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Mortgage Applications Drop, Despite an Increase in Refinancing, in Latest Report
Government Announces Loan Modification & Foreclosure Prevention Plan
Mortgage Applications Surge in Latest Report, Americans Turning to Security of FHA loans
VA Loans are the Top Mortgage Choice for Veterans and Military
Mortgage Loan Activity Drops 20.3%
How are Mortgage Interest Rates Affected by the Presidential Election
Top 9 Conservation Tips for Winter-Time Home Selling
Fed Funds Rate Drops to 1%, Near Lowest in U.S. History
New Home Sales Post Slight Gain in September
Existing Home Sales See Largest Increase in 13 months

Mortgage Applications Drop, Despite an Increase in Refinancing, in Latest Report ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>The number of Americans seeking a mortgage to <a href="/home-buying">purchase a home</a> fell, while applications for those seeking to <a href="/refinance">refinance</a> increased, according to this morning’s Market Composite Index, released by the Mortgage Bankers Association (MBA). The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending November 14 mortgage activity fell 6.2% from the previous week’s numbers. The number of refinance applications posted a 2.6% gain, while those seeking to purchase a home fell 15.3%. Bob Walters, chief economist for Quicken Loans, expects refinancing activity to continue. ""Refinance applications":/mortgage-application/refinance/borrower-information increased last week, despite turbulence in the stock market," said Walters. “I expect we’ll see this continue as homeowners retreat from <a href="/home-loans/adjustable-rate-mortgage">adjustable rate mortgages</a> into the payment security of <a href="/home-loans/fixed-rate-mortgage">fixed-rate loans</a> .”This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

Government Announces Loan Modification & Foreclosure Prevention Plan ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>On Tuesday, the Bush Administration laid out a plan to rescue struggling homeowners and put an end to the crippling housing market. The plan is based around the mortgages held by now government-run Fannie Mae and Freddie Mac. The details of the plan are as follows: <ol> <li>What homeowners are eligible? This plan, like many others, is only available for mortgages on homes in which the owner lives in. Even further restricting, the homeowner must be at least 90 days late on their mortgage and owe more than 90% of their home’s value. The homeowner must also certify the hardship which has caused the late payment of their mortgage and did not default on purpose.</li> </ol> <ol> <li>How will new loan work? Eligible homeowner will be refinanced into a loan in which their new payment is no more than 38% of their gross income, a common guideline for other government loan programs. There are no specific terms associated with the plan, it is largely up to the servicer of the current loan. According to the <a href="http://www.fhfa.gov/GetFile.aspx?FileID=169">statement made Tuesday</a>, “Once the affordable payment is determined, there are several steps the servicer can take to create that payment – extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower’s means, the borrower’s situation will be reviewed on a case-by-case basis using a cash flow budget.”</li> </ol> The few details given have already raised many questions. For instance, why must a homeowner be 3 months late in order to qualify? Obviously, the point of this plan is to cover the borrowers at most risk, but it leaves many people wondering if there will ever be a solution that helps people with loans that will re-set in the near future and/or have not missed a payment yet, but may be in jeopardy of doing so soon. It’s also still largely up to the investors of the eligible loans whether or not they participate. With no terms in place, there is little incentive for an investor to get involved. For homeowners who think they may be eligible, the starting point is still to contact you’re the company who services your current loan to begin negotiating a loan modification. It’s expected that participating servicers and investors could begin to offer modifications to eligible borrowers around December 15. If and when this plan is set into use, check back here with <a href="/mortgage-news/2008">Quicken Loans Mortgage News</a> for updates. For another solution to the housing crisis, we encourage you to check out <a href="http://www.asolutionthatworks.com/">www.ASolutionThatWorks.com</a>.This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

