Mortgage rates tumble to record low

Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring.

Market Conditions
CNNMoney is reporting that consumer confidence is down again. In fact, it is at an all-time low.

Defaults rising on even modified mortgages
More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday.

Mortgage applications at 5-year highs

Mortgage applications were at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans.

Housing market’s woes could get worse
Despite aggressive government efforts to lower mortgages rates, other forces appear to be  prolonging one of the nation’s deepest housing downturns on record.

Homebuilder sentiment remains at record low
A key gauge of homebuilders’ confidence remained at a record low this month, as builders continued to be overwhelmingly discouraged in the prospects of a housing turnaround amid a worsening U.S. economy and rising unemployment and foreclosures.

Regulator sees mortgage rates below 4 percent
Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates “well below 4 percent,” a federal regulator said Wednesday.

Housing market’s woes could get worse
Despite aggressive government efforts to lower mortgages rates, other forces appear to be  prolonging one of the nation’s deepest housing downturns on record.