Despite Inflation, Mortgage Rates top 6%

This week, the rate for 30-year mortgages increased to above 6%, despite simultaneous concerns about inflation. The increase is approximately .6 points, though the current rate of 6.08% for a 30-year fixed-rate mortgage is still lower than the rate last year at this time of 6.42%. Predictions for the end of the year involve a 25 basis point rate hike overall.

For details about the increase in mortgage rates, please visit:
http://money.cnn.com/2008/05/29/real_estate/0529_mortgage/index.htm?section=money_realestate

FHASecure Refinances 200,000th Mortgage

FHASecure has helped 200,000 homeowners to avoid foreclosure by refinancing their mortgages through HUD’s Federal Housing Administration. In just the past three months, the effects of FHASecure were significant, as it insured twice as many loans during this time as it did in the first three months of the program. As more and more homeowners learn about the positive changes they can make by using the FHA’s 30-year fixed, prime rate financing, the numbers of Americans that have been helped by the program continue to increase.

To read the complete story, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-069.cfm

HUD Fights Lending Discrimination

According to HUD, a campaign has recently been launched in order to educate the public about their rights about lending under the federal Fair Housing Act. This campaign is largely focused on minorities and underserved populations, and centers around a bilingual television campaign that describes the unlawfulness of discrimination in sales, rental, and financing of homes based on race, color, sex, religion, national origin, disability and familial status. It is HUD’s hope that the campaign will reach those who have been victims of unfair housing, or could become victims due to a lack of understanding of the effective laws.

For more on this story, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-070.cfm