Fed Cuts Rates by 25 Bps to 2.00%
Wednesday, April 30th, 2008The Federal Reserve announced Wednesday that it cut
the Fed funds target rate by 25 basis points to bring
the key interest rate to 2.00%. The discount rate was also cut by 25
basis points to 2.25%.
In an accompanying statement, the Fed
said “substantial” easing should promote growth, but that economic
growth “remains weak.”
The Fed said credit and housing will…
Inflation Fears Cast Shadow on Mortgage Rates and Applications Decline
Wednesday, April 30th, 2008Fears of inflation pushed mortgage rates higher
according to the results of Freddie Mac’s Primary Mortgage Market Survey
for the week ended April 24.
The Survey reported that the 30-year fixed-rate mortgage (FRM)
averaged 6.03 percent with 0.3 point compared to 5.88 percent with 0.4
point the week before.
Mortgage application volume was…
Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation
Wednesday, April 30th, 2008Zillow has just inaugurated another aspect to its
real estate services portfolio.
Now Zillow has turned the lead generation industry on its
head.
Calling its service the Zillow Mortgage Marketplace,
Zillow offers borrowers the opportunity to receive multiple free quotes
without submitting sensitive financial information on the site and for
lenders to receive leads for free.
Here is how it works…
Mortgage Loan
Wednesday, April 30th, 2008If you are like most people then you are going to have to borrow the money to purchase your new home
Monthly Mortgage payments
Wednesday, April 30th, 2008When purchasing a home, it is helpful determine upfront how much you want to spend per month..
When
Pimco’s Gross Warns that Further U.S. Housing Declines Could Be “Ruinous”
Tuesday, April 29th, 2008Housing price declines remain the greatest challenge to financial
markets and could prompt a deep recession, according to
Pimco’s Bill Gross.
“Home prices which have fallen by 10% over the past 12 months and are
set for a repeat by this time in 2009. Lower Fed Funds? They would, in
Pimco’s opinion, likely do more damage than…
Another Loss for Countrywide as Bank of America Plans for Future
Tuesday, April 29th, 2008Countrywide Financial Corporation logged in on
Tuesday with its third consecutive quarterly loss due to a sharp increase
it its provision for loan losses.
On Tuesday the Nashville Business Journal reported that Bank of
America is planning to modify or otherwise work out some
265,000 Countrywide loans, allowing those customers to stay in their
homes.
The troubled loans that Bank of America has targeted for workout…
Consumer Confidence Falls Less Than Expected in April
Tuesday, April 29th, 2008The Conference Board’s consumer confidence index fell
to 62.3 in April’s report on Tuesday, confirming declines seen earlier in
the month from other measures of consumer sentiment, yet coming in
slightly higher than the consensus expectation of 62.0.
The previous month’s reading of 64.0 was revised upwards to 65.9.
Following a 35-year low in the previous month, the expectations
category saw…
Wells Fargo Steps Up In Time of Need
Friday, April 25th, 2008Des Moines, Iowa –
Wells Fargo is branching out to provide more essential programs for their diverse
The Ultimate Loan and Mortgage Resource
Friday, April 25th, 2008For years, Brokermortgages.com has been providing consumers and investors with more financing option
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