Housing Market | featured news

Mortgage rates remained unchanged for the second consecutive week, holding steady this week at an all-time low of 3.87 percent for the average 30-year fixed rate, according to the latest Freddie Mac Mortgage Market survey released Thursday.

The 30-year-fixed mortgage rate held the record low of 3.87% it hit a week ago, while average interest rates on the 15-year-fixed mortgage and other loan products inched higher.

The U.S. government said on Thursday that the biggest U.S. banks will provide $25 billion in relief to distressed homeowners and states, as officials hold lenders responsible for taking illegal shortcuts during foreclosures and other mortgage paperwork.

California's attorney general said on Thursday her state will receive up to $18 billion in benefits under a federal-state mortgage settlement to be announced later today.

Court hearings meant to protect New York homeowners from foreclosure are hopelessly slowed by endless paperwork and requests for additional information.

It turns out most of us value nearby stores and parks rather than McMansions. Luckily, that's probably where we're headed.

As the nation's five largest mortgage lenders edge close to a $25 billion settlement over foreclosure abuses, it's becoming clear that the deal will have little or no impact on their future bottom lines.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

In Manhattan, parking lots and garages are making way for all sorts of development, especially luxury condominiums.

Obama is expected to announce a fresh bid to revive the housing market—despite likely congressional opposition—by letting millions of homeowners refinance their mortgages.