Mortgage Information

Mortgage information

MortgageDaily.com - Mortgage News Headlines
Record Mortgage Rates Poised for Another New Low	5/18/2012 4:41 AM
The good news is that fixed mortgage rates fell to the lowest levels on record and are already on their way to setting another new low -- with a sub-3 percent rate in site for the 15-year mortgage. The bad news is that the stock market is on its way to the lowest point this year. There were no records set, however, for adjustable-rate products. At 3.79 percent, the fixed-rate 30-year mortgage averaged less than at any other time since Freddie Mac started tracking rates in 1971.
Record Low for 10-Year Treasury Yield	5/18/2012 4:41 AM
Thanks to the sovereign debt crisis in Europe, the yield on the benchmark 10-year Treasury note fell to the lowest level on record. The 10-year yield closed at 1.70 percent Thursday, according to data from the Department of the Treasury. The yield sank 6 basis points from Wednesday.
Opposing Views on Principal Reduction	5/18/2012 4:41 AM
The various programs and proposals to reduce the principal loan balance on mortgages to deeply underwater borrowers would improve the equity position of some homeowners while leaving other seemingly similar borrowers with negative equity. On the one hand, some argue, borrowers who haven't made their payments on time would benefit with a lower loan balance, while consumers who have struggled to maintain their mortgage payments would be left out in the cold. Such a moral hazard would incentivize homeowners to default on their loans in order to qualify for principal reduction. On the other hand, advocates for writing down loan balances claim that it would help heal the housing market and boost the economy.
Program Promises Lowest Wholesale Rates in Industry	5/18/2012 4:41 AM
A growing wholesale mortgage lender has launched a new program for mortgage brokers that, it claims, has the lowest conventional pricing in the industry. But the offering is limited to larger loans and high-quality borrowers. In order to quality for the low-rate program, borrowers need a minimum FICO score of 760. In addition, the maximum loan-to-value ratio is capped out at 70 percent.
Origination Outlook Improved Considerably from Last Year	5/18/2012 4:41 AM
The forecast for 2012 residential loan originations by all U.S. lenders has been raised each month since October, and this month was no exception. This year's mortgage outlook now stands nearly $350 billion higher than it did seven months ago, and if the trend continues -- annual activity could exceed last year's production. Second-quarter originations are projected to come in at $361 billion, off from $384 billion during the first-three months of 2012. Last month's outlook had fundings falling to $349 billion from the first quarter's $375 billion.