Posted on 08/07/2003 11:12:52 AM PDT by Brian S
Thu August 7, 2003 01:14 PM ET
WASHINGTON (Reuters) - U.S. 30-year fixed-rate mortgages rose for the seventh consecutive week as an improving economy sent home loans to their highest level in a year, mortgage finance firm Freddie Mac said on Thursday.
Thirty-year mortgage rates averaged 6.34 percent this week, up from 6.14 percent last week and the highest since Aug. 2, 2002, when they averaged 6.43 percent.
Freddie Mac said rates on 15-year mortgages rose for an eighth straight week to an average of 5.66 percent -- the highest since 5.70 percent in late October and up from 5.44 percent last week.
One-year adjustable rate mortgage rates stood at an average of 3.80 percent, up from 3.68 percent last week.
A year ago, 30-year mortgages averaged 6.31 percent, 15-year mortgages 5.69 percent and ARMs 4.37 percent.
"Signs that the economy is finally improving have generated upward pressure on fixed-rate mortgage rates over these past few weeks," said Frank Nothaft, Freddie Mac chief economist, in a statement.
Last week, a Labor Department report showed the July unemployment rate fell to 6.2 percent from 6.4 percent in June, its first monthly decline in more than a year. Still, most of that drop was from job hunters leaving the labor force, not from an increase in hiring.
Freddie Mac said lenders charged an average of 0.7 percent in fees and points on 30- and 15-year mortgages as well as on ARMs, all up from 0.5 percent last week.
Freddie Mac is a mortgage finance company chartered by Congress that buys mortgages from lenders and packages them into securities for investors or holds them in its own portfolio.
Bought it under a contract for deed, owner financed. The attorney says it shouldn't be a problem, we just need to file the paperwork and then he can draw up the new deed in my name, but it may take up to 3 months before the process is complete. My problem has been getting the senile 80 year old man I bought it from to turn in his portion of the paperwork along with the death certificate. He promised he would do it yesterday, I have to check with the lawyer again in the morning.
The attorney said we have other legal options if he does not comply soon. He did not provide us with a survey when we bought the place, so if we go to court and sue we can recover the entire balance on the contract plus $250 per day for him not providing the survey. I don't really want to go that route, but will if I have to, although all I really want is the deed to the land I paid for.
I have every single check I have written him and his signature on the contract for deed. Even his own son has stated he will testify on our behalf if necessary, so we are pretty much covered legally. Just wish it didn't take so long to resolve!
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