Advertisement
YOU ARE HERE: LAT HomeCollectionsMortgages
IN THE NEWS

Mortgages

FEATURED ARTICLES
BUSINESS
March 14, 2008 | From Times Wire Services
Rates on 30-year fixed-rate mortgages averaged 6.13% this week, up from 6.03% last week, according to Freddie Mac, the government-backed mortgage finance company. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 5.60% from 5.47% last week. For five-year adjustable-rate mortgages, rates rose to 5.58% from 5.34%. One-year adjustable-rate mortgages averaged 5.14%, up from 4.94% last week. These rates do not include add-on fees known as points. For 30-year and 15-year mortgages, the nationwide average fee was 0.5 point, while five-year mortgages carried a 0.6-point average fee and one-year mortgages had a 0.7-point average.
ARTICLES BY DATE
BUSINESS
April 27, 2014 | By Kenneth R. Harney
WASHINGTON - Are you on the home-buying sidelines this spring because you think you won't be able to qualify for a mortgage? Do you know what sort of FICO credit scores are being accepted by lenders at the moment - they're lower than they were a year ago - and whether yours could now be good enough? You may be part of the surprisingly large crowd of folks who fear the home-loan unknown. A new national consumer survey found that 56% of potential purchasers of homes say they're out of the market because they don't want to face the possibility of rejection by lenders.
Advertisement
BUSINESS
October 24, 2008 | TIMES WIRE REPORTS
Rates on 30-year fixed-rate mortgages averaged 6.04% this week, down from 6.46% last week and the lowest since the week of Sept. 18. Rates on 15-year fixed-rate mortgages, popular with people who are refinancing, fell to 5.72% from 6.14%. Five-year adjustable-rate mortgages fell to 6.06% from 6.14%. One-year adjustable-rate mortgages rose to 5.23% from 5.16%. These rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year and five-year mortgages averaged 0.6 point.
BUSINESS
April 25, 2014 | By Tim Logan
Fewer home sales and rising interest rates have led to the nation's lowest level of mortgage lending in 14 years. Just $235 billion in home loans were started in the first three months of the year, the lowest figure recorded in a quarter since 2000, according to data from trade publication Inside Mortgage Finance. That's down nearly a quarter from the end of 2013 and more than half from the same period last year, when the housing market was heating up, especially in Southern California.
BUSINESS
January 18, 2008 | From Times Staff and Wire Reports
Rates on 30-year mortgages dropped for a third straight week to their lowest since the summer of 2005 as worries intensified about the current economic slowdown. Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 5.69% this week, down from 5.87% last week. Rates on 15-year mortgages, a popular choice for refinancing, fell to 5.21% from 5.43%. Rates on five-year adjustable-rate mortgages declined to 5.4% from 5.63%. Rates on one-year adjustable-rate mortgages dropped to 5.26% from 5.37%.
BUSINESS
July 25, 2008 | From Times Staff and Wire Reports
Average rates on 30-year fixed-rate mortgages surged to 6.63% this week, up sharply from 6.26% last week and the highest level since last August. Rates on 15-year fixed-rate mortgages, a popular option for refinancing, rose to 6.18% from 5.78%. Five-year adjustable-rate mortgages rose to 6.16% from 5.80%, while rates on one-year ARMs jumped to 5.49% from 5.10%. These rates do not include add-on fees known as points. The fee for 30-year and 15-year fixed mortgages averaged 0.6 of a point nationwide this week.
BUSINESS
May 3, 2008 | From Times Wire Services
Falling home prices and tighter lending standards are preventing more homeowners from pulling money out of their homes, Freddie Mac said. In the first three months of the year, 56% of homeowners refinanced their mortgages and "cashed out" at least 5% of their equity. That's a four-year low, and down from the peak in mid-2006 of 88% of homeowners, according to the McLean, Va.-based mortgage finance company. From January through March, Freddie Mac said borrowers cashed out $29 billion in home equity, down more than 19% from $36 billion in the fourth quarter of 2007.
