Archives for August 2014

Mortgage Applications 8 13 2014

Mortgage applications this week fell to their lowest level since 2000 despite the fact the rates have fallen over the last 4-6 months.  Mid-late summer is usually a slow time as many families are on vacation or busy with summer activities.  If this trend continues into September you’ll possibly see industry wide layoffs as lenders look to reduce costs as loan volume shrinks.

Mortgage Interest Rate News 8 11 2014

Mortgage rates remain essentially flat and unwilling to follow the 10 year treasury yield as it moves down to the low 2.40% -2.45% range.  Since April, mortgage rates have remained in a tight range despite falling government bond yields.  30 year fixed rates remain in the low 4’s while 15 year fixed rates remain in the low 3’s.

Bank of America settles for $16 billion

Yes; that’s billion with a “b”.  It’s the largest U.S. corporate/government settlement in history.  You may remember B of A bought Countrywide Home Loans just before the 2007/2008 mortgage meltdown.  Many of the toxic mortgages that B of A owned and sold came from Countrywide Home Loans which at the time was one of the largest mortgage producers in the country.  This settlement brings B of A’s total toxic mortgage settlement to $60 billion.