May 12, 2007

Signs of Low Inflation Keep LongTerm Mortgage Rates Steady

Freddie Mac today released the results of its Primary Mortgage Market Survey® in which the 30-year fixed-rate mortgage (FRM) averaged 6.15 percent with an average 0.5 point for the week ending May 10, 2007, down slightly from last week when it averaged 6.16 percent. Last year at this time, the 30-year FRM averaged 6.58 percent.

The 15-year FRM this week averaged 5.87 percent with an average 0.5 point, unchanged from last week when it averaged 5.87 percent. A year ago, the 15-year FRM averaged 6.17 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.89 percent this week, with an average 0.6 point, up slightly from last week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 6.22 percent.

One-year Treasury-indexed ARMs averaged 5.48 percent this week with an average 0.7 point, up from last week when it averaged 5.42 percent. At this time last year, the 1-year ARM averaged 5.62 percent

Product Taps Home Equity Without Taking Out Loan

"A small San Francisco investment company, backed by a subsidiary of insurer American International Group Inc., is rolling out a product that lets homeowners tap into their home equity without moving or taking out a loan. The company, REX & Co., offers to pay homeowners cash now in exchange for a right to part of the proceeds when the home eventually is sold."

Real Estate Journal

Shopping for the Best Mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage whether it's a home purchase, a refinancing, or a home equity loan is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars

Your Property Path

ONE BILLION dollars in assistance for subprime lending victims

NACA announces ONE BILLION dollars in assistance for subprime lending victims. While the predators are blaming the borrowers , NACA is the first to provide a solution to save peoples home.


Bank of America Cuts Fees For Its Home Loans

By Ruth Simon and Valerie Bauerlein
"Looking to boost market share when loan demand has slowed, Bank of America Corp. has rolled out a no-fee mortgage aimed at home buyers.
Under the program, Bank of America won't charge borrowers for loan applications, title insurance, appraisals and flood certifications or require them to get private mortgage insurance. Typically, borrowers who don't put 20% down must get mortgage insurance or take out a "piggyback" loan, which combines a mortgage with a home-equity loan"

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