Freddie Mac: 27% of Borrowers Refinanced into Shorter Term

Hot news from AZ Home Help:

Posted To: MND NewsWire

Freddie Mac borrowers who refinanced in the fourth quarter of 2012 overwhelmingly picked a fixed rate mortgage (FRM) and 27 percent of them chose to shorten their loan term . Freddie Mac's Quarterly Product Transition Report released Tuesday said 69 percent of borrowers kept the same term as the loan that they had paid off; 4 percent chose to lengthen their loan term, primarily those with 20 year terms, 22 percent of whom refinanced to 30 year mortgages. More than 95 percent of refinancing borrowers chose a fixed rate loan as did an even larger percentage of borrowers who already had an FRM. Only 2 percent of borrowers with 15 year or 30 year FRM chose a hybrid adjustable rate mortgage (ARM). Among borrowers with ARMs 17 percent went from one hybrid loan to another and 18 percent of those with...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/02122013_refinancing.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Delinquency Falls To 4-Year Low, But Remains Historically Elevated

Hot news from AZ Home Help:

Posted To: MND NewsWire

TransUnion said today that the serious mortgage delinquency rate is heading downhill at a quickening pace, however long term delinquencies and the slow process of resolving them are impeding a return to more normal rates. According to year-end data from the credit reporting company, the rate of serious delinquencies - 60 days or more - fell 14 percent in 2012 compared to 7% in 2010 and 6% in 2011. By contrast, when rates were rising, from 2007 to 2009, they increased by at least 50 percent each year. The final quarter of 2013 was the fourth consecutive one in which the 60+ day rate declined, dropping from 6.01 percent in Q4 2011 to 5.19 percent in Q4 2012. The rate was 5.41 percent at the end of Q3 2012. TransUnion expects the mortgage delinquency rate to continue its downward trend in the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/02122013_mortgage_delinquencies.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Rates Moderately Improved To Begin The Week

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates backed down from recent highs to begin the week, with moderate improvements to the costs associated with prevailing rates. This means that the movement between Friday and today isn't enough to change the actual interest rates you're likely to be quoted, but in most cases, lenders are either charging less for that rate or are able to cover additional closing costs. Best-Execution for 30yr Fixed, Conventional Loans remains at 3.625%. Costs were close to their recent highs on Friday and today are closer to mid-week levels. Some lenders released positive reprices in the afternoon as mortgage-backed-securities (MBS) improved. ( What is A Best-Execution Mortgage Rate? ) The gradual improvement in bond markets (includes MBS) was set against the backdrop of an extremely quiet trading...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/consumer_rates/295437.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Rates Sideways To Slightly Higher

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates began the day in decent territory, with most lenders unchanged to slightly lower in cost vs yesterday. Trading in Mortgage-backed-securities, which had already pulled back from their better levels late in the morning, took a sharper turn for the worse in the afternoon, prompting several lenders to recall rate sheets for a negative reprice. While the changes don't impact the prevailing best-execution rate of 3.625%, they do make for slightly higher borrowing costs on average. That said, we'd emphasize that some lenders are still priced in the same (or even marginally better) territory as yesterday. ( What is A Best-Execution Mortgage Rate? ) The minute to minute market gyrations mentioned above are small potatoes when it comes to the bigger-picture interest rates landscape. For...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/consumer_rates/294965.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

MBS MID-DAY: Mortgages Underperform While Bond Markets Weaken

Hot news from AZ Home Help:

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary MBS are tanking this morning in just about as negative a scenario as we could imagine short of a major headline market mover. Yesterday's headlines may be continuing to have some effect in that the congressional calls for Demarco's resignation coupled with the reintroduction of the Boxer bill could be weighing on prices. More than anything though, illiquid trading conditions, both because of the roll (monthly MBS coupon settlement) and the snowstorm in the East coast, have weighed on MBS relative to broader bond markets. Making matters significantly worth this morning is incremental weakness in broader bond markets! Treasuries fared well overnight, but began edging higher in yield into the domestic stock market opening bell at 9:30am. 10yr yields were just...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/295130.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

Housing Scorecard Shows Borrowers Continue to Access MHA Programs

Hot news from AZ Home Help:

Posted To: MND NewsWire

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the January edition of the Obama Administration's Housing Scorecard . The Scorecard is a summary of housing data from various sources such as the S&P/Case-Shiller house price indices, the National Association of Realtors® existing home sales report, Census data, and RealtyTrac foreclosure information. Most of the information has already been covered by MND. The Scorecard is accompanied with the month report on the various programs operated by the Making Home Affordable program including the Home Affordable Modification Program ( HAMP ), the Second Lien Modification Program ( 2MP ), and Principal Reduction Alternatives ( PRA ). The current report contains program activity...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/02082013_housing_scorecard_hamp.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Rates Back In Line With Recent Highs

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates rose purposefully today, as mortgage-backed-securities (MBS) coped with tough trading conditions for a variety of reasons. Lenders who released rate sheets early in the morning were forced to reprice negatively as markets deteriorated, but we've seen several lenders who priced during the weaker market conditions able to reprice positively this afternoon as some of the losses have been recovered. All told, the average rate sheet is back to February 1st rates/fees with 3.625% remaining as the Best-Execution rate and borrowing costs rising. ( What is A Best-Execution Mortgage Rate? ) As we occasionally discuss, in terms of financial markets' effects on mortgage rates, it's not Treasuries, but MBS that have the most direct effect . This stands to reason considering that MBS are the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/consumer_rates/295212.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com