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Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

FHA Commissioner: We're easing False Claims Act use to bring big ...

According to Montgomery, the Obama administration may have pushed a little too hard in certain circumstances.

“A lot of servicers and lenders have paid somewhere north of $5 or $6 billion in settlements. In many cases, it drove a lot of depositories away from FHA. I think a lot of them just said we’re done,” Montgomery said. “And some of the False Claims Act cases, I’m not so sure that the punishment necessarily fits the crime.”

The rise of the False Claims Act being used as a weapon against FHA lenders took place during the Obama administration, with the DOJ accusing a number of lenders of violating the False Claims Act by knowingly originating and underwriting mortgages that did not meet FHA standards.

Under the Obama administration, lenders of various sizes, including some of the nation’s largest , agreed to pay out billions of dollars in settlements under the auspice of the False Claims Act.

First-Time Buyers Get Mortgage Rate Reprieve for Now

Mortgage rates continue to decline for the month of June, providing first-time buyers with a reprieve from rising rates for home loans at the same time that property values are increasing.

On Thursday, Freddie Mac reported that, for the week ending July 5, the average interest rate on a 30-year fixed-rate mortgage was 4.52% compared with 4.55% in the week earlier. The mortgage rate on a 15-year fixed-rate mortgage was 3.99%, down from 4.04%, while the five-year adjustable-rate mortgage stands at 3.74%, down from 3.87%. In releasing the rates for the week, Freddie Mac chief economist Sam Khater said that there was good news for home buyers: mortgage rates "may have a little more room to decline over the very short term." Translation: first-time buyers who are sensitive to rising costs to borrow may want to jump in now before rates turn higher. After all, the conventional wisdom is that mortgage rates will be higher by the end of this year.

[Check out Investopedia's mortgage calculator  to see how much home you can afford.]

Can a letter of hardship apply toward Mortgage forgiveness Act?

I am looking to move closer to my job, which I currently commute 200 miles on a daily round trip. My current property is $200k under my purchase price. I plan on trying to rent my home or I will probably attempt to short sale it.

If you chose to buy a home 200 miles to job, that's a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it's a hardship.