Today’s Current Mortgage Interest Rates November 29 2007. Fixed mortgage rates are UNCHANGED from Wednesday November 28 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates is UNCHANGED as well . The 10 year treasury bond is DOWN 3.96%.

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Home values nationwide have declined 5.7% during the past 12 months, according to Zillow’s Q3 2007 Home Value Report, leaving many recent homeowners with negative equity.

Zillows, an online real estate data provider, estimates that 16% of homeowners who bought in the last year and almost 18% who bought two years ago have current home values that are below the original mortgage amount.

By comparison, fewer than 2% of owner who bought a home five years ago have seen their equity slide into negative territory, Zillows said.

Housing markets with the greatest proportion of negative equity include California’s Central Valley, parts of Florida and Las Vegas, Zillows said.

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HOUSE PRICES WEAKEN FURTHER IN MOST RECENT QUARTER

First Quarterly Price Decline for U.S. since 1994

Washington , DC – For the first time in nearly thirteen years, U.S. home prices experienced a quarterly decline. The OFHEO House Price Index (HPI), which is based on data from sales and refinance transactions, was 0.4 percent lower in the third quarter than in the second quarter of 2007. This is similar to the quarterly decline of 0.3 percent (seasonally-adjusted) shown in the purchase-only index. The annual price change, comparing the third quarter of 2007 to the same period last year showed an increase of 1.8 percent , the lowest four-quarter increase since 1995. OFHEO’s purchase-only index, which is based solely on purchase price data, indicates the same rate of appreciation over the last year.

The figures were released today by OFHEO Director James B. Lockhart, as part of the quarterly report analyzing housing price appreciation trends.

“While select markets still maintain robust rates of appreciation, our newest data show price weakening in a very significant portion of the country,” said Lockhart. “Indeed, in the third quarter, more than 20 states experienced price declines and, in some cases, those declines are substantial.”

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Despite a two year decline of 3.65% in home prices, the conforming loan limit for mortgages purchased by Fannie Mae and Freddie Mac next year will remain at the 2007 level of $417,000, according to the Office of Federal Housing Enterprise Oversight.

Only twice since 1980 has the average price of houses sold between one October and the next fallen, and both times, in 1994 and 1995, Fannie and Freddie elected to keep the ceiling on loans they can buy or guarantee at the then current level.

In 2004, OFHEO, the safety and soundness regulator of the two government sponsored enterprises, took over responsibility for adjusting the limit. And in October, the agency offered a revised proposal for calculating and implementing decreases as well as increases, and said the limit would not be lowered for 2008, regardless of pricing data, to avoid disruption in the mortgage market and “assure an orderly and transparent process for any downward adjustment”.

OFHEO is reviewing comments on its proposal. According to the monthly price survey by the Federal Housing Finance Board, the average price in October was $10,685, or 3.49%, lower than in October 2006. Between October 2005 and October 2006, the average dipped $501, or 0.16%, for a combined decline of 3.65%.

Under OFHEO’s proposal, if prices next year decline or rise by less than 0.65%, the limit for 2009 would decline by 3.65%, to $401,780.

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www.mortgage.com is an online home loan website that is owned by Citibank and it was formally owned by ABN AMRO. Citibank bought ABN AMRO in 2007.

Within the www.mortgage.com websites “About” section, Citibank claim to have, “the most up-to-date rates” and offer information “from a variety of objective sources”, from this perspective - we respectively disagree…

Yes they do have some helpful information about mortgage products, however, EVERY mortgage website does as well. It is obvious that this not the most important thing to Americans. Mortgage rates are the most important because Americans realize the interest rate. they receive, equals how much of a mortgage payment they can afford.

Therefore we found the best mortgage rates at ConsumerMortgageReports.com
Mortgage Rates. Consumer Mortgage Reports reported on November 23 2007 that the best 30 year fixed interest rate they located, where the homeowner pays zero points was between .250% and .428% lower than www.Mortgage.com best rates!

By using ConsumerMortgageReports.com Mortgage Rates VS www.mortgage.com, the typical consumer, with a home assessed at $250,000 and they receive a mortgage for $200,000 will save between $11,520 and $22,320 dollars over the term of a 30 Year mortgage.

www.mortgage.com does have good information about mortgage products but does not appear to look out for the homeowners’ best interest. Citibank has taken the stance of ’steering’ interest rates with just the Big 5 lenders. With their inflated mortgage rates they have built in more profit.

It is obvious that the Big FIVE mortgage lenders of Citimortgage, Countrywide, Bank of America, Wells Fargo, Washington Mutual have ’set things up’ where a good deed plays out to be just an act of profitability that takes more from consumers.

Being a industry insider for the last 10 years has really opened our eyes to the continual relationships exhibited by the Big 5 of Citimortgage, Countrywide, Bank of America, Wells Fargo, Washington Mutual.

Why are more competitive banks NOT CONSIDERED? The www.mortgage.com website should offer more true value!

Shop for your Best Mortgage Rates by clicking here - fulfill all your purchase and refinance needs!

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Today’s Current Mortgage Interest Rates November 28 2007. Fixed mortgage rates are UNCHANGED from Tuesday November 27 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates is UNCHANGED as well . The 10 year treasury bond is DOWN to 3.97%.

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A coalition of housing and community activists is calling on five Wall Street investment banks that “reaped” huge profits from funding and securitizing subprime loans to contribute their 2007 bonuses to a foreclosure prevention fund.

It has been reported that as of June 1 2007, Bear Stearns paid out over $17 Billion in bonuses - despite 2 of their hedge funds have filed for bankruptcy protection

The National Training and Information Center, the National Association for the Advancement of Colored People, and other groups contend that the investment banks pushed subprime lending to unsustainable levels and reaped tremendous profits and bonuses.

The groups also are releasing a report that details Wall Street’s involvement in the subprime mortgage debacle. “Wall Street must do the right thing and forgo their lavish bonus to help families stay in their homes,” said NTIC board member Inez Killingsworth.

“It’s time they clean up their mess.” As part of a “Save the American Dream” campaign, the groups are inviting Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers, and Bears Stearns to a summit to set up a foreclosure prevention fund.

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Senator Charles Schumer has urged the regulator of the Federal Home Loan Banks to undertake a special review of the loans that Countrywide Bank has pledged to collateralize $51 billion in advances from the FHLBank of Atlanta.

The thrift subsidiary of Countrywide Finance increased its advance borrowings in the third quarter by $28.2 billion, up nearly 80% from those of the previous quarter.

In a letter to the Federal Housing Finance Board, Schumer urged the regulator to “probe” the underlying risk of Countrywide’s collateral, which includes payment option mortgages.

The senator said in a CNBC-TV interview that he has concerns about the Atlanta FHLBank’s ability to assess the risk of Countrywide’s collateral. “At a time when Countrywide’s mortgage portfolio is deteriorating, the Federal Home Loan Bank’s exposure to Countrywide poses an unreasonable risk,” the Senate Banking Committee member said.

A Finance Board spokesman said the agency would “respond to Senator Schumer,” but declined to comment further.

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