Mortgage Rates Set New Lows for 10th Time: 30-Year at 4.32%

Despite prices of Treasury bonds pulling back somewhat in recent days, mortgage rates continued their historic slide this week, setting record lows for the 10th time in 11 weeks. The 30-year fixed-rate mortgage averaged 4.32 percent for the week ended today, down from the previous week’s 4.36 percent average.

Mortgage Rates Slip Again to New Lows; Refinancing Surges

Mortgage rates reached new lows yet again this week with the 30-year fixed at 4.42 percent, down from last week’s 4.44 percent – and the historic dive in rates appears to have revived the refinancing sector. The index by the Mortgage Bankers Association that gauged loan refinancing activity for last week registered a 17.1 percent jump from the previous week.

Banks Finally Start to Ease Lending Standards, Fed Reports

Although modestly, big banks are starting to ease lending standards, particularly vital commercial and industrial loans to small businesses, according to a new report by the Federal Reserve. The Fed’s July survey of senior loan officers that examines lending practices for the previous three months found the first “easing of standards on commercial and industrial loans to small firms since late 2006.”

30-Year Mortgage Sets Record Low at 4.49%; 15-Year at 3.95%

Fixed-rate mortgages set new lows for the 7th week in a row, with the 30-year at 4.49 percent and the 15-year at 3.95 percent, Freddie Mac said today. The 30-year was down from last week’s rate of 4.54 percent. Last year at this time, it averaged 5.22 percent.

FTC Rule Bans Upfront Fees on Some Debt Relief Services

A new telemarketing sales rule prohibits for-profit companies that sell debt relief services over the telephone from charging an upfront free, according to the Federal Trade Commission. Starting Oct. 27, these companies must settle or reduce a customers’ credit card or other unsecured debit before collecting a fee.

Obama: Reform Ends Era of ‘Bad Loans’ That Fueled Crisis

Wall Street Reform was signed into law today by President Obama, promising an end to taxpayer-funded bailouts and a new consumer financial protection agency that will protect Americans from abusive practices in the credit card and mortgage industries. The financial crisis of 2008 prompted calls for sweeping reform, but Obama and Democrats fought Republican opposition through heated debates, negotiations and relentless lobbying.

Properties Hit with Foreclosure Filings on Record Pace: RealtyTrac

Through the first six months of 2010, foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,654,634 U.S. properties, a 5 percent decrease from the previous six months – but an 8 percent increase in total properties from the first half of 2009, according to RealtyTrac.

Fed Caps Credit Card Penalty Fees at $25 for Non-Repeat Offenders

As part of the final phase of credit card reform, the Federal Reserve today capped penalty fees at $25 per violation, unless the card holder has made repeated violations or the card issuer can show that a higher fee is reasonable. The Fed is also requiring that credit card issuers re-evaluate any interest rate hikes since Jan. 1, 2009 to determine if reasons for the increase have changed “and, if appropriate, to reduce the rate.”

15-Year Rate Mortgage Sets New Low; 30-Year Rate at 4.79%

The 15-year fixed rate mortgage set another record low this week – 4.20 percent – which dates back to August 1991 when Freddie Mac started its weekly survey. The key 30-year fixed rate is at 4.79 percent and near its record low. This marked the third straight week of a new low for the 15-year rate.

Record Low Mortgage Rates to Further Fuel Refinancing

The 30-year fixed rate mortgage continued its slide this week, averaging 4.78 percent, down from last week’s 4.84 percent and the lowest level since December. While the 15-year fixed rate mortgage set a record low of 4.21 percent, a rate unseen since Freddie Mac began its weekly survey in 1991.

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