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The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.48%, down from 5.58% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages fell to 4.87% from 5.01%, and 5-1 adjustable rate mortgages also fell to 4.65%, down from 4.73 the week prior.
On Monday, rates for 30-year fixed purchase mortgages dropped further, with the average rate on Zillow Mortgage Marketplace at 5.34%. Source: RISMedia.com
Historical low rates on mortgages, tax credit for first time buyers, and home prices that have not been around since before 2003. Is there a better time to buy in Naples Florida?
Bank of America is giving cities, not private buyers, the inside skinny on new foreclosures.
The nation’s biggest mortgage lender and servicer has come out with a new way of working with states and cities like Chicago that are receiving Neighborhood Stabilization Program grants from the U.S. Department of Housing and Urban Development.
If it all works according to plan, the result may be that cities have an easier time buying foreclosures, redeveloping them and then reselling them to homeowners in neighborhoods hardest hit by the housing crisis. Source: RISMedia.com
