FHFA Index Shows Mortgage Rates Decreased in January

The Federal Housing Administration (FHFA) index released this week shows mortgage rates nationwide on conventional purchase-money mortgages decreased from December to January.

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The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.88% for loans closed in late January, down 10 basis points from 3.98 percent in December.

The average interest rate on all mortgage loans was 3.89 %, down 11 basis points from 4.00 in December.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.06%, a decrease of 13 basis points from 4.19 in December.

The effective interest rate on all mortgage loans was 4.04 percent in January, down 11 basis points from 4.15 percent in December. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

The average loan amount for all loans was $291,300 in January, down $7,000 from $298,300 in December.

FHFA will release February index values Thursday, March 26, 2015.

SOURCE: FHFA

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Freddie Mac: U.S. Housing Stability Improves for Fourth Consecutive Month

Freddie Mac (OTCQB: FMCC) released today its newly updated Multi-Indicator Market Index® (MiMi®), showing that the U.S. housing market continuing to stabilize at the national level for the fourth consecutive month. Thirty-eight of the 50 states, plus the District of Columbia, and 40 of the 50 metros are now showing an improving three month trend. Three additional metros entered their benchmarked stable ranges of housing activity including Buffalo, Boston and Nashville. (more…)

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Current Mortgage Rates for Tuesday February 24, 2015

The current national average for conforming mortgage and ARM loan rates are getting better this week after seeing a straight week of rising rates. Overall, they are still at great lows and it is an awesome time to obtain a home loan.

Existing home sales numbers are down which may motivate the Feds to keep rates low. Today, the Fed’s Janet Yellen will give her testimony on monetary policy before Congress which may affect market volatility depending on this news. We will watch this closely and report the news back to you in tomorrow’s report.

Here is a quick market snapshot of today’s rates from some of the nation’s top lenders. (more…)

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Maryland Woman Convicted for Two Separate Mortgage Fraud Schemes

Carmen Johnson, age 48, of Gambrills, Maryland, was convicted this past week by a federal grand jury of conspiracy, wire fraud and making a false statement on a loan application, arising from two residential mortgage fraud schemes, according to the USDOJ.

Johnson was the owner of two credit repair firms; CJ Lending and its predecessor, Able Estate & Company. She used her companies to create false credit histories, stolen or false identity information, false documents, and false credit information in order to fraudulently obtain home loans for her clients. (more…)

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Current Mortgage Rates for Monday February 23, 2015

The national average for mortgage rates today appear to be mostly mixed with rates going both up and down. Rates over the past couple weeks have  surged to a 2015 high, and are the highest since January 1.

However, the overall market and rates on a historical perspective are still considered very good given the fact that the 30 year fixed is averaging at around 3.76%, and the 15 year fixed is only 3.05%. The 5 year ARM 2.97%, and the 1 year ARM 2.45%. The Jumbo 30 Year Fixed is 3.83%, and the FHA 30 Year Fixed is 3.50%. (more…)

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Virginia Mortgage Broker and Co-Defendants Get 15 Year Prison Terms for Fraud

The United States Department of Justice (USDOJ) said this past week that a Virginia mortgage broker and his partners in crime were each sentenced to 180 months in prison for their roles in a multi-million dollar home loan fraud scheme.

The mortgage broker’s name is Walter Alston Brown, 47, of Providence Forge, Virginia, and his co-defendants are Glen Allen, Virginia, and Cynthia Evette Brown, 53, of Philadelphia, PA. They were originally indicted in April 2013 on various charges such as FHA loan fraud, mortgage fraud, wire fraud, and tax evasion. The three were among 17 defendants charged in this case.

(more…)

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Friday’s Mortgage Rate Report for the Week of February 20, 2015

The national average for mortgage rates is slightly higher again this week. Some lenders were up to 4% on the 30 year fixed, while others were more aggressive by offering 3.75%.

The average overall for the 30 year fixed rates is up -.07% to 3.76%, and the 15 year fixed is higher by -.06% to 3.05%. The 5 year ARM is unchanged this week at 2.97%, and the 1 year ARM is up -.03% to 2.45%. The Jumbo 30 Year Fixed is up slightly to 3.83%, and the FHA 30 Year Fixed is higher to 3.50%. (more…)

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The Top 20 Lenders With the Most Mortgage Complaints Between 2011-2013

Here is a list of the top twenty mortgage lenders who have received complaints between the years 2011-2013. It is no surprise that the nation’s largest banks such as Bank of America, Wells Fargo and Chase would have the most complaints since they make the majority of the mortgage loans in the country.

What is interesting to note is that at numbers 4, 5 and 7 on the list, they are not mortgage companies, but credit providers and mortgage lead sellers, Experian, Equifax and Transunion. I assume that these complaints are a result of them working hat in hand with mortgage lenders as consumer credit and lead providers to all lenders. (more…)

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Las Vegas Man Sentenced To 5 Years In Prison For Role In $5.8 Million Dollar Mortgage Relief Scam

The United States Department of Justice (USDOJ) along with the California Attorney General announced yesterday that a Las Vegas man was sentenced to five years in prison by U.S. District Judge Troy L. Nunley in connection with a nationwide multi-million dollar mortgage relief scam. The defendant, Ray Jan Kornfeld, 59, was also ordered to pay over $3 million in restitution to victims of the scheme. (more…)

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