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Iceland forgives mortgage debt of its population. (May 8, 2012) Total Media Blackout

Published on Apr 12, 2012 by telesurenglish The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose ...

Weekly mortgage applications tank 7.1% as interest rates surge to a ...

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since February 2011, 5.10 percent, from 5.05 percent, with points increasing to 0.55 from 0.51 (including the origination fee) for loans with 20 percent down payments.

"Treasury rates increased over the week, mainly as communication from Federal Reserve officials pointed to a continued path of rate hikes, based on the strength of the economy and hot job market," said Joel Kan, an MBA economist. "Furthermore, four out of the five rates tracked in our survey increased."

Mortgage applications to purchase a home also fell sharply, down 6 percent for the week. They were 2.5 percent higher compared with the same week one year ago. Homebuyer demand is strong, but affordability was weakening even before rates began to rise, as tight supply pushed home prices sharply higher. The combination now of high prices and rising rates is clearly throwing cold water on the heat in housing earlier this year.

Current Mortgage Rates Rise to Start the Week

Here we go with another week. Current mortgage rates have been rising steadily over the past month, a trend that we expect to persist for the foreseeable future.

Inflation data, overseas trade negotiations, and speaking engagements from the Federal Reserve should be the main market movers this week. Read on for more details.

Where are mortgage rates going?   The market continues to fear rising interest rates

Financial market participants are continuing to grapple with the fear that interest rates will surge in the coming weeks and months, putting stocks in a position to fall for the third consecutive day.

All of the major market indexes are in the red right now with the Dow Jones Industrial Average notably falling 106 points to start the week.

The bond market is closed today so we’ll have to wait until tomorrow to see where yields go, but in the past month we’ve already seen the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) continue to hit levels that haven’t been reached in well over five years.

What would be the total monthly mortgage on a new 4 bedroom home in the Poconos?

The home building company advertises a $230,000 home w/ $1,190 monthly mortgage for principle & interest only. The down payment requested is $8,047. What should I expect my monthly mortgage to be? Thank You!

Do you mean the $1190 is before or after the down payment?

Scenario A. $230,000 mortgage @1190/mo = interest rate of 4.68%

Scenario B $230,000 - $8047 = $221,953
$221,953 mortgage @ 4.68% = $1148.47/mo mortgage payment.