money.cnn.com - Homebuyers may have enjoyed record low mortgage rates over the past year, but they were paying a pretty penny when it came time to close the deal.
Nationwide,closing costs averaged $2,402 over the past year, up 6% from $2,264 in 2012, according to a survey by Bankrate.com. The estimates were based on a $200,000 mortgage for buyers with good credit and a 20% down payment.
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Anxious for interest rates to rise in 2013? Take a chill pill.
money.cnn.com - The low rates of the past few years -- which have warmed the hearts of mortgage applicants but been cold comfort to savers -- are unlikely to budge soon. For that, thank (or blame) the Federal Reserve.
To spark growth, the Fed is aiming to keep the influential rate at which banks lend one another money between 0% and 0.25%, and it expects that number to be "exceptionally low" until at least mid-2015.
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NEW YORK (CNNMoney) -- The $26 billion foreclosure settlement has finally been given the green light, making it possible for roughly two million of the nation's hardest hit borrowers to see a significant reduction in their mortgage payments.
Agreed to between the nation's five largest banks and attorneys general from 49 states and the District of Columbia, the deal settles charges of foreclosure processing abuses dating back to 2008.
Under the settlement, which was approved by a federal judge on Thursday, the banks will reduce the principal on loans held by underwater homeowners, refinance some mortgages to today's low interest rates and compensate those who lost their homes due to improper foreclosure practices.
DS news.com - Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.