For home buyers or refinancers, borrowing costs for home ownership just got a little cheaper as mortgage rates took another dip to new all-time record lows this week, Freddie Mac reports in its weekly mortgage market survey.
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Bargain home prices have jump-started sales on second homes, but more purchasers are opting to buy properties much closer to their primary residence.
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Many housing experts for months have been warning a foreclosure wave would soon flood several markets throughout the country. But was it all a false alarm?
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While many buyers may be swayed by the home’s appearance, financing, and location when choosing a home, housing experts say they often overlook other important factors that may keep them happy for years to come with their home purchase.
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Wells Fargo, the nation’s largest lender for home loans, is continuing to grow its mortgage business, issuing a record 33.9 percent of mortgages in the first quarter.
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Mortgage workouts at Freddie Mac dropped to 14,000 in the first quarter from 35,000 a year ago and 50,000 in mid-2010. The change is attributed to a decrease in seriously delinquent loans to $72.8 billion in the first quarter from $82.1 billion a year earlier and to the transition of borrowers ineligible for HAMP to the new Standard Modification program.
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