Mortgage Applications Surge in Latest Report, Americans Turning to Security of FHA loans ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>Americans are showing a renewed interest in <a href="/refinance/learn">refinancing</a> their mortgages and <a href="/home-buying/learn">purchasing new homes</a> according to this morning’s Market Composite Index, released by the Mortgage Bankers Association (MBA). The Index, which measures and compares <a href="/mortgage-calculator/recommendations/about-you">mortgage loan application</a> volume from week to week, showed that for the week ending November 7 mortgage activity jumped 11.9 percent from the previous week’s numbers. The number of refinance applications posted a 16.1 percent gain, while consumers looking to purchase a home increased 6.5 percent. The report also showed that the Government Purchase Index, which is comprised largely of <a href="/home-loans/fha-loan">FHA loans</a>, increased by 15.3 percent. According to Bob Walters, chief economist for Quicken Loans, many consumers are looking to fixed-rate loans to provide payment security in the midst of the ongoing stock market troubles. “With so much turmoil taking place in the markets, we are seeing many consumers looking at their financial situation and making moves to make sure they can have stability in their monthly mortgage payments,” Walters said. “As has been the trend for some time, <a href="/home-loans/fixed-rate-mortgage">fixed rate mortgages</a> – especially fixed rate FHA loans – have really become popular with consumers thanks to the payment security they offer.” “Additionally, the supply of affordable homes currently for sale, and being discounted in an attempt to sell prior to winter’s arrival, is spurring strong home purchase financing activity,” Walters added.This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

VA Loans are the Top Mortgage Choice for Veterans and Military ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>Today is Veterans Day and it’s a special time for the millions of American men and women who have served (or still serve) in the U.S. Military. Veterans Day has been a U.S. holiday since 1954, when President Eisenhower signed it into law. Veterans Day replaced a holiday on the same day known as Armistice Day, which recognized the end of WWI on “11th hour of the 11th day of the 11th month of 1918” and the brave Americans who fought in the “War to End all Wars” (it took less than 20 years for Americans and the rest of the world to find out that statement wasn’t true). What started as a day to recognize a specific group of military heroes for there contributions in one war effort now is a day to recognize all military members, both past and present, for their service to our country. If you know a veteran, say hello today and thank them. <h3>Introducing the VA Loan</h3> Another way veterans are thanked for their service to America is the <a href="/home-loans/va-loan">VA loan</a>. VA loans were created in 1944, as WWII was slowing grinding to a halt and victory was becoming a bigger reality with every sunrise. Congress wanted a way to help returned veterans resume normal life and the VA loan offered an easy and inexpensive way for veterans to become homeowners. It’s been going strong ever since. An estimated 14 million Americans have used VA loans to buy a home or refinance since the VA loan program was established. It’s estimated that up to 60 million Americans currently are eligible, or live in an eligible household, to qualify for a VA loan. <h3>Getting a Home with No Down Payment</h3> The most prominent benefit of the VA loan is the no down payment requirement. VA loan eligible Americans can buy a home with no money down with a VA loan, and in today’s market, that’s a huge advantage over conventional loans. If you can find a mortgage that requires no down payment that’s not a VA loan, more power to you. But don’t spend too long looking for them. They seldom, if ever, exist anymore. As the market has changed and no down payment or piggy back loans have all but disappeared, the VA loan has once again become a very viable and inexpensive option for home buyers. In addition to requirement no down payment, VA loans also have much less strict credit requirements and qualifying procedures than conventional loans. Remember, it’s a benefit of military service. Benefits are supposed to offer something above and beyond what someone could get without “the benefit”, and VA loans certainly do that. Veterans have earned the right to enjoy the financial security and freedom of a VA loan. It’s the country’s way of saying “thank you.” <h3>Refinancing With a VA Loan</h3> Although the vast majority of VA loans are for buying a home, as originally intended when the VA loan was created, veterans and military folks are also able to refinance with VA loans. As with purchase, VA loans offer less restrictions than many conventional loans and don’t require the same credit score criteria. This can vary by state and initial situation, but generally VA loans allow up to 90% equity and cash-out refinancing. That's a great option in today’s mortgage market. <h3>Learning About VA Loans</h3> Whether you plan to <a href="/home-buying/learn/loans/buying-a-home-with-va-loans">buy a home with a VA loan</a> or <a href="/refinance/learn/loans/refinancing-with-va-loans">refinance a mortgage with a VA loan</a>, a mortgage professional can answer all your questions and even help you find out if you’re eligible to qualify for a VA loan. And even if you can’t, your mortgage professional will help you learn about and qualify for similar mortgages, such as an <a href="/home-loans/fha-loan">FHA loan</a> or a conventional <a href="/home-loans/fixed-rate-mortgage">fixed-rate loan</a>. <h3>Happy Veterans Day</h3> Remembering the sacrifice and dedication of American veterans is what Veterans Day is all about. If you know a veteran or member of the military, say hello today and thank them for their service. Today is their day. And the VA loan is their loan. Happy Veterans Day from Quicken Loans.This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

