Always remember that the future comes one day at a time.

As part of the Servicing Alignment Initiative, on August 21, the FHFA issued a press release entitled FHFA Announces New Standard Short Sale Guidelines for Fannie Mae and Freddie Mac.
To view the Freddie Mac Bulletin, please click here.

To view the Fannie Mae Announcement SVC 2012-19, please click here.

INTEREST RATES ARE DOWN.

According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

"Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.

In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009.