Kevin Rhodes's (kevinr3d) Blog

New home sales climbed in November as the inventory of unsold homes dropped for the fourth month in a row, causing optimistic economists to suggest that the slumping market may have bottomed out.In November, sales of new single-family homes increased by 3.4% last month to a seasonally adjusted an...

The average 30-year fixed-rate mortgage edged up slightly this week as the economy presented mixed messages, keeping rates relatively stable.Week Ending December 14, 2006Average 30-year fixed-rate mortgage12/14: 6.12%12/07: 6.11%11/30: 6.14%11/22: 6.18%11/16: 6.24%11/09: 6.33%11/02: 6.31%10/26: 6...

Delinquencies jumped from 4.39% in the second quarter to 4.67% in the third, led by a significant upswing in delinquencies for subprime adjustable-rate loans, according to a new report by the Mortgage Bankers Association (MBA).In its quarterly National Delinquency Survey, the MBA reported lay pay...

The number of borrowers using private mortgage insurance fell 5.5% in October, according to a recent announcement by the Mortgage Insurance Companies of America (MICA).MICA reported that 123, 626 borrowers used private mortgage insurance (PMI) to buy or refinance a home in October, down from 130,...

Congress has passed legislation to allow premiums on private and government mortgage insurance to become tax-deductible for qualified borrowers in 2007. For the first time, borrowers who make less than $100,000 a year will be able to write off the full amount of their premiums. Homeowners making ...

In a widely expected move, the Federal Reserve left interest rates unchanged at 5.25% for the fourth straight time since June, after raising rates seventeen consecutive times in a two-year battle with inflation.At its final meeting of 2006, the Federal Open Market Committee (FOMC) voted 10-1 in f...

The average 30-year fixed-rate mortgage fell to the second-lowest level of the year, as Freddie Mac's economist suggested the housing market is two-thirds of the way through the current correction. Week Ending November 30, 2006Average 30-year fixed-rate mortgage12/07: 6.11%11/30: 6.14%11/22: 6.18...

Bill Dallas founded First Franklin back in 1981, later stepping down as CEO after the subprime wholesaler, which he sold to Bank of America, was bought by National City. He then went on to become CEO of Ownit Mortgage Solutions, a company that has now folded as the subprime market has increasingl...

Sebring Capital Partners LP has closed up shop, the second subprime wholesale lender to end operations in recent days, prompting Wall Street to cast a suspicious eye towards subprime mortgage bonds.The Carrollton, Texas-based residential mortgage lender ended operations almost simultaneously with...

Refinance applications jumped 13.7% this week, representing more than 50% of total activity, according to the MBA.For Week Ending: December 1, 2006Seasonally AdjustedTotal Mortgage Activity: Up 8.1%MBA Market Index Now: 647.6Index One Week Earlier: 599.0Unadjusted BasisTotal Mortgage Activity: Up...