In last week's column, I described my assistant's quest to purchase her first home. I concluded that despite the fact that home prices are close to double what they were 25 years ago, it is easier to afford a home today, thanks to low interest rates and the availability of a variety of mortgage products.
Mortgage giant Fannie Mae earned $1.8 billion from July through September, helped by an improving housing market that has lifted home prices.
Mortgage giant Freddie Mac earned $2.9 billion from July through September, its fourth straight profitable quarter. The government-controlled company attributed the gain to rising home prices and fewer mortgage delinquencies.
Average U.S. mortgage rates rose slightly this week and continued to hover near record lows, a trend that has helped boost home sales and refinancing.
The election is all about the economy this year, but neither presidential candidate has talked much about two major problems that could make or break the economic recovery in the next presidential term: housing and its broken finance system, and the European debt crisis.
The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning defaults.
The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning defaults.
The average U.S. rate on a 30-year fixed mortgage has fallen to near its record low set earlier this month.
The calls are coming in. Calls from all of my refinance clients who patiently and politely have given Erin, my assistant, all the excessive paperwork needed to close their refinances. Of course, I get the calls:
