Fresno County officials are calling attention to $1 billion in mortgage help for California homeowners behind on their payments because of hardships inflicted by the pandemic. While rental assistance programs have been managed by the county, the mortgage relief assistance is offered through the California Mortgage Relief program. There...
US Long-Term Mortgage Rates Hit New Lows; 30-Year at 2.65%
WASHINGTON — U.S. long-term mortgage rates declined this week to new record lows for the first week of 2021. The year opens against the continuing backdrop of damage from the coronavirus pandemic on the U.S. and global economies, which suppressed home loan rates through most of 2020. Mortgage buyer Freddie...
Real Estate Prices Soar During Pandemic, Climbing 25% in Parts of California
When Colette Barss sold her Seaside home this spring, her new east Garrison-area home had been sitting on the market for about 190 days. She ended up buying it for about $60,000 under asking price. Today, that would be extremely unlikely. The price of real estate has soared across the country since the...
US Mortgage Rates Stay at Record Low 2.72% for 30 Years
WASHINGTON — U.S. long-term mortgage rates remained at record lows this week as the coronavirus pandemic continues to threaten the economy. Mortgage finance giant Freddie Mac reported Wednesday that the average rate on the 30-year fixed-rate home loan was unchanged this week from a record low 2.72%. A year ago,...
Eviction Protection Bill Will Trigger Commercial Mortgage Crisis: Opponents
A state bill would enact a moratorium on commercial evictions for small businesses and nonprofits during the COVID-19 state of emergency. It just passed the Senate Judiciary Committee and will be heard in appropriations in June. Commercial real estate interests say Senate Bill 939 trades a short-term business revenue problem...
US Long-Term Mortgage Rates Ease; 30-Year Loan at 3.72%
WASHINGTON — U.S. long-term mortgage rates declined slightly this week, remaining close to the historically low levels where they have hovered for the past two months. Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage eased to 3.72% from 3.74% last week. The benchmark rate...
US New-Home Sales Rose 1.3% in November
WASHINGTON — U.S. sales of newly built homes increased 1.3% in November from the prior month, a sign that low mortgage rates are pushing up purchases as well as prices. The Commerce Department said Monday that new single-family houses sold at a seasonally adjusted annual rate of 719,000 last month....
What the Fed's Rate Cut Means for You
The Federal Reserve has cut its benchmark interest rate again, big news for the U.S. economy but something that will likely have a muted impact on Americans' personal finances, experts say. That's because the reduction doesn't offset the increases of recent years. And as the key rate creeps closer to...
Treasury Unveils Plans to Privatize Fannie Mae, Freddie Mac
WASHINGTON — The Trump administration has unveiled its plan for ending government control of Fannie Mae and Freddie Mac, the two giant mortgage finance companies that nearly collapsed in the financial crisis 11 years ago and were bailed out at a total cost to taxpayers of $187 billion. The administration's...