Tagged : Government Shutdown

Found 3 blog entries tagged as "Government Shutdown".

interest__max5128_450realtor.com - Interest rates on key loans had trended downward over the last month because of ongoing recovery concerns, particularly the Fed’s decision to continue its bond-buying stimulus program. The latest increase is attributed to the fact that the government shutdown has prevented the release of various economic reports that influence the bond market and mortgage rates.

The average rate on a 30-year fixed mortgage loan rose 0.01 percentage point this week, according to the latest survey from mortgage buyer Freddie Mac. After dropping to 4.22 percent a week ago, its lowest mark since June 20, the 30-year fixed is now trending at 4.23 percent. It had previously fallen for three consecutive weeks. A year ago, the 30-year average was 3.39 percent – a

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housekeys_voronin_450money.cnn.com - Typically, Fannie and Freddie require lenders to verify a borrower's income with the Internal Revenue Service before closing on a mortgage. But last week, some lenders reported that they could not approve the mortgages because the shutdown had severely curtailed the IRS's operations.

The government-backed mortgage giants have since said lenders could continue to issue new loans even without the IRS's confirmation.

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houseonmoney__voronin76_450money.cnn.com - One problem lenders might face involves the Internal Revenue Service.

Before closing on a mortgage backed by Fannie Mae or Freddie Mac, banks must verify a borrower's income with the IRS. But IRS operations are curtailed because of the shutdown, and the agency won't be available to handle the paperwork the banks need to close on the loans.

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