The Pace Of Foreclosures Slows

The number of new foreclosures was down almost 14% in February when comparted to January, as reported by RealtyTrac, an online marketplace of foreclosure properties. Unfortunately the reasons behind the slowdown don't paint as rosy a picture as one might expect.

Rather than because fewer homeowners are missing mortgage payments, the drop in new foreclosures is more likely the result of banks reluctance to begin the proceedings due to regulatory pressures as reported in the New York Times (http://www.nytimes.com/2011/01/09/business/09foreclosure.html) or because the surplus of homes for sale means they will make up less of their money selling a home now.

Whatever the reason, there are positives to the reduction in foreclosures. For individual homeowners it may mean a better chance at a loan modification which could allow them to remain in the home, and for the larger economy fewer homes for sale may give the housing market a better chance at a faster recovery.

Energy Tax Credit Extended

Today's Mortgage Rates (Ohio Snapshot)

Below if a snapshot of current mortgage rates pulled from a variety of online mortgage rate tables showcasing lenders and brokers serving the State of Ohio. Please keep in mind that rates are subject to change and the various publishers highlighted in the post have different guidelines which the mortgage companies must adhere to. Please visit the publishers' web site for details.

30 Year Mortgage Rates Pulled from Erate.com (0 pts)
AimLoan.com                  4.710% APR, 4.625% Note Rate, $1975 fees
CenturyPoint Mortgage   4.784% APR, 4.750% Note Rate, $795 fees
CapWest Mortgage Corp 4.919% APR, 4.875% Note Rate, $997 fees

15 Year Mortgage Rates Pulled from CompareInterestRate.com (0 pts)
Mortgage Capital Assoc. 4.034% APR, 4.000% Note Rate, $350 fees
Aurora Bank                    4.060% APR, 4.000% Note Rate, $614 fees
AimLoan.com                  4.069% APR, 3.875% Note Rate, $1995 fees

5/1 ARM Rates Pulled from BurlingtonMortgage.biz (0 pts)
ING Direct                       3.403% APR, 3.500% Note Rate, $470 fees
Affiliated Financial Grp   3.542% APR, 3.500% Note Rate, $1050 fees
Quicken Loans                 3.710% APR, 3.625% Note Rate, $2088 fees

Did Major Banks Manipulate The LIBOR And Mortgage Rates?

That's the question that investigators with the US Department of Justice and the Securities and Exchange Commission are seeking to answer. The LIBOR, short for London Interbank Offered Rate, is the rate at which banks in the London wholesale money market will lend money to one another.

There are several LIBOR indexes based on the length of the loan term, such as 1 month, 3 months, or 1 year. These LIBOR indexes are important to the US mortgage market as they are standard benchmarks for adjustable rate mortgages. When it comes time for an ARM to adjust how much the rate will go up or down depends on the current LIBOR rate.

The Wall Street Journal has reported the investigation into whether several large banks manipulated the LIBOR between 2006 and 2008 to keep it artificially low. Read the full article here: http://www.efinancialnews.com/story/2011-04-14/us-asks-if-banks-colluded-on-libor

FHA Annual Mortgage Insurance Premiums Set To Increase

Starting April 18th any new FHA loans (whose FHA case numbers are assigned this date or later) will see a 25 basis point increase in the Annual Mortgage Insurance Premium. A basis point is 1/100th of a percentage point - so this will raise the mortgage insurance premium by one quarter or one percent.

This isn't a substantial increase but borrowers will see higher mortgage payments as a result. In Mortgagee Letter 11-10 dated February 14, 2011, The Department of Housing and Urban Development (HUD) identified as the reason for the increase a need to "strengthen the capital position of the MMIF (Mutual Mortgage Insurance Fund)."

How much more will borrowers taking out FHA loans pay? It depends on the amount of the loan. One quarter of 1% of a $200,000 loan is $500. Divide that into 12 monthly payments and it amounts to about a $42 per month payment increase.

Current Mortgage Rates - Florida Snapshot

Below are a sampling of current refinance mortgage rates posted on ForTheBestRate.com and other CMG Equities, LLC web sites for Florida home owners. Please keep in mind that mortgage rates can and do vary by state and can change at any time during the course of a day. Please contact the various mortgage lenders and brokers on ForTheBestRate.com for additional information.

Parameters used in the survey:
Purchase, $200K loan, 80% LTV, single family stick built home, primary residence, 740+ credit, in NC (other terms and conditions may apply so be sure to speak with the various lenders and brokers for more information). Additional Disclaimer

30 Year Fixed Mortgtage Rates
CapWest Mortgage              5.169% APR, 5.125% Note Rate, 0 pts, $997 fees
Quicken Loans                    5.267% APR, 5.125% Note Rate, 0 pts, $3164 fees
Amerisave                           5.088% APR, 5.000% Note Rate, 0 pts, $1995 fees
The Money Store                4.793% APR, 4.750% Note Rate, 0 pts, $995 fees

Today's Mortgage Rates - South Carolina Snapshot

Welcome to today's mortgage rate snapshot featuring our neighbors to the south in the Palmetto State. A couple times a week we feature interest rates for different corners of the country. To check current refinance rates and purchase loan rates in your neck of the woods, be sure to check out the rate tables on ForTheBestRate.com.

