Freddie Mac Report On Home Mortgages Finds 95% Of Refinance Loans Are Fixed-Rate Loans With 34% Choosing 15- Or 20-Year Programs

18 05 2011

 

  • Fixed-rate loans accounted for more than 95 percent of refinance loans in 1st Quarter 2011
  • 34% chose a 15- or 20-year loan, the highest such share since the first quarter of 2004
  • 84% of borrowers who had a hybrid ARM chose to refinance into a fixed-rate product during the 1st Quarter
  • “Fixed mortgage rates averaged 4.85% for 30-year loans and 4.12% for 15-year loans, well below long-term averages
  • The Bureau of Economic Analysis has estimated that 6% was the average rate for SFR’s at the end of 2010

For more:  http://freddiemac.mediaroom.com/index.php?s=12329&item=39019

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HUD Home Renovation Programs: Community Organizations Offered “First Look” At FHA Foreclosures In New $6 Billion HUD Program

14 07 2010

“…a new federal housing program that would give local governments, faith-based groups and other community organizations the first chance at purchasing and renovating homes foreclosed on by the Federal Housing Administration.”

HUD is putting $6 billion into the neighborhood renovation program to buy up vacant and abandoned homes.  “We are trying to turn lemons into lemonade,” Donovan said.

Under HUD guidelines, the program will operate in areas designated as part of the federal Neighborhood Stabilization Program. Purchasers will be allowed to buy the homes at 10 percent off their appraised value.  Black church leaders said the program could be useful in many communities.

Donovan announced the program, called First Look Sales Method, to a Hispanic audience at the National Council of La Raza’s national conference on Monday.

For more:   http://www.wgrz.com/news/local/story.aspx?storyid=79188&catid=13