Thursday, July 12, 2012


Mortgage rates smash old record


(CNN, July 5, 2012) - Les Christie
Mortgage rates fell again this week, smashing previous record lows, according to a regular weekly release from mortgage giant Freddie Mac.
The rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62% from 3.66% last week. The rate has matched or hit a new low for 10 of the past 11 weeks, Freddie Mac said. Meanwhile, the 15-year fixed rate fell to 2.89%, down from 2.94%.
"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows," said Frank Nothaft, Freddie Mac's chief economist.
The 15-year fixed-rate mortgage is popular among homeowners who are seeking to refinance or to trade-up and minimize their total interest payments. At the current rate, a borrower financing $200,000 would pay $1,370 a month and spend a total of just under $47,000 in interest over the 15-year span of the mortgage.

This is GREAT news for anyone considering to buy a home. Read the rest of the article here and let us know how we can help you achieve your goal of home ownership!
-Daniel Barli, Esq.


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Friday, July 6, 2012


New Agency Plans to Make Over Mortgage Market

- NYTimes, July 5, by Edward Wyatt

Over the next six months, the Consumer Financial Protection Bureau, a newly formed regulator vilified by the right, intends to overhaul the home mortgage market as a first step toward improving its fairness and clarity. 
The goal is to remake the process of getting a mortgage, making it easier for borrowers to understand the kind of loan they are getting and its cost.

Read the rest of the article here, but what great news if this can happen the way it's being discussed. Please don't hesitate to let us know what we can do to help you with this process.


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Sunday, July 1, 2012


New rules speed up short sales

July 1, by Jennifer Hughes, The Record - New federal regulations designed to speed up the process for many short sales went into effect last month.
Some real estate agents and experts are excited about the prospect of new deadlines for these deals that are made when a bank permits a seller to accept an offer for less than the outstanding mortgage on a property. But others are dubious about how much effect the rules will really have on a process that has a reputation as long and tortuous.
Under the new guidelines by the Federal Housing Finance Agency, if a loan is owned or backed by Fannie Mae or Freddie Mac, the servicer of the loan — often your typical bank — now has to follow a set of deadlines including:
  • Acknowledge that they received the short sale offer within three business days.
  • Respond to the initial request for a short sale within 30 days.
  • Make a final decision on the short sale in no more than 60 days after the buyer's request is made.

Read the rest of the article here, but this is great news for distressed homeowners and all buyers!

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