Parameters used in the survey:
Purchase, $200K loan, 80% LTV, single family stick built home, primary residence, 740+ credit, in NC (other terms and conditions may apply so be sure to speak with the various lenders and brokers for more information). Additional Disclaimer

30 Yr Mortgage Rates
Horizon Financial                4.782% APR, 4.750% Note Rate, 0 pts, $724 fees
Gateway Bank Mortgage     4.913% APR, 4.875% Note Rate, 0 pts, $875 fees
Quicken Loans                     5.220% APR, 5.125% Note Rate, 0 pts, $2121 fees
CapWest                               5.169% APR, 5.125% Note Rate, 0 pts, $997 fees

15 Yr Mortgage Rates
Gateway Bank Mortgage   4.315% APR, 4.250% Note Rate, 0 pts, $875 fees
Quicken Loans                   4.488% APR, 4.250% Note Rate, 0 pts, $3164 fees
Horizon Financial              3.928% APR, 3.875% Note Rate, 0 pts, $724 fees
PREO Mortgage                4.287% APR, 4.250% Note Rate, 0 pts, $492 fees

5 Year ARM Rates
Horizon Financial                3.286% APR, 3.250% Note Rate, 0 pts, $912 fees
Gateway Bank Mortgage     3.535% APR, 3.500% Note Rate, 0 pts, $875 fees
Quicken Loans                     3.859% APR, 3.750% Note Rate, 0 pts, $2643 fees
CapWest                               3.791% APR, 3.750% Note Rate, 0 pts, $997 fees

30 Yr FHA Mortgage Rates
Gateway Bank Mortgage         4.788% APR, 4.750% Note Rate, 0 pts, $875 fees
National Mortgage Alliance    4.707% APR, 4.625% Note Rate, 0 pts, $1900 fees
Lending Tree Loans                 5.465% APR, 5.375% Note Rate, 0 pts, $1995 fees

For more information on  South Carolina mortgage rates and home financing programs, visit ForTheBestRate.com. Rates change daily and may reprice during the day. Contact a mortgage professional for up-to-the-minute pricing. Please note that the fees in the survey only include fees in the APR (not any additional third party expenses).

4% Rise in Mortgage Loan Fraud Suspicious Activity Reports in 2010

The Financial Crimes Enforcement Network (FinCEN) announced in its report, Mortgage Loan Fraud SAR Filings In Fourth Quarter and Calendar Year 2010 that there was a 4% rise in suspicious activity reports involving mortgage fraud in 2010 over the number filed in 2009.

FinCEN's role is to identify suspicious financial activity and then work with law enforcement to investigate the issues. According to Director James H. Freis, Jr., “FinCEN remains active with law enforcement and other partner agencies to provide lead information and to identify and combat potential abuses in the mortgage market."

Mortgage fraud affects all homeowners as banks and lenders must increase pricing across the board to pay for the losses incurred due to fraud. Inflated housing prices due in part to mortgage fraud also played a role in the housing bubble, of which we are still suffering the consequences.

Much of the suspicious mortgage loan related activity was concerned with intentionally overstating income levels and home values. Bankruptcy fraud was also prevalent and increased over previous years. Two other types of mortgage related fraud that was commonly suspected in 2010 were debt elimination scams and "flopping", when a foreclosed home is sold at a below market price to a straw buyer (someone involved in the fraud), who immediately resells the home at a profit.

Read the full report here: http://www.fincen.gov/news_room/rp/files/MLF_Update_4th_Qtly_10_FINAL_508.pdf

Today's Alabama Refinance Mortgage Rates on ForTheBestRate.com

Bellow is a snapshot of current refinance rates rates in the State of Alabama from a variety of mortgage lenders and brokers posting rates on ForTheBestRate.com

Parameters used in the survey:
Purchase, $200K loan, 80% LTV, single family stick built home, primary residence, 740+ credit, in NC (other terms and conditions may apply so be sure to speak with the various lenders and brokers for more information). Additional Disclaimer

30 Year Mortgage Rates
CapWest Mortgage                 5.169% APR, 5.125% Note Rate, 0 pts, $997 fees
Quicken Loans                        5.131% APR, 4.990% Note Rate, 0 pts, $3164 fees
Home Loans Today                 4.916% APR, 4.875% Note Rate, 0 pts, $945 fees
Amerisave                               5.276% APR, 5.250% Note Rate, 0 pts, $585 fees

