MLS Real Estate & Listings Blog

Secretary of Housing and Urban Development Alphonso Jackson announced today he will step down next month in the face of investigations involving allegations of favoritism and calls from Democrats for his resignation.

Jackson’s resignation, effective April 18, leaves open the possibility that HUD will be led by an interim chief in the final months of a lame-duck administration, even as the department implements a major expansion of FHA loan programs and pushes for an overhaul of the Real Estate Settlement Procedures Act, or RESPA.  more…

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Mortgage rates rose slightly this week, the lowest-fee 30-year from just below 6 percent to a hair above. Spreads still gape versus Treasurys, at 2.5 percent above the 10-year defying all of the Fed’s latest efforts. Five-year ARMs, both conforming and jumbo, are better in availability and rate, but both are scarcer and higher than in January.

The economy itself is in a curious place. This morning’s report of a half-percent gain in February personal income was head-scratching good news, not squaring with consumer confidence measures at 16-year lows, some components at 41-year all-time lows.  more…

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It’s easy to complain about government paperwork, but sometimes something as seemingly simple as a new form can be worth much more than the paper it’s printed on. Such is the new standardized and borrower-friendly Good Faith Estimate that has been proposed by the U.S. Department of Housing and Urban Development.  more…

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U.S. home prices dropped 3 percent in January compared to the same month last year, and fell 1.1 percent compared to December 2007, according to an index released today by the U.S. Office of Federal Housing Enterprise Oversight.  more…

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Long-term mortgage interest rates gained sharply Monday, and the
benchmark 10-year Treasury bond yield grew to 3.56 percent.

The 30-year fixed-rate average climbed to 5.73 percent, and the
15-year fixed rate jumped to 5.22 percent. The 1-year adjustable rate rose to 5.45 percent.

The 30-year Treasury bond yield gained to 4.37 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more…

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The National Association of Realtors has submitted its application for a Web-based credit union that could deliver a range of financial services to members, including mortgage, auto and business start-up loans, Realtor-branded debit cards, personal and business checking and savings accounts, and money market accounts, among other offerings.

This proposed credit union, which has a working title as the Realtors Federal Credit Union, would be open to the estimated 1.2 million members of the association, Realtor-affiliated staff members and their families.  more…

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Thornburg Mortgage Inc.’s five largest creditors have agreed to give the "super jumbo" lender a one-year reprieve from margin calls if it can raise nearly $1 billion in seven business days.

Thornburg is offering 12 percent interest to anybody willing to buy notes that will mature on April 1, 2015. The notes would be convertible into common stock at 75 percents per share, the lender said in a regulatory filing.  more…

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In an emergency move to prop up credit markets, the Federal Reserve cut the discount rate to 3.25 percent over the weekend and expanded the list of banks and financial institutions that can borrow money at that rate.

The Fed also announced Sunday that it was standing behind J.P. Morgan Chase’s move to buy troubled investment firm Bear Stearns Cos by providing up to $30 billion in financing that protects J.P. Morgan from losses.  more…

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A top Democrat wants to give the Federal Housing Administration authorization to provide an additional $300 billion in mortgage guarantees to help refinance up to 2 million loans in cases where lenders agree to "substantial" principal write-downs.

A bill proposed by Rep. Barney Frank would require that lenders — or the investors who hold the rights to service a mortgage — agree to write-downs large enough to insulate FHA from losses and provide a "meaningful reduction" in a troubled borrower’s monthly payments.  more…

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Simplifying the disclosure forms provided to home buyers could save them an average of $668 at the closing table — an estimated $8.35 billion a year — by helping them find the best deal from mortgage lenders and settlement service providers such as title insurers.

That’s the claim officials with the Department of Housing and Urban Development (HUD) are making as they roll out their latest attempt at reforming the Real Estate Settlement Procedures Act (RESPA).  more…

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Federal regulators on Thursday unveiled a set of recommendations for strengthening regulations governing mortgage lending, including improved disclosures and the adoption by all states of a nationwide licensing standard for mortgage brokers.  more…

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An abrupt rise in interest rates helped cut mortgage application volume by 1.9 percent last week, the Mortgage Bankers Association reported today.

According to MBA, the seasonally adjusted decline was led by a 4.7 percent decrease in the index that tracks refinancings, despite a 1.4 percent gain in the purchase-loan index. As a result, the refinance share of applications fell to 50.6 percent from 52.4 percent two weeks ago, and the adjustable-rate mortgage (ARM) share dipped to 15.5 percent from 17.3 percent.  more…

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Mortgage rates spiked to 6.75 percent on Wednesday, only today sliding back into the 6.5 percent range (these rates with no loan fees). There is good reason to expect rates to fall back, and maybe a long way, but only in the context of effective intervention by federal authorities.  more…

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Mortgage rates fell sharply this week on softer economic news, Freddie Mac reported today.

The average rate on 30-year fixed-rate mortgages dropped 21 basis points from a week ago, dipping from 6.24 percent to 6.03 percent, and the average 15-year fixed mortgage tumbled from 5.72 percent to 5.47 percent.

Points, or fees that lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans.  more…

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Long-term mortgage interest rates climbed again Wednesday, and the
benchmark 10-year Treasury bond yield was up at 3.69 percent.

The 30-year fixed-rate average rose to 6.03 percent, and the
15-year fixed rate gained to 5.42 percent. The 1-year adjustable rate jumped to 4.66 percent.

The 30-year Treasury bond yield increased to 4.6 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more…

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Falling interest rates help push mortgage application volume up 3 percent last week, the Mortgage Bankers Association reported today.

According to MBA, the index that tracks refinancings led the increase with a 4.5 percent gain (seasonally adjusted) from the week before, followed by a 1.4 percent rise in the purchase-loan index.

As a result, the refinance share of applications grew to 52.4 percent last week from 52 percent the week before. The adjustable-rate mortgage (ARM) share of activity rose from 15 percent to 17.3 percent.  more…

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