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Mortgage News
New Home Sales Report More Upbeat Than That For Existing Homes

As usual the two monthly reports on home sales - existing homes and newly constructed houses - were issued in lockstep on Wednesday and Thursday and while one was loudly proclaimed as an indicator that things were still getting worse, the second contained a germ of hope.

Lawrence Yun, NAR chief economists pointed out that when many of the sales that closed in October were being negotiated the mortgage problems arising out of the sub prime situation were peaking. "We continue to see the biggest impact in high-cost markets that rely on jumbo loans..

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Mortgage 'Rates" Continue To Inch Down With One Glaring Exception

Mortgage rates continued to decline by baby steps as reported by Freddie Mac in its Primary Mortgage Market Survey. The 30- year fixed-rate mortgage (FRM) averaged 6.20 percent with 0.5 point during the week ended November 21. The previous week it averaged 6.24 percent with 0.4 point. One year ago the 30-year averaged 6.18 percent.

The Weekly Mortgage Applications Survey conducted by the Mortgage Bankers Association for the week ended November 23 showed a strange pattern in interest rate changes...


Wells Fargo Bank is Latest to Announce Mortgage Woes

The Associated Press was reporting early Wednesday that yet another major mortgage bank "has finally bogged down in the mortgage muck that's muddying one major bank after another."

Wells Fargo, the number five U.S. bank has said it will recognize $1.4 billion in losses in the fourth quarter OF 2007. Unlike most of the losses which have clobbered other lenders, Wells Fargo appears to be in trouble not because of sub-prime lending of first mortgages but because of its...

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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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