Mortgage Rates

NEW YORK (Reuters) - U.S. mortgage rates dropped to a record low, smashing through a previous record set earlier this year, a closely watched mortgage survey showed Thursday. The lowest mortgage rates in decades and high affordability have also helped the hard-hit housing market find some footing this year after a three-year slump. Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, fell for a fifth consecutive week, averaging 4.71 percent for the week ending December 3, down from the previous week's 4.78 percent, according to a survey released on Thursday by home funding company Freddie Mac. Freddie Mac <FRE.P> <FRE.N>, ... Read Full Story

The jobless rate rose in most Illinois metropolitan areas in October. Figures released Wednesday by the Illinois Department of Employment Security show unemployment was highest in the Rockford area at 15.7 percent. That's up from 15.2 percent in September. The Kankakee-Bradley area ranked second with a 13.3 percent jobless rate. Also in double-digits were Decatur with 12.7 percent, Danville with 12.1 percent, Peoria with 11.7 percent, the Chicago-Naperville-Joliet area with 10.4 percent and Lake-Kenosha with 10.2 percent. The lowest metropolitan jobless rate for October was 7.7 percent in the Bloomington-Normal area. IDES Director Maureen O'Donnell says local economic recovery will likely lag behind a ... Read Full Story

NEW YORK (Reuters) - U.S. mortgage applications surged last week to their highest since mid-May as consumers sought to take advantage of the lowest interest rates in months, data from an industry group showed on Wednesday. The Mortgage Bankers Association said rates on 30-year fixed-rate mortgages, the most widely used loan, were below 5 percent for a third straight week, reaching a four-month low. Demand for home refinancing loans was the highest since mid-May. Appetite for applications to buy a home, a tentative early indicator of sales, climbed to the highest level since early January. The trend bodes well for the hard-hit U.S. housing ... Read Full Story

A home mortgage refinance loan can be very beneficial to you. It can help you to save money by either reducing your monthly payment or reducing the amount of interest that you have to pay. In addition, it can help you to gain access to cash by taking advantage of the equity that you have acquired in your home or getting home loans for bad credit. No matter what your situation is, this could be the right option for you. What is the #1 key benefit of this funding concept? If it has been several years since you have taken out your current debt, ... Read Full Story

NEW YORK (Reuters) - U.S. mortgage applications jumped last week to their highest since late May as interest rates tumbled below 5 percent, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Sept 18 increased 12.8 percent to 668.5, the highest level since the week ended May 22. While consumers clamored for home refinancing loans, their appetite for applications to buy a home, a tentative early indicator of sales, was also robust. The overall trend bodes well for the hard-hit U.S. housing ... Read Full Story