Mortgage Bankers Association News
Shoppers Play Grinch, Squeezing Retailers
By John Kapetaneas Morning Money Memo… Holiday sales have been falling for the third straight week, down 3.1 percent nationwide through Sunday, Chicago-based researcher ShopperTrak said. U.S. store visits declined 21 percent in the week through Dec. 22. While retailers are aggressively pushing ...
Mortgage Rates Highest in a Year: When It's Not a Good Idea to Refinance
With fixed mortgage rates the highest in a year, homeowners may have missed the boat on the record-low mortgage rates of the last year, but there's no need to panic if you're still considering refinancing, said Frank Nothaft, vice president and chief economist with Freddie Mac. "Even if rates are
New Ban on Risky Home Mortgage Loans
Morning Business Memo… New rules announced today are aimed at preventing the return of high-risk no-document home loans that contributed to the collapse of the housing market. For the first time federal regulators are laying out rules to ensure borrowers can afford to pay the...
Mortgage Rates Hit Record Low for Second Week
Mortgage rates reached an all-time low for the second consecutive week amid the Federal Reserve’s purchase of securities and “indicators of a weakening economy,” government-sponsored Freddie Mac, said Thursday morning. The weekly average for the 30-year fixed-rate mortgage in the U.S. fell to ...
Mortgage Rates Hit New Record Low
The rate on the 30-year mortgage dropped this week to 3.40 percent, a new record low. That’s down from last week’s rate of 3.49 percent, which matched the lowest since long-term mortgages began in the 1950s. The average on the 15-year fixed mortgage fell to...
Fact Check: Paul Ryan's Jimmy Carter Comments
GREENVILLE, N.C. — Paul Ryan is not only the GOP vice presidential nominee, he’s also the House Budget Chair, and obsessed with data and numbers, but despite his passion for math, some numbers he threw out with a new attack line today need some fact...
JC Penney Hit By New Credit Downgrade
Morning Business Memo: Everyday pricing at JC Penney may be a disaster, turning off shoppers used to frequent sales. Standard & Poor’s Ratings Services is lowering its credit rating on the department store operator. This moves Penney further into junk status, with S&P saying the chain’s ...
Mortgage Rates Keep Going Down - Six Week Streak of Record Lows
The average rate on 30-year mortgage dropped to record-low of 3.67 percent, while the 15-year rate is down to 2.94 percent. This is the sixth straight week of record lows for fixed rate mortgages. Homeowners are not always able to take advantage of these low rates because...
Obama Claims Credit for Refinancing Surge; Critics Doubt Policies' Role, Impact
RENO, Nev. – After two days with his same-sex marriage position in the spotlight, President Obama today sought to shift focus back to the economy, visiting a neighborhood hit hard by the housing crisis, to claim success at helping struggling homeowners and call on Congress...