- Marco Rubio: U.S. at social, moral crossroads
- ‘We’re coming for you, Barack Obama’: Top U.S. official discloses threat from ISIL
- White flags baffle NYPD: ‘We’re lucky it wasn’t a bomb’
- N.Y. Gov. Cuomo’s office interfered with, pressured corruption commission: report
- Brit lawmaker: I would fire on Israel if I lived in Gaza
- VA apologizes to forgotten Marine veteran locked in Fla. clinic, forced to call 911
- U.S. social and economic trends on worrisome track, survey finds
- McDonald nomination unanimously referred to full Senate
- Chuck Norris honorary chairman of NRA voter registration campaign
- GOP outraged Obamacare investigators able to get coverage with fake IDs
Topic - Mortgage Bankers Association
The biggest jump in interest rates since 1987 is pummeling the mortgage market and raising worries about the health of the robust housing rebound that has been fueling economic growth this year.
Lending to homebuyers in the U.S. remains little above the depressed levels hit during the recession because banks are wary about lending amid a slew of regulations coming out next year and proliferation of enforcement actions by state and federal regulators, a top mortgage banking official told The Washington Times.
The Federal Reserve touched off the biggest mortgage refinancing wave since 2009 last month by driving the interest rates on 30-year mortgages to record lows near 3.5 percent.
The Old World's worries are not necessarily bad news for the New World's economy — at least in the short term.
Mortgage applications rose 13 percent last week as consumers refinanced at the lowest rates in decades.
Housing speculators who got burned and are walking away from their investments drove the foreclosure rate on prime mortgage loans to a record high in the first quarter, with the problem most prevalent in California, Florida, Arizona and Nevada.