Mortgage Rates Continue to Rise

Mortgages rates rose again for the second consecutive week. The average mortgage rate for a 30-year fixed term loan is now 4.79 percent says Bankrate’s weekly survey of banks across the country. This mortgage also comes with an average of 0.32 origination and discount points. 15 year fixed mortgage rates also climbed this week to […]

FTC Rules to Help Homeowners Spot Mortgage Relief Scams

A new Federal Trade Commission rule was put in to place recently to help protect homeowners who are facing foreclosure. The FTC has decided that mortgage foreclosure rescue or relief operations and loan modification services cannot collect fees for their services until the homeowners receives an offer from their lender that they find acceptable. This […]

Bank of America Halts Foreclosures across Nation, Analysts Have Mixed Reactions

On Thursday, Bank of America announced they were halting foreclosures in all 50 states while they review mortgage paperwork.  The foreclosure freeze comes after pressure from Attorney General Martha Coakley after it was discovered earlier that some banks lacked the proper paperwork to seize thousands of homes across the country. Coakley called for the freeze […]

Mortgage Rates Slowly Rising

Mortgage rates climbed to an average of 4.58 for 30-year fixed rate mortgages shows the results of this week’s national survey administered by Bankrate.com. 15-year fixed rate mortgages rose to 4.06 percent, and jumbo 30-year fixed rate loans averaged around 5.23 percent. Adjustable rate mortgages saw small gains as well, leading to higher mortgage rates […]

Bank of America Leading Bank for Modified Mortgages

Bank of America continues to be the industry leader in completed Home Affordable (HAMP) mortgage modifications.  Through the end of July, the company had processed more than 76,000 completed modifications through the government program.  Additionally, nearly 100,000 customers of the bank had received mortgage modifications through other programs, including programs run by the bank itself. […]

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