The state of Oregon has introduced a pilot mortgage program designed to reach underwater homeowners who don’t qualify to refinance through HARP.
Officially known as the Rebuilding American Homeownership Pilot Program (RAHPP), the effort is based off a proposal introduced by U.S. Senator Jeff Merkley (D-Ore.) last summer.
According to the latest mortgage rates report from HSH.com, rates on the two most popular types of mortgages ticked even lower last week.
The Weekly Mortgage Rates Radar reports that the average rate for conforming 30-year fixed-rate mortgages fell by two basis points (0.02 percent) to 3.69 percent. Conforming 5/1 Hybrid ARM rates also decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 2.69 percent.
The president spoke with voters in Reno, Nevada today to not only publicize recent refinance figures, but also to make a campaign push, urging lawmakers to pass additional refinance legislation.
According to the White House, since the details of HARP 2.0 were announced last fall, refinance applications have increased 50 percent. “Much of this increase is driven by a spike in HARP participation,” said the White House in a release. “Roughly one in three borrowers applying for refinancing today is applying for a loan through HARP, up from less than one in ten a year ago.” Read the rest of this entry »
Rates on the most popular types of mortgages held near record lows, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was unchanged, remaining at 3.97 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average 2.90 percent.
“Employment gains have flagged over the past couple of months, casting some doubt about the strength of the recovery,” said Keith Gumbinger, vice president of HSH.com. “There’s little indication of any strengthening of economic growth at the moment, and it appears that investors have shifted some attention from stocks to bonds of late, pushing rates lower.”
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
