The 30-year mortgages rates remained to almost flat as the Federal Reserve stated it would keep rates near record lows to help the economy to recover.

Freddie Mac stated last Thursday, the average rate on a 30-year fixed mortgage was 4.98 percent for the week, which down slightly from 4.99 percent last week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.10 percent.

Rates are still above the record low of 4.71 percent set in early December.

Low interest rates also lean to lure borrowers to refinance. In last year’s fourth quarter, 33 percent of borrowers who refinanced their mortgage opted to lower their principal balance rather…

The Loan Modification Programs are all the rage right now as the homeowner has a channel to facing foreclosure. A loan modification is different than a foreclosure. A foreclosure means the borrower has been delinquent for more than six months or longer and cannot refinance their home because the home exceeds the value of the loan.

A loan modification program can lower payments without refinancing, it can waiver late fees and lower your interest rate. A home loan modification is like a refinance with the objective of finding a suitable payment agreement the homeowner can agree to with considerations to their financial situation, in fact it is often called a modified…

The first decline during the month remained above last month’s record lows as the rates for the 30-year home loans inched downward this week.

According to the mortgage company, Freddie Mac, the average rate on a 30-year fixed mortgage was 5.09 percent this week, which is down from 5.14 percent a week earlier.

Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs, but then rose steadily for the rest of the month.

Getting the housing market back on firm footing is a key ingredient to a lasting recovery. The collapse of the housing market, which dragged down home…

New York Times finally comes on board as they are recognizing that Obama’s Making Home Affordable plan has been a wretched failure. In fact, they even went so far as to show how it is making the housing market worse.

It is not rocket science. We need to feel the full pain of the marketplace before the market can correct itself. The governmental interference is just prolonging the agony.

As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their home but for some, they see this as wasting dollars when they could have saved in preparation for moving to cheaper rental residences. Some borrowers have seen…