Mortgage loan applications fell 4.4% in the week ending July 23, dragged down by a decrease in the number of people looking to refinance their homes. Applications for refinancing loans fell to 5.9%, the Mortgage Bankers Association said in a statement. The proportion of mortgage loans intended for refinancing slipped to 78%, from 79.4% a week earlier.

The association's purchase index rose 2% on a seasonally adjusted basis.

The average contract interest rate for a 30-year fixed-rate mortgage rose to 4.69% from 4.59%, which was the lowest since data started to be collected in 1990.

"The housing market is weak," Paul Anastos, president of Mortgage Master, a Walpole, Mass.-based lender, told Bloomberg News before the report. "There's good opportunity out there in the housing market, but because consumer confidence is fairly low, people aren't really shopping. They're worried about other things, like jobs."

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w_diago

My parents have recently taken out a reverse mortgage-At first I thought it was a horrible idea since we have had the home in our family now for many generations but after speaking to my lender they explained that my parents home be mine as long as I can pay off anything that the borrow.


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http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/

July 29 2013 at 1:57 AM Report abuse rate up rate down Reply
Dokemion

Those who are behind on their payments will need to consider the Home Affordable Modification program. In order to qualify for this program, the monthly payment on the mortgage must be equal to or more than 31 percent of the household’s gross monthly income, and the homeowner must not be able to afford the current mortgage payment due to a change in income or expenses.


http://www.homemortgageinformation.org/

July 29 2010 at 11:35 AM Report abuse rate up rate down Reply
Dokemion

Those who are behind on their payments will need to consider the Home Affordable Modification program. In order to qualify for this program, the monthly payment on the mortgage must be equal to or more than 31 percent of the household’s gross monthly income, and the homeowner must not be able to afford the current mortgage payment due to a change in income or expenses.



http://www.homemortgageinformation.org/http://blog.taragana.com/business/2010/07/28/mortgage-lenders-at-banks-must-register-with-new-licensing-database-83796/

July 29 2010 at 11:35 AM Report abuse rate up rate down Reply