January 30. 2009
Mortgage Rates Hold Steady for Week
The 30-year fixed-rate mortgage averaged 5.10 percent with an average 0.7 point for the week ending January 29, 2009, down from last week when it averaged 5.12 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 5.68 percent.Click Here for more details. Click Here for historical rates.
Reverse Mortgages Now Available for Home Purchases
Seniors 62 and older can now obtain Reverse Mortgage (HECM) financing for the purchase of a primary residence. The purchase program allows for a single transaction by eliminating the need for a second closing. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs.
Click Here for more details. Click Here for Calculator
Some Lenders Tighten FHA and VA Mortgage Rules
With government-supported programs now accounting for more than 87 percent of new U.S. mortgages, tighter standards by private lenders that outpace the requirements used by the FHA may erode a steady source of home financing
Click Here for more details.
Mike Paige
Friday, January 30, 2009
Monday, January 26, 2009
01/26/2009 Mortgage Monitor
Long-Term Mortgage Rates Rise This Week, Reversing 11-Week Trend.
The average 30-year fixed rate rose to 5.12% from 4.96%, the 15-year fixed rate rose to 4.80% from 4.65%, and the 1-year ARM rose to 4.92% from 4.89%.
Click Here for more details. Click Here for historical rates.
Are You In Support of Down Payment Assistance?
Since 1997, downpayment assistance has helped more than one million working-class families realize the dream of homeownership. Dozens of national, regional, and community organizations—representing millions of Americans—recognize the need to restore downpayment assistance (DPA) and have officially offered their support including National Association of Realtors, National Association of Home Builders and the Mortgage Bankers Association . Click Here for more details.
More Seniors Turn to Reverse Mortgages
As the credit crisis has worsened, more seniors have turned to federally insured reverse mortgages to tap home equity and, in some cases, to prevent foreclosure.
Click Here from more details.
Mike Paige
The average 30-year fixed rate rose to 5.12% from 4.96%, the 15-year fixed rate rose to 4.80% from 4.65%, and the 1-year ARM rose to 4.92% from 4.89%.
Click Here for more details. Click Here for historical rates.
Are You In Support of Down Payment Assistance?
Since 1997, downpayment assistance has helped more than one million working-class families realize the dream of homeownership. Dozens of national, regional, and community organizations—representing millions of Americans—recognize the need to restore downpayment assistance (DPA) and have officially offered their support including National Association of Realtors, National Association of Home Builders and the Mortgage Bankers Association . Click Here for more details.
More Seniors Turn to Reverse Mortgages
As the credit crisis has worsened, more seniors have turned to federally insured reverse mortgages to tap home equity and, in some cases, to prevent foreclosure.
Click Here from more details.
Mike Paige
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