have two mortgages is that they took out two loans in order to avoid paying private mortgage insurance, commonly referred to … (4 comments)

mortgage rates and news: U.S. Mortgage Applications Increase For Third Straight Week - 09/21/07 11:58 AM
U.S. mortgage applications rose 4.6% compared to the previous week, Fox News reported September 19, 2007.
The increase marked the third straight week the Mortgage Bankers Association survey revealed a rise in mortgage applications.
Some analysts have begun to question the value of the survey as an indicator of future home sales.
"Multiple applications by borrowers who are ultimately rejected are counted in the survey, leading to overstated numbers, according to research from Lehman Bros."
Read The Fox News Article
(1 comments)

mortgage rates and news: Foreclosure Debate Continues in Massachusetts - 09/21/07 11:47 AM
More than 8,700 Massachusetts home owners have lost their homes to foreclosure since state officials began debating in January on how to fix the state's foreclosure crisis, the Boston Herald reported September 21, 2007.
Despite another hearing on Beacon Hill regarding the foreclosure issue September 20, 2007, lawmakers apparently are still weeks, if not months, away from passing a bill that would overhaul the subprime lending business in Massachusetts.
Foreclosures are up more than 65 percent so far this year compared to the same period in 2006.
"New foreclosure notices are being issued to Massachusetts homeowners now at a rate of more … (0 comments)

mortgage rates and news: Countrywide To Cut 20 Percent Of Employees - 09/21/07 11:42 AM
In an effort to withstand soaring foreclosures, Countrywide financial will cut as many as 12,000 jobs, the  Boston Herald reported September 8, 2007.
"The cuts, amounting to as much as 20 percent of its work force, are needed because the company expects new mortgages to fall about 25 percent in 2008 from this year’s levels ..."
In recent weeks, Countrywide reportedly borrowed $11.5 billion and sold a $2 billion stake to Bank of America, so it could keep operating its retail banking and mortgage lending businesses.
Read The Boston Herald Article
(0 comments)

mortgage rates and news: Average U.S. Mortgage Interest Rates Rise - 09/21/07 11:40 AM
Average rates for U.S. 30-year, fixed-rate mortgages rose from 6.31 percent to 6.34 percent, USA Today reported September 20, 2007.
A year ago the 30-year loan averaged 6.40 percent.
Average rates for 15-year, fixed-rate mortgages stood at 5.98 percent, up from 5.97 percent the previous week. Last year the 15-year loan averaged 6.06 percent.
Freddie Mac, the mortgage finance company, reports the weekly numbers.
Read The USA Today Article
Find The Right Home Loan
(1 comments)

mortgage rates and news: Massachusetts Foreclosure Petitions Jump In July - 09/12/07 09:53 AM
Home foreclosure petitions in Massachusetts rose nearly 67 percent in July compared to July 2006, The Eagle-Tribune reported September 4, 2007.
The rise marks the 18th straight months the total number of foreclosure petitions in the Bay State surpassed the same month the previous year.
The Warren Group, a publisher of real estate data, released the statistics.
Petitions to foreclose are the first step in the foreclosure process and don't always end with the homeowner losing their home; however, home auction announcements in Massachusetts rose 130 percent in July compared with July 2006.
Is there any doubt that 2008 is going to … (0 comments)

mortgage rates and news: Record-breaking Number Of Foreclosure Notices Depressing Market - 09/12/07 09:43 AM
The Boston Herald reported September 6, 2007 that foreclosure notices sent to U.S. homeowners over the spring hit a record.
The Mortgage Bankers Association released the data for April through June 2007. It was the third straight quarter that foreclosure notices broke the previous record.
There's no denying that this soon-to-come flood of housing inventory will depress prices in many markets. 
Another frightening statistic is the number of home owners delinquent on their mortgage payments.
"The delinquency rate, which tracks the number of people who are behind in their payments but have not yet entered the foreclosure process, was also up sharply … (6 comments)

mortgage rates and news: Mortgage Applications Rise 5.5% - 09/12/07 09:37 AM
The Mortgage Bankers Association (MBA) released data showing that mortgage applications in the U.S. increased 5.5 percent compared to the previous week, the second week in a row that applications rose, USA Today reported September 12, 2007.
Applications were up 12.5 percent compared to the same period a week ago. Home purchase applications rose 5.2 percent and refinance applications rose 6 percent.
Read The USA Today Article
(0 comments)

mortgage rates and news: Your Credit Score More Important Than Ever - 08/27/07 02:24 PM
It's not news to anyone that maintaining a respectable credit score is vital to obtaining a home loan and a competitive mortgage interest rate.
What's respectable in the current lending environment may be news to many consumers.
According to an August 26, 2007 article in the Boston Herald, underwriting standards adopted by various lenders have increased the minimum credit score necessary to stay out of the subprime lending pool.
A minimum credit score of 620 had been the typical cutoff point between a traditional loan and a subprime loan; however, some lenders now are requiring minimum scores of 680, a significant … (0 comments)

mortgage rates and news: Mortgage Applications Surge; Fear May Be The Reason - 08/19/07 01:10 PM
The Mortgage Bankers Association (MBA) reported August 15, 2007 that mortgage applications rose 3.4 percent from the previous week, and the number of applications was up 20.6 percent compared to the previous year. Some experts believe the spike in applications was fueled by the fear that lenders will continue to tighten lending standards, making it more difficult for some consumers to obtain home purchase and refinance loans."Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that participate in the MBA survey rather than representing a system-wide increase," said Doug Duncan, … (2 comments)

mortgage rates and news: End to Tax Exemption for 'McMansions' - 08/19/07 01:09 PM
At least one influential Democrat congressman wants to eliminate the mortgage tax deduction on homes larger than 3,000 square feet as part of a larger proposal to cut global warming, the Detroit Free Press reported August 8, 2007.
U.S. Rep. John Dingell revealed the plan at a town hall meeting in Ann Arbor, Michigan.
"Dingell's mention of 'McMansions' and his call to take away the mortgage interest deduction for large homes, which use more energy than smaller ones, drew applause and a few cheers."
The square footage of a house doesn't seem to be a thoughtful way to decide who gets a tax break. … (4 comments)

mortgage rates and news: Massachusetts Taxpayers To Bailout Subprime Borrowers - 08/04/07 02:21 AM
Governor Deval Patrick's administration introduced a $250 million fund to be used to help delinquent borrowers of subprime mortgages refinance into more affordable loans to prevent them from losing their homes to foreclosure, The Boston Globe reported July 11, 2007.
"Massachusetts Secretary of State William F. Galvin said the program was 'a step in the right direction, but it wasn't going to solve any major problems' because it can't help all the borrowers now in trouble -- those already in foreclosure. He's proposed legislation to require lenders to obtain court approval before they can foreclose on, and seize, a property."
The program does … (2 comments)

mortgage rates and news: Mortgage Applications Hit Five-Month Low - 08/04/07 02:17 AM
The Mortgage Bankers Association's weekly survey revealed that U.S. mortgage applications fell 0.3 percent from the previous week, reaching a five-month low, the Washington Post reported August 1, 2007.
"Applications to buy homes are unlikely to jump much any time soon, and loan approval could get even tougher, several analysts said."
Read This Article
(3 comments)

 
Richard Rosa, Exclusive Buyer Agent (Buyers Brokers Only, LLC)

Richard Rosa

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