Mortgage Loan Activity Drops 20.3% ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>The number of Americans seeking a mortgage to <a href="/home-buying">purchase a home</a> or <a href="/refinance">refinance</a> an existing loan fell more than 20% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA). <a href="/mortgage-apply-home-loan">Applications for a mortgage</a> to purchase a home fell 13.9% while refinance applications fell 27.8%. Chief Economist Bob Walters of the nation’s largest online lender, Quicken Loans, says the decrease is reflective of consumers observing the changes in the financial markets but he sees a silver lining as opportunities to purchase a home or refinance remain attractive for many consumers. “We are continuing to see twists and turns in the financial markets, so it’s no surprise that consumers are hesitant to apply for mortgages,” Walters said. “We’ve seen rates inch up in the last month, but as long as housing prices remain at these once-in-a-lifetime lows, the tide should begin to turn and we should also see families who plan to stay in their current homes refinance into <a href="/home-loans/fixed-rate-mortgage">fixed-rate mortgages</a> that provide payment certainty for the life of their loan,” Walters added.This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

How are Mortgage Interest Rates Affected by the Presidential Election ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>With change on the horizon after last night's election, it's only natural to wonder what "change" will come to the mortgage market as a result. Furthermore, what change to <a href="/mortgage-rates">mortgage interest rates</a> have U.S. elections stirred up in the past? We always hear rumblings about mortgage interest rates dropping after an election, but is there any truth to it? <a href="/mortgage-calculator/should-you-refinance">Should you refinance</a> now, or wait it out a couple months for rates to drop? In order to find out, some number crunching is in order. (Squelch the grade school flashbacks; we already did the math.) For the sake of consistency, we collected all of our data from two sources: the <a href="http://mortgage-x.com/x/ratesweekly">Historical Mortgage Rate Data website</a> that lists national average mortgage rates since 1992 and HSH's National Monthly Mortgage Statistics which tracks rates prior to 1992. While we'll look at a fairly short time frame, we can still scope the mortgage interest rates as they react to five (going on six) presidential elections. Let's take a look at the average interest rate by month, starting in September of the election year and running through the February after inauguration (just to see if having a new president in office seems to make a difference). <h3>Mortgage Rates Election Year 2004</h3> <table><tr><td>September</td><td>5.76</td></tr><tr><td>October</td><td>5.72</td></tr><tr><td>November</td><td>5.73</td></tr><tr><td>December</td><td>5.75</td></tr><tr><td>January</td><td>5.71</td></tr><tr><td>February</td><td>5.63</td></tr></table> For the 2004 election, Bush is reelected into office and the months immediately following the election seem to reflect a slow but steady decline in average national mortgage interest rates. <h3>Mortgage Rates Election Year 2000</h3> <table><tr><td>September</td><td>7.91</td></tr><tr><td>October</td><td>7.79</td></tr><tr><td>November</td><td>7.74</td></tr><tr><td>December</td><td>7.38</td></tr><tr><td>January</td><td>7.03</td></tr><tr><td>February</td><td>7.05</td></tr></table> For the 2000 presidential election between Gore and Bush we see a significant drop in mortgage interest rates after the election, and a drop nearly 3/4 of a point by his inauguration. <h3>Mortgage Rates Election Year 1996</h3> <table><tr><td>September</td><td>8.23</td></tr><tr><td>October</td><td>7.92</td></tr><tr><td>November</td><td>7.62</td></tr><tr><td>December</td><td>7.60</td></tr><tr><td>January</td><td>7.82</td></tr><tr><td>February</td><td>7.65</td></tr></table> For the election of 1996, Clinton's reelection, we see a variation in rates, decreasing steadily through the election. And with the exception of a small jump in January, continuing as such in February. <h3>Mortgage Rates Election Year 