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11/11/2008 News For:

Mortgage Rate Forecaster

Mortgage lenders' small print ruse to block rate cuts   Banks may use the small print in mortgage contracts to prevent borrowers benefiting from future interest rate cuts by the Bank of England.

Credit card providers ignore base rate cut   While mortgage borrowers will have to wait and see if they stand to benefit from today's 1.5% cut in interest rates, credit card customers have been told not to expect repayments to fall. Although the Bank of England has slashed the base rate to 3%, consumers look set to continue to pay an average APR of more than five times that figure, according to financial data firm Moneyfacts. It ...

Interest-free mortgage possible ? if rates continue sharp falls  Some homeowners could be enjoying an interest-free mortgage next year if rates continue to fall steeply, it was disclosed yesterday. Cheltenham & Gloucester, which is part of Lloyds TSB, offered a two-year tracker mortgage of 1.01% below the Bank of England base rate in July and August 2007.

Citigroup Plans to Ease Mortgage Terms for At-Risk Borrowers  Citigroup plans to announce today that it is launching a mortgage-modification program for 500,000 at-risk borrowers in regions facing rising unemployment rates and steep declines in home values.

Alistair Darling adds weight to call for banks to pass on rate cut   Alistair Darling today insisted it was "essential" that banks pass on today's 1.5% interest rate cut to customers, but Downing Street declined to say if it could force banks to do so. Gordon Brown's official spokesman said the public would "expect" banks to take action. But he added: "We are not going to make specific comments about the specific pricing of individual mortgage products ...

Abbey passes on rate cut bulk  Abbey has announced it is passing on the majority of last week's 1.5% interest rate cut to new variable rate mortgage customers. The group, one of the UK's biggest mortgage lenders, has relaunched its tracker products after withdrawing them last week.

It's time to think about refinancing that high-rate mortgage  Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say.

GM says GMAC mortgage unit may not survive  DETROIT -- Bad news kept piling up for General Motors Corp. on Monday as its shares plunged to their lowest point in 60 years and the company said in a government filing that the mortgage unit of its finance arm may not survive.

Aussie cuts home loan rate again  NON-bank lender Aussie Home Loans has dropped its standard variable mortgage interest rate by a further 40 basis points.

Citigroup to offer help to 500,000 risky mortgage customers  The plan is targeted at homeowners who are current on their payments but might be in trouble later. The effort will focus on areas whose home values have fallen, including California. Citigroup Inc. today plans to announce a six-month program to reach out to 500,000 high-risk mortgage customers who are current on their payments but someday may require loan modifications to stay in their ...