Banks and other lenders across the US have been tightening their credit standards and not just on mortgage loans.
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Today the Federal Reserve announced that they would endorse new rules that will give people taking out home mortgages protection against shady lending practices.
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Treasury Secretary Henry Paulson announced today that he is confident that there will soon be an agreement that will help homeowners avoid mortgage default by extending the fixed period on adjustable rate mortgages.
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According to a survey done by the Mortgage Bankers Association mortgage loan applications were up .7% when compared to the same week during 2006. This is the second week in a row applications have been up since the previous two week run of lowered applications.
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At this speech Ben Bernanke, Chairman of the Federal Reserve, stated that the past several months have been an eventful period for the US economy. That many of the financial markets have had increased concerns about credit quality because of investor fear.
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Freddie Mac said today that the average rates on a 30 year fixed rate mortgage rose slightly last week. A 30 year fixed rate mortgage averaged 6.4 percent compared to 6.37 percent from the prior week. Fifteen year mortgages averaged 6.06 percent when compared to 6.03 percent the week before.
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The Bush administration announced today a new mortgage industry coalition aimed at helping homeowners avoid foreclosure. This coalition dubbed “Hope Now” is designed to help an estimated 2 million homeowners whose adjustable rate mortgages are now resetting at much higher rates.
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Applications for mortgages has increased for a third straight week as borrowers are trying to refinance loans that are set to adjust.
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The number of adjustable rate mortgages (ARMs) up for reset is set to peak this fall, with an estimated $50 billion poised to adjust to higher rates.
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Borrowers in California, Nevada, Hawaii and Florida face the harshest drought if banks cut off some popular, but risky mortgages.
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