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Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.73%, down from last week’s 4.75% and 6.05% a year earlier. One-year Treasury-indexed ARMs were 4.78%, down from 4.8% last week and 5.22% last year.  To obtain the interest rates this low, the fixed rate home loans and the five-year ARM rate will cost about 0.6 point and the one-year ARM required an average 0.5 point.

Meanwhile, Bankrate released preliminary 2nd-quarter results, showing profit dropped 54% to $1.9 million, or 10 cents a share, from $5.1 million, or 21 cents a share, a year earlier. Revenue fell 23% to $31 million.  Analysts estimated earnings of 30 cents a share on revenue of $37.5 million, according to a poll by Thomson Reuters.  “Macroeconomic conditions have continued to impact financial advertising, particularly in our banking, home mortgage and credit card channels,” said Chief Executive Thomas R. Evans. He also predicted 2009 revenue and earnings before interest, taxes, depreciations and amortization “will be well below the current consensus estimates” because of the soft financial-services advertising market
Article written by KATHY SHWIFF

A soft economy means investors buy U.S. Treasuries for their safety, which drags down their yields and indirectly leads to lower fixed mortgage rates. California borrowers with good credit today can get a 30-year conforming, VA, or FHA mortgage as low as 4.875% with 0.625-point fee, said Jeff Lazerson, head of online brokerage Mortgage Grader in Laguna Niguel. That’s for “conventional” loans up to $417,000 that can be sold to Fannie Mae or Freddie Mac.  In most cases, these mortgage loans carry the lowest rates on the mortgage market. “Interest rates are lower because putting lipstick on a pig only works until you take a closer look…it’s still a pig,” Lazerson said. “In other words, the government and the Wall Street gatekeepers have been hyping that the economy is getting better. It’s not getting better. Some say, California consumers aren’t spending because they are worried about their jobs, if they haven’t already lost their jobs.” 

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www.youtube.com/watch?v=JI-_Na169js

The Fed has agreed to purchase up to $300 billion in Treasury securities over the next 6 months. The move, which follows similar efforts in Britain and Japan, is designed to bring down longer-term mortgage interest rates that influence mortgage lending and home financing.  The Federal Reserve also committed to purchasing another $750 billion in bad credit mortgage securities issued by mortgage giants Freddie Mac and Fannie Mae which became government properties during the 2007 mortgage bail-out.

Bloomberg reported in a recent article that mortgage fees may become making it harder for people to seek refinancing. However, it is expected that the mortgage refinancing will hit a two year high. I am kind of contradicting myself, am I not? “David Rapaport, a professor at the University of California San Diego Medical School, is paying an upfront fee of $3,500 to refinance his mortgage at 5.13%. A year ago, his rate was 6.25% and there were no fees. “I’m happy just to be able to get a refinance and lower my mortgage payment,” said Rapaport, 57, who owns a 2-bedroom townhome in San Diego, where home prices have dropped 32% since June 2006. He is saving $264 a month with the new mortgage from CMG Mortgage, meaning it will take about a year to recoup the fees he paid.”  The Chicago Sun warned that homeowners need to be careful when getting a refinance loan.

Watch ABC News Nightline Video on Loan Modifications

ABC news sits down with the Harper family about their struggles to fight off foreclosure.  Mrs. Harper discusses the emotional anguish trying to modify their home mortgage with Indy Mac.  Congresswoman Maxine Waters gets involved to help this family attempt to negotiate a mortgage loan modification.

Maxine Waters talks about a two hour debacle with Bank ofAmerica.

Please contact us for mortgage leads, FHA leads at   loan modification leads.  Mortgage lead Vault is a direct lead provider who generates leads exclusively with internet leads, Live Transfers, voice broadcasting

Bank of America acquired Countrywide last year, which many blame for helping to inflate the massive housing bubble that burst last year and sent the global financial system and the U.S. economy into a tailspin.  Dodd said he and his wife “acted properly in our mortgage refinancing negotiations. We did not seek or expect any special rates or terms on our loans and we never received any.”  Dodd was offered the home loans as part of Countrywide’s VIP program. On Monday, Dodd said he was told that the VIP program was “nothing more than enhanced customer service” and his home refinancing reflected the overall market interest rate at the time.

The senator said he decided to refinance his homes in Connecticut and in Washington in the spring of 2003, when mortgage rates declined nationally to nearly a fifty-year low.  Documents released by Dodd showed he refinanced his Washington townhouse for $506,000 in a thirty-year adjustable mortgage with the first five years at fixed interest rate of 4.25%. At the time, the home had an appraised value of $792,000.  The mortgage refinancing of Dodd’s single-family home in Connecticut was for $275,042 in a thirty-year adjustable note with the first 10 years at a fixed interest rate of 4.5%, according to the documents. The home had an appraised value of $500,000. 

www.youtube.com/watch?v=EhojJFQbIS0

Watch Fox Video Exposing Chris Dodd’s Sweat–Heart Loan Deal from Countrywide

Mortgage leads continue to rise with low rate demands as loan application volumes continue to rise.  Many insiders point out though that very few applicants qualify to refinance their home, because guidelines have tightened and property values have plummeted. FHA mortgage leads are still hot! Choose from FHA streamline, cash out refinancing or Hope for Homeowners.

No points were charged on either refinanced loan, which the documents said was standard procedure for many homeowners in 2003.  Dodd also released a report from an independent firm, Cross Check Compliance, which analyzed market data on mortgage rates and fees from 2003 and concluded that the senator’s loans were in line with the overall market at that time. Dodd said that he and his wife would hire a third-party to negotiate the new loan terms on their behalf.  Article written by Kevin Drawbaugh.