Mortgage Rate Drop Below 5% Stirs Demand
U.S mortgage rates retreated below 5 percent last week, propping demand for home loans after purchase applications sank to a nearly 13-year low the prior week, Mortgage Bankers Association data showed on Wednesday. February’s volatile swings in housing demand comes on the heels of a steep January sales slump, blamed mainly on unusually harsh winter weather. The industry group’s market index, which measures requests for loans to buy homes and refinance, rose by a seasonally adjusted 14.6 percent in the week ended Feb. 26 to the highest level since mid-December.
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Home Prices Will Not go up Anytime Soon, Says Barclays Capital
The rate at which home prices are dropping may be slowly coming to a halt across the United States, with analysts at Barclays Capital predicting only a 4 or 5% dip left to go before stabilization. But the rate of appreciation on the back side of that bottoming out is likely to “muddle along for the next few years,” they say in a weekly letter to investors.
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Ex-Loan Officer Sentenced for Creating False Loan Documents
Lynn Ingle, 36, Burleson, Texas, a former loan officer, was sentenced for one count of conspiracy to make false Entries to U.S. Department of Housing and Urban Development (HUD), in connection with a mortgage fraud scheme.
According to court documents, Ingle was charged with creating false loan documentation to qualify borrowers for FHA loans in…
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March 9th, 2010 | 
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