After the markets experienced such devastating declines after the housing market crashed, countless discussions ensued about “when will we return to ‘normal’?” There are two schools of thought when it comes to the markets attaining a degree of normalcy. Either markets have a long way to go to become “normal” once again (regaining levels prior to the crash), or they must establish a “new normal” based on current market conditions and expectations.

For factors like home prices, which never experienced a national decline until the market crashed a few years back (sending millions of homeowners’ equity out the window), the expectation is that prices need to regain those levels to make it back to normal and to salvage all those investments (underwater homes). As far as mortgage rates go, numerous government programs as well as economic hardships established a “new normal” range for rates to wander in over the last few years.

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Adjustable rate mortgages (ARMs) were blamed by some financial commentators for the rise in foreclosures, so many homeowners are wary of them. Indeed, only 5 percent of mortgage applications at the end of 2010 were for ARMs. While it’s true that ARMs are a bit more complicated than fixed-rate loans, in an environment of rising mortgage rates, ARMs are especially worth a second look if you’re refinancing.

ARMs offer low initial mortgage rates

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It’s not at all unusual to see the mortgage market slow down during the holiday season. Yet this year, the market has become especially quiet due to the presence of rising mortgage rates.

You may be thinking that this latest uptick in mortgage rates is going to cap off an exceptionally-poor year for the mortgage market, but that’s not exactly true. Record-low mortgage rates in 2010 allowed for a substantial number of homeowners to refinance their mortgages and lower their monthly payments: Read the rest of this entry »

Saturday

“HSH.com’s ‘Contributing Voices”‘

In case you haven’t seen it, HSH.com has created a section on our website for experienced journalists from around the country to contribute new content to our visitors. We call it our “Contributing Voices” section (located in the middle of our homepage).

Since we’ve already updated the section once, I want to share with you all the articles we’ve added so far…

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Mortgage rates have come down so precipitously that even homeowners who purchased or refinanced their properties fairly recently may be able to save even more by refinancing again.

These days, you’re probably thinking about pumpkin pie, not points, and cranberry sauce, not credit. But one thing you should be thinking about — a lot — is gravy. No, not the sauce, but the money you might free up by refinancing your mortgage. Here’s how you can calculate your potential savings.

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There are millions of homeowners out there who have already refinanced their mortgages. Some are even considering refinancing for a second time. However, it may surprise you that there are still many borrowers out there who haven’t refinanced. Here are five reasons why:

1. Small Loan Amount

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Perhaps the midterm elections will provide a little shakeup to the economy. As economic conditions remain mostly flat, so do mortgage rates. According to the latest edition of HSH.com’s Market Trends Newsletter:

Mortgage rates are mostly as flat as the economy, and there doesn’t seem to be any strong reason form them to budge much one way other the other, at least not until we get past the forthcoming mid-term elections.

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Saturday

“New articles on HSH.com will help answer your questions“:

Can my homeowners association really foreclose on my home?

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Can my homeowners association really foreclose on my home?

Unfortunately, the answer to that question is “yes.”

Homeowners associations (HOAs) have a history of foreclosing on owners to collect relatively small sums of money. For example, in one California study, the median amount owed in HOA foreclosures was just over $2,000; in all other cases it was over $190,000. One family even lost their home because of a $120 HOA arrearage! Learn how to avoid an HOA foreclosure and how to sidestep the ways some HOAs use to try to take your home.

There are many laws in place to protect homeowners from foreclosure by their lenders or other claimants. Borrowers are protected from mortgage lenders foreclosing with bankruptcy proceedings, through homesteading, and through forced mediation in many states. But HOAs don’t face these same restrictions. (Read more)

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When mortgage rates dropped below 5.5 percent, just about everyone who could refinance hopped on the bandwagon. But rates continued to drop, shattering record after record, and homeowners who refinanced just months ago are considering doing it again.

Is serial refinancing just silly?

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