U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.
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Rates on 30-year mortgages plunged to a record low Thursday after the Federal Reserve launched a new effort to prop up the flailing housing market.
Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent from last year's levels.
Rates on 30-year-fixed mortgages rose this week amid reports showing a worse-than-expected plunge in the nation’s gross domestic product and increasing jobless figures.
The House has passed legislation to give debt-strapped homeowners a chance to win lower mortgage payments through bankruptcy courts.
An industry survey shows a record 5.4 million American homeowners with a mortgage, or nearly 12 percent, were either behind on their payments or in foreclosure at the end of last year.
The Obama administration kicked off a new program Wednesday that’s designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans.
Some home sellers tired of dropping prices and seeing buyers financing fall thorough are deciding to simply trade their homes for others in the same boat.