Mortgage News
What the recent Fed decision means for consumers
A lot of attention has been paid to the Federal Reserve's decision on Tuesday to cut the Federal Funds Rate by a half percent - but what does this jargon mean for consumers? The answer can be complicated.
Fed drops Fed Funds Rate by half percent
The Federal Open Market Committee (FOMC, Fed) today reduced its Fed Funds Rate by a half percent. This was the first reduction of the rate in more than three years.
What to do if your mortgage company goes bankrupt
What happens when a mortgage company goes bankrupt is simply that the mortgages they own are sold to another mortgage company. Nothing else changes.
Mortgage Applications Jump During Holiday Week
Mortgage activity surged during the holiday-shortened Labor Day week, according to the Mortgage Bankers Association (MBA). Quicken Loans Chief Economist Bob Walters says the survey may indicate consumers are now realizing if they have the right qualifications, home financing is still obtainable.
What's the deal with the mortgage industry?
Some economists predict the financial markets will soon calm down, making jumbo loans available to consumers who qualify for them. In the meantime, anyone who needs a large mortgage should contact a mortgage professional and discuss all available options.
Mortgage Applications See Slight Gain
The Mortgage Bankers Association announced this morning that applications for mortgage loans increased 1.3 percent last week when compared to the week prior. Quicken Loans Chief Economist Bob Walters says although mortgage standards have tightened, positive financing opportunities are still available for those who qualify.
Tips to avoid foreclosure
Homeowners who find themselves in a situation where they may eventually be facing foreclosure need to act fast. There are a few options that, if done soon enough in the process, can save a person money and most importantly their credit.
Mortgage Applications See Decline
The Mortgage Bankers Association announced this morning that applications for mortgage loans slipped 4 percent last week when compared to the week prior. Quicken Loans Chief Economist Bob Walters says that applications have been negatively impacted by the recent tightening of credit.
Existing Home Sales See Slight Decline
The National Association of Realtors announced today that total existing home sales decreased 0.2% in July. Bob Walters, chief economist for Quicken Loans, says the decrease in sales, along with the largest inventory of unsold homes in 16 years, shows the market is still struggling to find solid footing.
New Home Sales Bounce Back in July
The pace at which newly constructed homes are selling increased in July, beating forecasts by rising 2.8 percent over June's rate.
