U.S. MBA's Refinance Mortgage Applications Index Dipped - 2007-03-21
Mortgage applications in the U.S. decreased for the first time in four weeks as home purchases slowed and less people did refinance mortgage loans, an industry report declared today. The Mortgage Bankers Association's index of applications to purchase a home or refinance a loan dipped 2.7 percent last week to 672.1, from 690.5 the prior week.
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"Teaser" rates ripe for trouble - 2007-03-21
One out of three mortgages made during the past three years with "teaser" interest rates under 4 percent are expected to go into foreclosure because of growing payments, according to a study Tuesday from FirstAmerican CoreLogic. Overall, CoreLogic estimates rising mortgage payments from adjustable-rate mortgages (ARMs) will cause 1.1 million foreclosures making up $326 billion in loans. The loss to lenders and investors after they sell the foreclosed properties: $112 billion.
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