20 Year Mortgage Rates
Quicken Loans                        4.985% APR, 4.875% Note Rate, 0 pts, $1844 fees
Home Loans Today                 4.931% APR, 4.875% Note Rate, 0 pts, $945 fees
PREO Mortgage                      4.779% APR, 4.750% Note Rate, 0 pts, $490 fees
American Financial Resources4.705% APR, 4.625% Note Rate, .38 pts, $595 fees

15 Year Mortgage Rates
Home Loan Today                   4.321% APR, 4.250% Note Rate, 0 pts, $945 fees
Quicken Loans                         4.514% APR, 4.375% Note Rate, 0 pts, $1844 fees
PREO Mortgage, LLC             4.161% APR, 4.125% Note Rate, 0 pts, $490 fees
CapWest Mortgage                  4.199% APR, 4.125% Note Rate, 0 pts, $997 fees

10 Year Mortgage Rates
Quicken Loans                     4.188% APR, 3.990% Note Rate, 0 pts, $1844 fees
Home Loans Today              4.066% APR, 3.750% Note Rate, 1 pts, $945 fees
PREO Mortgage, LLC         4.178% APR, 4.125% Note Rate, 0 pts, $490 fees

7/1 ARM Rates
Horizon Financial                 3.787% APR, 3.750% Note Rate, 0 pts, $912 fees
PREO Mortgage                   3.770% APR, 3.750% Note Rate, 0 pts, $490 fees
EverBank                              3.571% APR, 3.500% Note Rate, .556 pts, $647 fees
National Mortgage Alliance 3.322% APR, 3.250% Note Rate, 0 pts, $1750 fees

5/1 ARM Rates
PREO Mortgage, LLC         3.395% APR, 3.375% Note Rate, 0 pts, $490 fees
Quicken Loans                     4.067% APR, 3.990% Note Rate, 0 pts, $1844 fees
CapWest Mortgage              3.791% APR, 3.750% Note Rate, 0 pts, $997 fees
Home Loans Today              3.535% APR, 3.375% Note Rate, 1.5 pts, $945 fees

3/1 ARM Rates
PREO Mortgage, LLC         3.645% APR, 3.625% Note Rate, 0 pts, $490 fees
National Mortgage Alliance 4.073% APR, 4.000% Note Rate, 0 pts, $1750 fees


30 Year FHA Mortgage Rates
Quicken Loans                         4.990% APR, 4.875% Note Rate, 0 pts, $600 fees
Home Loans Today                  4.791% APR, 4.750% Note Rate, 0 pts, $945 fees
LendingTree Loans                   5.088% APR, 5.000% Note Rate, 0 pts, $1995 fees
American Financial Resources4.776% APR, 4.750% Note Rate, 0 pts, $595 fees

For more information on Alabama mortgage rates and home financing programs, visit ForTheBestRate.com. Rates change daily and may reprice during the day. Contact a mortgage professional for up-to-the-minute pricing. Please note that the fees in the survey only include fees in the APR (not any additional third party expenses).

Today's Refinance Rates - Texas Snapshot

Today we are going to use the Lone Star State in our mortgage rate snapshot. We pulled the refinance rates directly from the lender and broker survey on ForTheBestRate.com.

Parameters used in the survey:
Purchase, $200K loan, 80% LTV, single family stick built home, primary residence, 740+ credit, in NC (other terms and conditions may apply so be sure to speak with the various lenders and brokers for more information). Additional Disclaimer

30 Year Mortgage Rates
Freedom Mortgage                   4.772% APR, 4.750% Note Rate, 0 pts, $495 fees
Quicken Loans                         5.196% APR, 5.125% Note Rate, 0 pts, $1600 fees
Home Loans Today                 4.916% APR, 4.875% Note Rate, 0 pts, $945 fees
American Financial Resources4.776% APR, 4.750% Note Rate, 0 pts, $595 fees

20 Year Mortgage Rates
Quicken Loans           4.919% APR, 4.750% Note Rate, 0 pts, $2,819 fees
Home Loans Today   4.931% APR, 4.875% Note Rate, 0 pts, $945 fees
Everbank                    4.781% APR, 4.625% Note Rate, .99 pts, $647 fees

15 Year Mortgage Rates
Freedom Mortgage                   4.162% APR, 4.125% Note Rate, 0 pts, $495 fees
Quicken Loans                         4.448% APR, 4.250% Note Rate, 0 pts, $2,643 fees
American Financial Resources4.294% APR, 4.250% Note Rate, 0 pts, $595 fees
Home Loans Today                 4.321% APR, 4.250% Note Rate, 0 pts, $945 fees

