Smart Borrower Blog

Archive for December, 2008

New Record Foreclosures in 3rd Quarter

Dec 8th, 2008 @ 4:44 PM by Alden Smith

A new record was set in third quarter, with mortgage delinquencies up 6.99% from the previous quarter to 6.41% of all loans outstanding.  As the economy recedes, these numbers can only go higher.  With record number of job losses, companies closing their door, and even The Big Three begging at Washington’s doors, it is no […]

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30 Year Mortgage Rates Hit A 27 Year Low

Dec 5th, 2008 @ 5:24 PM by Alden Smith

We are seeing mortgage rates on 30 year fixed mortgages dropping, and this week they hit 5.53%, the largest drop in one week in 27 years.  These rates were reported Thursday by Freddie Mac.  The rates are down from 5.97% from last week.   The lowest we have seen them was on January 24th, when they […]

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Mortgage Demand Up 112.1 Percent As Interest Rates Fall

Dec 3rd, 2008 @ 7:53 PM by Amber Nelson

The volume of U.S. mortgage applications shot up dramatically in the latest week as borrowers sought to take advantage of low interest rates, according to the Mortgage Bankers Association Wednesday. “Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when the GSEs were placed under conservatorship,” said Orawin Velz, […]

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A Resistance To Change

Dec 1st, 2008 @ 8:18 PM by Alden Smith

It was bound to happen.  Sooner or later, an investor would question the validity of the mortgage bailouts for people who are in default on their mortgage.  Now we see an investor, William Frey, filing a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten […]

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