Market Matters

Lower rates fail to fuel home buyers Source: CNBC Total mortgage application volume rose just 0.2 percent last week from the previous week, despite the fact that interest rates for U.S. mortgages dropped to their lowest level in over a year last week. Mortgage rates haven't fallen significantly in part because banks do not expect the recent rallies in the Treasury market to continue; instead they still see interest rates moving higher toward the end of this year. Read the full story Countrywide CEO Says No Regrets Source: LA Times   Angelo Mozilo, the founder and CEO of Countrywide before it was bought by Bank of America, recently gave an interview to express his surprise about criticism of the company all these years after the financial crisis and to lash out against a new lawsuit from the U.S. Attorney’s Office in Los Angeles. Countrywide is largely blamed by lawmakers and authorities for lax underwriting and predatory lending, which resulted in $55 billion in fines before Bank of America bought it out. Read the full story

Where Are the Baby Boomers Going to Live Source: The Atlantic Baby Boomers are marching steadily toward retirement and a new report by Harvard University's Joint Center for Housing Studies shows how quickly the nation is moving toward its golden years. By 2030, one in five Americans will have hit the retirement age. Increasingly, the housing stock built by and for Baby Boomers doesn't meet anyone's needs—neither a younger generation looking for starter homes that don't exist, nor an older generation confronted by accessibility challenges. Read the full story

How to get a mortgage right now, even with bad credit Source: HousingWire   Mel Watt, the director of Federal Housing Finance Agency, has urged the opening of the mortgage credit box to less-than-optimal borrowers in a recent interview. Watt commented, “We are getting lenders to reduce some of the credit overlays.” For those with a FICO that is under 620, Watt advised that borrowers should be prepared to pay more, to explore all their mortgage options, and get a co-signer. Read the full story