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US 30-year mortgage rates little changed in week
WASHINGTON, April 26 (Reuters) - Average interest rates on U.S. mortgages were little changed this week, with rates on 30-year fixed-rate mortgages inching down to 6.16 percent from 6.17 percent, according to a weekly survey released by finance company Freddie Mac (FRE.N: Quote, Profile, Research on Thursday. Rates on 15-year mortgages also dropped, to 5.87 percent from 5.89 percent last week. And one-year adjustable rate mortgages averaged 5.43 percent, down from last week's 5.45 percent. The costs of mortgages remained well below their year-ago levels, when 30-year mortgages averaged 6.58 percent, 15-years were 6.21 percent, and the one year ARM was 5.68 percent. "Recent economic data releases showing weaker existing home sales in March, coupled with lower consumer confidence in April, caused the market to pause and reevaluate the potential growth of the economy this year," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
MAY DAYS: Raising alerts to matters of important business still ...
With a month left in the 80th legislative session, most of the important work to this point is still in various stages of the process. The main piece of business, the state budget, is in a conference committee and members are hammering out the details of how billions of dollars will be spent over the next two years. Several of Gov. Rick Perry's high-profile items — privatizing the state lottery and requiring that sixth-grade girls be vaccinated for the human papillomavirus — are in tatters. .
Leeds Building Society launches new 10 year fixed rate mortgage
Leeds Building Society has launched a 10-year fixed rate mortgage at only 5.54%. There is no higher lending charge, the product is available up to 90% loan to value and 10% capital repayments are allowed each year, without penalty.
Karen Wint, Head of Marketing & PR said, "With the recent rise in market rates and the widely predicted further increase in bank base rate, possibly as early as next month, many borrowers will be looking for ways to protect themselves against any increase and lock in long term value. At just over 5.50% with a fixed fee, rather than some of the higher percentage based fees, this product provides certainty at an affordable rate.
"The 10-year fixed is fully portable, so if customers do wish to move during the term, they can take this product with them.
Storms zap power in Brevard, S. Fla.
Florida Power & Light Co. spokeswoman Karen Vissepo said about 300 customers in Brevard -- specifically Port St. John, Cocoa Beach and Viera -- and near Daytona Beach lost power. Crews are working to restore power, she said.
About 4,200 customers in South Florida are without power, Vissepo said, because a few main power lines are down there.
She did not have a time for when power would be restored.
"Our crews are working, but we're definitely on top of the game and we're trying to get things repaired soon," she said.
As the line of storms pushes offshore, there could be thunderstorms and rain later this afternoon, said senior forecaster Tony Cristaldi with the National Weather Service in Melbourne.
Cristaldi said winds of about 60 miles an hour were reported in Miami-Dade County.
Fitch Takes Various Rating Actions on 4 Terwin Mortgage Trusts
The mortgage loans consist of fixed-rate subprime mortgage loans secured entirely by second-lien mortgages on residential properties. The mortgage loans have various originators, which include Ameriquest Mortgage Company, Impac Funding Corporation, and Own It Mortgage. Specialized Loan Servicing, LLC (rated 'RSS3' by Fitch) and GMAC Mortgage, LLC (rated 'RSS1') are the servicers for all of the mortgage loans. The affirmations reflect a stable relationship between credit enhancement (CE) and future expected losses, and affect approximately $678.13 million in outstanding certificates. The negative rating actions reflect deterioration in the relationship between CE and future expected losses, and affect approximately $61.68 million in outstanding certificates. The negative actions on the classes of the above transactions are due to a decline in the overcollateralization (OC) amount, and in the case of series 2006-6 Group 2, the depletion of OC and a write-down of the most subordinate class.
Kill Your Mortgage With A Bonus
What would you do if a windfall dropped into your lap? For example, if you received an inheritance, or won a prize. Or maybe you're one of the people who receive a bonus from work. Would you spend it, save it, or use it to shrink your mortgage? On behalf of mortgage lender Birmingham Midshires, pollsters YouGov last month interviewed two thousand adults to find out what they did with their last annual bonus from work. This research reveals that most of us were sensible and used this lump sum to strengthen our finances, rather than embarking on a spending spree. It's encouraging to see that more than half of the recipients of annual bonuses resisted the urge to splurge: 54% used this sum to save, invest or reduce their mortgage. In the past year, almost four in ten (39%) saved all or most of their annual bonus; one in sixteen (6%) ploughed it into investments; and one in eleven (9%) used it to lower mortgage debt.
Online Mortgage Shopping Can Put Personal Information At Risk
Mortgage websites can expose home loan shoppers to privacy threats including trigger leads, multiple sales of their personal information, and even identity theft. Consumer educator and author Gerri Detweiler of FreeRateSearch.com offers tips to help consumers protect themselves when using online mortgage shopping sites. Milwaukee, WI (PRWEB) April 26, 2007 -- Mortgage shoppers may be getting more than they bargain for when they search for home loan rates online, cautions FreeRateSearch.com. Threats to consumer privacy include trigger leads, lead aggregators and outright fraud, all of which can lead to bait-and-switch loan tactics and even identity theft. "Most consumers wouldn't post their sensitive financial information online if they knew it would be sold to someone they don't know," says Gerri Detweiler, education director for FreeRateSearch.com "But that's exactly what can happen when consumers go online to shop for mortgages loans." FreeRateSearch.com, the first site that allows consumers to get mortgage rate quotes anonymously, warns about these threats to consumer privacy from many online mortgage shopping sites: Trigger leads: When consumer's credit reports are reviewed in conjunction with mortgage applications, they are identified as "hot" mortgage prospects with the credit reporting agencies, and their information will almost immediately be added to "trigger lead" lists.
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