Mortgage Rates Holding Steady
Weaker economic data reported this week helped to offset expected mortgage rate increases. The best 30-year fixed rate is holding at 4.375% at some lenders.
HAMP Mortgages About to Rise
Starting in 2009, HAMP has assisted troubled borrowers in cutting their mortgage interest, many to rates as low as 2%. However, rates in these HAMP mortgages were fixed for only five years. Starting this year, borrowers will begin to see their rates climb by 1% per year to 5.4%. Some 33,000 borrowers are expected to see this beginning this year, and some fear that defaults will begin to appear in this group.
No Bailout This Year for FHA
The FHA says they won’t need any taxpayer bailouts this year. The agency is expecting to end the year with a positive balance of $7.8 billion.
Mortgage Rates Holding Steady
Weaker economic data reported this week helped to offset expected mortgage rate increases. The best 30-year fixed rate is holding at 4.375% at some lenders.
HAMP Mortgages About to Rise
Starting in 2009, HAMP has assisted troubled borrowers in cutting their mortgage interest, many to rates as low as 2%. However, rates in these HAMP mortgages were fixed for only five years. Starting this year, borrowers will begin to see their rates climb by 1% per year to 5.4%. Some 33,000 borrowers are expected to see this beginning this year, and some fear that defaults will begin to appear in this group.
No Bailout This Year for FHA
The FHA says they won’t need any taxpayer bailouts this year. The agency is expecting to end the year with a positive balance of $7.8 billion.