1992</h3> <table><tr><td>September</td><td>7.92</td></tr><tr><td>October</td><td>8.09</td></tr><tr><td>November</td><td>8.31</td></tr><tr><td>December</td><td>8.22</td></tr><tr><td>January</td><td>8.02</td></tr><tr><td>February</td><td>7.68</td></tr></table> 1992's election that Clinton won over Bush Sr. reflects a steady drop in interest rates after the election, with the most significant drop taking place after inauguration. <h3>Mortgage Rates Election Year 1988</h3> <table><tr><td>September</td><td>10.60</td></tr><tr><td>October</td><td>10.40</td></tr><tr><td>November</td><td>10.37</td></tr><tr><td>December</td><td>10.72</td></tr><tr><td>January</td><td>10.84</td></tr><tr><td>February</td><td>10.78</td></tr></table> The 1999 election marking the end of Reagan's term and the beginning of Bush's shows us no steady trend in either rising or falling interest rates. They slowly decline up to the election, then climb and vacillate after November. So what can we gather from these election-year trends? Of course we can't predict the future of national mortgage interest rates, but we can note that in three out of the five past election years we observe a slow (and small) but trackable decline in mortgage interest rates. This decline is most evident between the months of November and February, then in the months following (beginning in March) rates begin to fluctuate significantly abandoning the trend. And none of the changes in interest rates that we have tracked seem to rely on whether there is a change of hands in office. As we can expect from interest rates, they aren't giving up many secrets to their plans in the future. However we can still confirm that mortgage interest rates are still near historic lows, which means <a href="/home-buying">purchasing a home</a> or <a href="/refinance">refinancing</a> is still a timely decision.This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

Top 9 Conservation Tips for Winter-Time Home Selling ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>If your home is on the market during the winter season, potential home buyers will have your home’s energy efficiency at the top of their mind. Here’re a few tips to make your home more attractive to conservation-minded buyers. <ol> <li>Modernize your thermostat – Simply investing in a programmable thermostat is one of the easiest ways to conserve energy in your home.</li> <li>Position your thermostat for energy efficiency – Locating your thermostat on an interior wall and at least five feet from the floor will keep the temperature accurate and comfortable.</li> <li>Decorate your windows – Using shutters, heavy window shades and blinds can help keep the cold air at bay.</li> <li>Caulk and weather strip doors and windows – Investing a bit of cash at your local hardware store can mean big savings on your energy bill’s bottom line. You can check for air leaks around all your doors and windows by using a candle to check for drafts.</li> <li>Insulate your attic – One of the cheapest ways to improve energy efficiency in your home is to increase the insulation in the loft space of your attic. Be sure the insulation is at least 6 to 7 inches thick.</li> <li>Install storm windows – While installation can be a big investment, storm windows are sure to add value to your home by providing an attractive barrier to wintry weather.</li> <li>Check your fireplace - If you have a fireplace, check the flue for a tight seal and buy a fireplace cover to minimize hot air loss. It’s also important to have your fireplace cleaned once a year to prevent the risk of a house fire.</li> <li>Consider a new furnace - If your furnace is over 20 years old, consider investing in a newer, modern furnace. While there is an initial cost, you'll save big with the increased efficiency, and this will surely increase attractiveness to potential buyers.</li> <li>Check you furnace filter monthly – Replace your furnace filter whenever it looks dirty, as potential homebuyers will often check filters as an indicator to a home’s maintenance. A dirty filter could signal bigger signs of neglect.</li> </ol> Remember, in the winter months home buyers are extra conservation conscious. Making your home warm and energy efficient could mean the difference when comparison shopping!This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

