Mortgage News | Quicken Loans
Mortgage news from America's #1 online mortgage lender - Quicken Loans

• New Home Sales Slow Despite Incentives, Low Rates
  Sales of newly constructed homes fell in November.
• Mortgage applications dip during the holidays
  The Mortgage Bankers Association announced this morning that applications for mortgage loans decreased 19.5 percent last week when compared to the week prior.
• Housing starts decline, rates still at 2-year lows
  The U.S. Census Bureau and the Department of Housing and Urban Development announced today that the number of privately-owned housing starts decreased in November.
• Does the Fed rate cut affect your mortgage rate?
  The Federal Reserve lowered the Fed funds rate this week by 1/4 point to 4.25 percent. The Fed funds rate is the rate at which banks loan money to each other. Great, but what does that mean for you, the consumer?
• Federal Reserve slashes Fed Funds Rate to 4.25%
  The Federal Reserve Open Market Committee ("Fed") today dropped its Fed Funds Rate, the overnight rate at which banks lend to each other, by a quarter percent. This cut, the third in as many meetings, will impact short-term interest rates such as those on adjustable-rate mortgages, credit cards and home equity lines of credit.
• PMI and LPMI - the comeback kids
  PMI (private mortgage insurance) and LPMI (lender paid mortgage insurance) have become popular again with the decline of second mortgages. LPMI is a great way to keep monthly payments low and is experiencing a huge surge in popularity with home buyers and refinancers.
• Mortgage Activity Surges as Rates Hit 2-year Low
  Last week, long-term interest rates dropped to their lowest point in two-years, and consumers took action, according to the latest Mortgage Applications Survey released today by the Mortgage Bankers Association.
• New home sales up, existing home sales down
  The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in October increased 1.7 percent compared to September’s numbers.
• Existing home sales down, historically low rates
  The National Association of Realtors announced today that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased 1.2 percent in October when compared to the previous month's sales.
• Long-term mortgage rates hit 2005 lows
  The average interest rate on a 30-year U.S. mortgage with no upfront points fell to 6.0 percent on Monday, the first time since late 2005 that it’s been at that level. In addition, 15-year fixed rate mortgages can now be obtained at rates not seen since early 2006.