The industry can take care of itself and the Senate can use its time and our tax money to offer a real "Homeowner Protection Act" by giving its full time and attention to tax reform that can really help Americans save money.
In this perspective, any PMI laws would be like Elmer Food hunting squirrels with an elephant gun -- a lot of noise but no substantial results. In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate average mortgage rate for the week ending February 28, 1997 rose to 7.65 percent; last week’s average was 7.56 percent. A year ago, it was 7.41 percent.
The rate for 1-year Treasury-indexed adjustable-rate mortgages (ARMs) went up as well though only slightly, to average 5.49 percent from last week’s average of 5.45 percent. A year ago, the 1-year ARM was 5.38 percent.
The average for 15-year fixed-rate mortgages this week is 7.15 percent, up from last week’s average of 7.06 percent. A year ago, the 15-year interest rate was 6.87 percent.
Interest rates started rising when Alan Greenspan of the Federal Reserve advised the Senate Banking Committee that although the economy is in generally good shape, the financial markets should use caution, said Robert Van Order, chief economist for Freddie Mac. "Consequently, not only are interest rates up this week, but we expect they will rise even more by next week, perhaps to about 7 and three-quarters percent."
A federal judge here has put the $10 billion U.S. Dept. of Housing and Urban Development’s mortgage auction program under scrutiny in a civil lawsuit that will challenge the agency’s actions in how it treated vendors.
Judge William Bryant ruled that a civil lawsuit brought by former HUD contractor John Ervin against HUD has merit and therefore the case can be heard. At issue is alleged illegal actions taken by HUD in how they auction off federal insured mortgages that go into default by private lenders and wind up being owned by the federal agency. Property valuer will always think in your favor to provide you the profit. More Info Visit at Valuations NSW