Reverse Mortgage Disadvantages; I believe that it is not the right loan for everyone and I let everyone know that in our conversations. One drawback to the HECM program is its cost...

According to the Mortgage Bankers Association the current mortgage rates are officially under 5% with purchase applications jumping 13.2% and refinance applications jumping a whopping 18.2% compared to the previous week’s results. Remember when we are quoting averages of mortgage interest rates, the average usually assumes there is .6 % of an origination point or fee involved.

Providing service in the mortgage business means ensuring a smooth and easy process and providing “absolute red carpet treatment” for the customer. Half of the mortgage person’s job is finding the customer through marketing and the other half is guiding them through the mortgage loan process hopefully making for a happy experience. We are always looking for ways to make the process of getting a mortgage easier because ultimately that will reflect positively on us and hopefully lead to more business.

It was in May of 2009 that the current mortgage rates hit their lowest point in their history reaching to 4.98 percent in the national average. The fall was a remarkable decline from their July 2008 highs. In the past two months the 30-year and 15-year mortgage rates have been going up, but were still at their historic low levels, Now they are heading back to all time lows again.

Freddi Mac's latest survy on 30-year fixed-rate mortgages fell below 5% this week. This is the first time since the end of May, according to Freddie Mac, and closing in on the all-time low set in April.

Freddie Mac this week released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.6 point for the week ending September 24, 2009, unchanged from last week when it averaged 5.04 percent. Last year at this time, the 30-year FRM averaged 6.09 percent.

As the report showed that the S&P/Case-Shiller Index rebounded yesterday the question about the current mortgage rates intrigued many investors and home buyers. We decided to check the sentiment of today's mortgage rates and see what the online community is saying about the housing and lending.

For an economy that, according to Ben Bernanke, is out of recession, it sure doesn't feel that way. Not only are there six jobless applicants for every job opening (much less those employed seeking work), now the news is that Fannie Mae mortgage defaults climbed to a record high in July.

Current mortgage rates have held steady for most of the year. Earlier this year we saw record setting rates for a fixed term, rates were in the mid 3% range for a 5 year rate. Mortgage ates have come up a bit in the past few months but nothing that was to shocking.

The upper house in Spain has authorized the government of Spain to protect the mortgage holders from unfair financial practices. The Bank of Spain will now investigate the questionable mortgage practices.

The situation with the current mortgage rates is rather quiet this week. The financial markets and analysts are sitting tight weight to see what the Fed is going to do. Will the Fed continue the purchase of mortgage-backed securities or will it end?

According to Peter Hooper, a chief economist at Deutsche Bank Securities Inc., if the Fed and the government abruptly stop the two stimulus programs that are in place to help the recovery of the housing market the currently mortgage rates may go up by a half to one percentage point. Hooper is a former Fed official and refers to the First Time Home Buyer $8,000 dollar tax credit and Fed's buying of mortgage backed securities that has helped to keep today's mortgage rates low.