Posted on 25 August 2009
Tags: Bank of America, borrowers, Citigroup, CitiMortgage, economy, foreclosures, HAMP, Home Affordable Modification Program, home prices, homeowners, inventories, JPMorgan Chase & Co, modification, Mortgage, President Barack Obama, Recession, report, U.S. Treasury, US housing market
In response to the U.S. Treasury’s call to speed the process and help prevent foreclosures, Citigroup Inc has significantly boosted its mortgage modification offers this month.
In a report released on Tuesday, CitiMortgage said that it has already helped 108,000 homeowners in the last quarter to avoid potential foreclosure, a rise of nearly 30 percent over the previous period.
It has participated fully in the President Barack Obama’s Home Affordable Modification Program, known as HAMP, to ease loan terms for up to 4 million borrowers.
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Posted on 15 June 2009
Tags: American economy, average mortgage rates, borrowers, current conditions of housing market, fixed mortgages, Interest Rates, Long-term Treasury bond rates, lower mortgage rates, Mortgage Rates, mortgage rates july, mortgage rates june 2009, mortgage refinance, Real Estate, Treasury bonds, US Debt market, US economy, US housing market, will mortgage rate go down, will mortgage rate go up, will mortgage rate move up, will mortgage rates move down
In May 2009, Interest rates were at their lowest. 4.75% was indeed a historic low. If we look at national averages for June 2009, the interest rates are swinging around 5.75%.
Mortgage Trends for July 2009
If we look at trends, Interest rates for fixed mortgages are climbing up all over United States. This pressure on mortgage rates is mainly external. As some news reports suggest, The major players in US Debt market , are still not satisfied with the economical and fiscal measures taken by US Govt. This adds pressure on interest rates and liquidity situation in housing market is still very bleak. 
It’s Still A Good Time To Get Mortgage Refinance
Those borrowers who have decided to refinance, as well as those who are passing through the process of refinancing, should take the decision keeping in view the current market conditions and interest rates, the current conditions of housing market are indicating that the borrowers should not refinance at this stage. So what should they do? Should they quit and try again later?
I don’t think so that the only solution is to quit. Here are a few things that you should take into consideration before giving up on a mortgage refinance.
We might say that the rates are higher than they were, But they have not reached their peak,they’re still relatively low.
It’s All Relative
As once said by a very smart man, in the form of a mathematical formula, “It’s all relative.” Now this statement seems to be more true in the area of mortgage interest rates. Last month a full point rise like we’ve seen has been a part of conversation among the media people, they talked about this depressing stuff like a “stillborn housing recovery.”
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