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In Orange County, banks can make loans up to nearly $730,000 and sell them to government-controlled mortgage giants Fannie Mae and Freddie Mac or get the loans insured by the Federal Housing Administration. In less costly areas the limit is $625,500. But the bigger limits expire on Dec. 31. The Fannie/Freddie limit used to be $417,000 and the FHA limit was lower than that. The Mortgage Bankers Association, the National Association of Home Builders and the National Association of Realtors sent congressional leaders a letter asking for extensions.

Dennis Norman As if the fragile housing market didn’t already have enough deadlines to be concerned about, namely the home-buyer tax credit that has been a much-needed shot in the arm to the housing market and is set to expire November 30th, now there’s another deadline looming on the horizon:  The American Recovery and Reinvestment Act [...] Related posts: Mortgage interest rates on 30 year loan stay below 5 percent for third consecutive week Dennis Norman By: Dennis Norman The Mortgage Bankers Association (MBA)…

MMRecap for Oct. 26 th Yields on U.S. Treasury securities, which move in the opposite direction of price, were up and down last week, reflecting volatility on Wall Street and some good news/bad news economic reports.  Despite volatility, the benchmark 10-year Treasury note yield held within a narrow range, until Friday, that is. Tuesday’s reports supported bonds, with the September producer price index (PPI) showing no signs of wholesale inflation, and housing starts and building permits coming in below expectations.

I was recently fortunate enough to have the opportunity to interview Dale Siegel, author of The New Rules for Mortgages . We exchanged emails in a QA format on the subject of mortgages, the housing market, etc. Here are her responses to my questions. Lending Guidelines Frugal Dad : Lenders used to operate under a 28/36 mortgage-to-income/debt-to-income ratio when calculating maximum mortgage eligibility. How has the housing bubble affected those ratios for lenders? Dale : Lenders use ratios as guidelines for qualifying a borrower for a mortgage.

*It takes a while to put this together, if you post these articles on your website(s) I ask that you kindly include a reference to this post. Thanks SimoleonSense Weekly Favorite: Cartoon 1: Nash Meets Feynman (Via Financial Rounds) Cartoon2: Dilbert On Consumer Confidence (Via Chart Porn) Exclusive Features: Extensive Video Interviews With Top Minds Of Modern Finance! – Via AFAJOF – In 2004, The American Finance Association Board approved a project to record aspects of the History of Finance.

October 23rd, 2009 | No Comments | Posted in Mortgage Rates for fixed-rate mortgages (FRM) rose again this week as real estate investors saw yet another survey show rates climb back toward the 5 percent threshold.According to Freddie Mac’s Primary Mortgage Market Survey for the week ending October 22, average rates for 30-year FRMs rose 0.08 percentage points to hit 5 percent.