Apparently, Americans have a lot of gripes about their mortgages. The Consumer Financial Protection Bureau (CFPB) receives complaints regarding a wide variety of financial products, but home loans have topped the list. In a recent report, the agency listed the 10 “most-complained-about” companies between April and June 2015.
Federal Reserve officials recently announced they would continue to invest in MBS while holding the federal funds target rate near zero percent. This has been their policy for several years now, and it could preserve the low mortgage rates we’ve been seeing into the fall of 2015, and possibly beyond. It’s good news for borrowers.
It might be getting easier to get a jumbo loan. A recent report from the Mortgage Bankers Association showed that lenders are easing credit requirements for these large, non-conforming home loans. But, generally speaking, it’s still harder to qualify for an “over-sized” product compared to a smaller (conventional) one.
Will mortgage rates rise between now and the end of 2015? The general consensus is yes. But a recent forecast issued by Freddie Mac suggests the increase could be both gradual and mild. The company expects the average rate for a 30-year home loan to rise to 4.3% by the end of 2015.
A recent report from the Federal Reserve Bank of New York revealed that more than 20% of student loan borrowers are behind in their payments. This could seriously harm their chances of qualifying for a mortgage loan down the road, when attempting to buy a first home. Let’s take a closer look at how these two things are related.
The temperature is rising and so are U.S. mortgage rates. This summer, the average rate for a 30-year fixed home loan rose into 4% territory for the first time since November of last year. The million-dollar question is, how long and how high will they climb? Here’s what home buyers need to know.
More lenders are offering interest-only home loans in 2015. But they’re still as risky as ever. These mortgage products have serious downsides that most borrowers don’t even think about, partly because lenders tend to downplay them in their marketing literature. Here’s what you need to know about them.
Approximately 10,000 homeowners in the Phoenix metro area are eligible for the HARP refinancing program, and they could save $2,400 per year (on average). This is according to a recent report from the Federal Housing Finance Agency, which oversees the popular program.
What can home buyers and homeowners expect in 2016, as far as mortgage rates are concerned? According to the latest forecast from Freddie Mac, borrowers should beware of rising interest costs. The company expects the average rate for a 30-year home loan to approach 5% next year, especially if the Fed backs away from its stimulus measures.
The federal government’s Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) were originally set to expire in December 2015. The Federal Housing Finance Agency (FHFA), which oversees the venture, announced today that the popular mortgage refinancing and modification programs will be extended through the end of 2016. According to a recent announcement, […]