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Driven by the subprime mortgage crisis of the late 2000s, the 30-year mortgage rate tumbled from about 8 percent at the start of the decade down to 5.4 percent by 2009.
As the Federal Reserve Bank applied its monetary contraction policy in 2005, many homeowners were stunned when their adjustable-rate mortgages began to reset to much higher rates in mid-2007 and their monthly payments jumped far above their ability to meet the monthly mortgage payments. Some homeowners began defaulting on their mortgages in mid ...
However, once interest rates began to rise and housing prices started to drop moderately in 2006–2007 in many parts of the U.S., borrowers were unable to refinance. Defaults and foreclosure activity increased dramatically as easy initial terms expired, home prices fell, and adjustable-rate mortgage (ARM) interest rates reset higher.
As of January 2009 California, Michigan, Ohio and Florida were the states with the highest foreclosure rates. By July 2008, year-to-date prices had declined in 24 of 25 U.S. metropolitan areas, with California and the southwest experiencing the greatest price falls.
Updated July 14, 2016 at 8:51 PM. The ... setting a record for the number of homes in some stage of foreclosure during the first quarter of 2009. ... Now that mortgage rates are over five percent ...
The average interest rate for a 30-year home fixed-rate mortgage fell to 4.71 percent, according to the Freddie Mac's Primary Mortgage Market Survey, released December 3.