BUSINESS
June 25, 2008 | From Times Staff and Wire Services
Countrywide Financial Corp. engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois' attorney general planned to file today. The lawsuit against the nation's biggest mortgage lender -- planned for the same day shareholders were scheduled to vote on Countrywide's takeover by Bank of America Corp. -- stems from information from documents subpoenaed by Illinois beginning last fall, as the number of foreclosures nationwide began to skyrocket.
BUSINESS
April 24, 2014 | By E. Scott Reckard
Fixed mortgage rates edged higher this week, with Freddie Mac reporting that lenders were offering 30-year loans to solid borrowers at an average of 4.33%, up from 4.27% a week ago. The average for a 15-year fixed loan rose from 3.33% to 3.39%, the McLean, Va.-based home finance company said Thursday .   Start rates for variable-rate loans were unchanged.   Helped by stimulus measures from the Federal Reserve, the 30-year rate dropped below 3.5% in late 2012, but as recovery set in it rose back above 4.5% by the middle of last year.
OPINION
April 23, 2014 | By Edward J. Pinto and Stephen D. Oliner
Even though the recent financial crisis is barely in the rearview mirror, risk is starting to build once again in both the U.S. mortgage and housing markets. Contrary to the prevailing view that only borrowers with pristine credit records can get a mortgage these days, many risky loans are still being made. A new index published by the International Center on Housing Risk at the American Enterprise Institute measures this risk month by month, based on about three-quarters of all home-purchase loans extended across the country.
BUSINESS
April 16, 2014 | By E. Scott Reckard
Socked by mortgage-related legal expenses, Bank of America Corp. lost $276 million during the first quarter, sending its stock down sharply. The quarterly loss, its first in 2½ years, came despite lower loan losses and better than expected results in fixed-income trading, a slowing business that hurt rival JPMorgan Chase & Co. during the quarter. The results included $6 billion in litigation expense, much of it related to toxic bonds backed by housing-boom mortgages from Countrywide Financial Corp., the aggressive Calabasas lender that nearly collapsed before being acquired by Bank of America in 2008.
OPINION
April 15, 2014 | By The Times editorial board
With lawmakers showing little enthusiasm for an ambitious proposal by House Ways and Means Committee Chairman Dave Camp (R-Mich.) to overhaul the byzantine U.S. tax code, Congress has to decide what to do about dozens of temporary tax breaks that expired Dec. 31. Among them is an exemption for forgiven mortgage debt that's an essential part of a broader federal effort to solve a nagging problem, namely the spate of defaults caused by the recession....
BUSINESS
April 13, 2014 | By Kenneth R. Harney
WASHINGTON - Renewal of important expired federal tax benefits for homeowners took a major step forward recently, but the route to final congressional approval is beginning to look longer - and potentially bumpier - than previously expected. Here's why. The Senate Finance Committee overwhelmingly approved a package of tax code goodies that includes a two-year reauthorization of the Mortgage Forgiveness Debt Relief Act, plus similar extensions for deductions of mortgage insurance premiums and energy-saving improvements to homes.
BUSINESS
April 11, 2014 | By E. Scott Reckard
Weakness in the mortgage and bond-trading businesses socked JPMorgan Chase & Co. with disappointing first-quarter earnings, a signal that the start of this year was a tough time for the banking industry. JPMorgan, the nation's largest bank, is trying to regain momentum after making record legal settlements in late 2013. It reported Friday that it earned $5.27 billion, or $1.28 per share, down 19% compared with $6.53 billion, $1.59 per share, in the first quarter of last year. Revenue fell 8% to $23.9 billion.
BUSINESS
April 3, 2014 | By E. Scott Reckard
Mortgage rates leveled off early this week, with the average for a 30-year fixed loan at 4.41%, a smidge above the 4.4% recorded a week earlier, Freddie Mac said. Freddie's survey of what lenders are offering to solid borrowers, released Thursday, showed that the average rate for a 15-year fixed mortgage rose from 3.42% to 3.47%. The survey's margin of sampling error is 5 basis points, or 0.05 of a percentage point, according to Freddie Mac spokesman Chad Wandler, which means that from a practical viewpoint this week's results were unchanged.
Los Angeles Times Articles
|