10 Year Mortgage Rates
Quicken Loans                     4.072% APR, 3.875% Note Rate, 0 pts, $1844 fees
Home Loans Today              4.066% APR, 3.750% Note Rate, 1 pts, $945 fees
Texas Avenue Mortgage Co 4.035% APR, 3.875% Note Rate, 0 pts, $1500 fees

7/1 ARM Rates
Everbank                        3.571% APR, 3.500% Note Rate, .55 pts, $647 fees
ING Direct                     3.551% APR, 3.750% Note Rate, 0 pts, $470 fees

5/1 ARM Rates
Quicken Loans         3.859% APR, 3.750% Note Rate, 0 pts, $2643 fees
Home Loans Today  3.535% APR, 3.375% Note Rate, 1.5 pts, $945 fees
EverBank                  3.070% APR, 3.000% Note Rate, .566 pts, $647 fees
ING Direct               3.403% APR, 3.500% Note Rate, 0 pts, $470 fees

3/1 ARM Rates
Texas Avenue Mtg Co 2.887% APR, 2.750% Note Rate, 1 pts, $1500 fees


30 Year FHA Mortgage Rates
Quicken Loans                         4.864% APR, 4.750% Note Rate, 0 pts, $600 fees
Home Loans Today                  4.791% APR, 4.750% Note Rate, 0 pts, $945 fees
EverBank                                 4.479% APR, 4.375% Note Rate, .888 pts, $647 fees
American Financial Resources4.776% APR, 4.750% Note Rate, 0 pts, $595 fees

For more information on Texas mortgage rates and programs, visit ForTheBestRate.com. Rates change daily and may reprice during the day. Contact a mortgage professional for up-to-the-minute pricing. Please note that the fees in the survey only include fees in the APR (not any additional third party expenses).

Today's Mortgage Rates on ForTheBestRate.com

Ready to kick off the week? We are. Let's hope that mortgage rates reverse course and head back down. Last week Freddie Mac's mortgage market survey indicated that the fixed and adjustable interest rates for all products in their survey inched higher. Overall rates continue to remain very low. Here is what we are looking at today from the lenders and brokers on ForTheBestRate.com.

Parameters used in the survey:
Purchase, $200K loan, 80% LTV, single family stick built home, primary residence, 740+ credit, in NC (other terms and conditions may apply so be sure to speak with the various lenders and brokers for more information). Additional Disclaimer


30 Yr Interest Rates:
Quicken Loans                   4.975% APR, 4.750% Note Rate, 1.750 pts, $1,600 fees
Gateway Bank Mortgage   4.701% APR, 4.500% Note Rate, 1.875 pts, $875 fees
PREO Mortgage                4.771% APR, 4.750% Note Rate, 0 pts, $490 fees

20 Yr Interest Rates:
Quicken Loans                  4.708% APR, 4.375% Note Rate, 2 pts, $1,600 fees
EverBank                          4.781% APR, 4.625% Note Rate, .99 pts, $647 fees
Nat'l Mortgage Alliance   4.259% APR, 4.250% Note Rate, 0 pts, $150 fees

15 Yr Interest Rates:
Quicken Loans                   4.392% APR, 3.990% Note Rate, 1.875 pts, $1,600 fees
Gateway Bank Mortgage   4.057% APR, 3.750% Note Rate, 1.625 pts, $875 fees
Amerisave                          4.294% APR, 4.250% Note Rate, 0 pts, $585 fees

10 Yr Interest Rates:
Quicken Loans                   4.052% APR, 3.750% Note Rate, 0 pts, $2,819 fees
Gateway Bank Mortgage   3.762% APR, 3.375% Note Rate, 1.375 pts, $875 fees
PREO Mortgage                4.178% APR, 4.125% Note Rate, 0 pts, $490 fees

7 Year ARM Rates:
ING Direct               3.551% APR, 3.750% Note Rate, 0 pts, $470 fees
EverBank                 3.571% APR, 3.500% Note Rate, .55 pts, $647 fees
Nat'l Mortgage Alliance 3.322% APR, 3.250% Note Rate, 0 pts, $1,800 fees

5 Year ARM Rates:
Quicken Loans          3.837% APR, 3.750% Note Rate, 0 pts, $2,121 fees in APR
EverBank                  3.070% APR, 3.000% Note Rate, .566 pts, $647 fees in APR
ING Direct                 3.403% APR, 3.500% Note Rate, 0 pts, $470 fees in APR

3 Year ARM Rates:
PREO Mortgage          3.645% APR, 3.625% Note Rate, 0 pts, $490 fees
Nat'l Mortgage Alliance 4.073% APR, 4.000% Note Rate, 0 pts, $1,750 fees

For more information on rates and programs, visit ForTheBestRate.com. Rates change daily and may reprice during the day. Contact a mortgage professional for up-to-the-minute pricing. Please note that the fees in the survey only include fees in the APR (not any additional third party expenses).