Rates on 30-year mortgages hit record low

15-year fixed-rate mortgages also ties lowest rate on record CHICAGO (MarketWatch) — Interest rates charged on 30-year fixed-rate mortgages hit a record low this week, averaging 3.91%, according to Freddie Mac’s weekly survey of conforming mortgage rates. “Rates on 30-year fixed mortgages have been at or below 4% for the last eight weeks and now …

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Short sale can help avert foreclosure

For homeowners who are upside-down on their mortgage — owing more on the loan than the house is worth — foreclosure isn’t necessarily the only option.There’s also a short sale. A short sale is when a financially troubled homeowner, with the lender’s approval, sells his or her home for less than what’s owed on the …

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Distressed B. of A. homeowners in Calif. now have chance of principal reduction

Distressed Bank of America homeowners in California now have chance of principal reduction Bank of America has joined the Keep Your Home California principal-reduction program, making it the largest loan servicer involved in lowering loan balances for those with economic hardships. Making sense of the story Keep Your Home California is a program offered through …

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Home Affordability Returns to Pre-Bubble Levels

Home affordability returned to pre-bubble levels in a growing number of U.S. markets over the past year as price declines laid the groundwork for a housing recovery. Home values in the United States posted their largest quarterly decline since the first quarter of 2009, falling 2.6 percent as the temporary stimulus of the home buyer …

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