Fed Funds Rate Drops to 1%, Near Lowest in U.S. History ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>The Federal Open Market Committee (FOMC) announced today that it has dropped its Fed Funds rate to 1 percent--near the lowest it's been in U.S. history. This is the rate at which banks loan money to one another, and it impacts <a href="/mortgage-calculator/mortgage-payment">mortgage rates</a> for <a href="/home-loans/adjustable-rate-mortgage">adjustable rate mortgages</a> and home equity lines of credit. The decision to cut rates reflects the Fed’s ongoing actions to try and stem the economic crisis gripping the country. According to Quicken Loans Chief Economist Bob Walters, this cut by the Fed is likely to have very little effect on the markets. “The Federal Reserve has decided that further action is required to help guide the markets to some form of stability and to encourage more inter-bank lending,” Walters said. “While this sounds good in theory, the Fed’s cuts of late have done very little to affect the markets. It appears the government is going to have to continue calling plays from a different playbook to stem the market volatility long term.” “Despite the turmoil in the market, we continue to see increased interest in mortgages, with many consumers looking to <a href="/home-loans/fha-loan">FHA loans</a> to leverage <a href="http://www.inhouserealty.com/">real estate</a> that has become priced under its reasonable market value,” Walters added. The new Fed Funds rate is the lowest it's been since May 2004, and is almost the lowest in history. In the past, the Fed Funds rate has gone as low as 0.85%.This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

New Home Sales Post Slight Gain in September ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in September rose 2.7 percent compared to August’s numbers. Bob Walters, chief economist of the nation’s largest online lender, Quicken Loans, says that home prices appear to have fallen to a point where consumers are beginning to reenter the market. “Consumers are beginning to take advantage of the low prices on housing across the country,” Walters said. “While the fact remains that credit is prohibitively tight, it appears that we have eclipsed the threshold where consumers are now reentering the market to snatch-up homes that are priced well below their reasonable value. This is being aided, in part, by <a href="/home-loans/fha-loan">FHA loans</a>, which have allowed many consumers to obtain financing at favorable <a href="/mortgage-rates">mortgage rates</a> and with a smaller down payment.”This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

Existing Home Sales See Largest Increase in 13 months ^

<a href="https://www.quickenloans.com/mortgage-news">Mortgage News</a> from <a href="https://www.quickenloans.com/">Quicken Loans</a>The National Association of Realtors announced today that existing home sales in September increased 5.5% as compared to August 2008. Along with the increase in sales, the inventory of unsold homes fell 1.6% to 4.27 million units, representing a 9.9 month supply, down from a 10.6 month supply in August. Quicken Loans Chief Economist Bob Walters said that buyers are responding to current housing affordability conditions but warns that the housing market may have found bottom, but has a long way to go before we see sustainable improvements. “Falling home prices are reaching that critical threshold at which they are bringing buyers back to the market,” Walters said. “However, many challenges still exist. Wall Street remains wildly unpredictable, credit is prohibitively tight, and many folks find themselves in the vicious circle of needing to sell their home before they can buy another. Until these issues clear, we will be hard pressed to have a sustained rally in existing home sales.”This article is reprinted by permission from <a href="https://www.quickenloans.com/">Quicken Loans</a> © 2008 Quicken Loans Inc. All rights reserved. Continue ...

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