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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.
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.
There are four primary variables that can be adjusted to lower monthly payments and help homeowners: 1) Reduce the interest rate; 2) Reduce the loan principal amount; 3) Extend the mortgage term, such as from 30 to 40 years; and 4) Convert variable-rate ARM mortgages to fixed-rate.
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 ...
Many would-be buyers have been waiting for rates to drop, ... Delaware had the highest foreclosure rate of any state in July, at one foreclosure filing for every 2,214 housing units, followed by ...
Most real estate experts back the theory that the recent recovery in home sales is primarily due to two factors: mortgage rates that have been hovering around all-time lows and the government's ...