The Mortgage Bankers Association reported today that applications were up 1.7%, refinancing applications were up 2.6%.  Refinancings accounted for 41.4% of all mortgage applications last week, up from 40.4% the week before.

Speculation is rampant that the Fed is going to cut rates in September.  This, in part, is helping to push fixed mortgage rates down and send variable rates up.  The average 30 year fixed mortgage is up 0.7% and the 15 year mortgage up 0.5%.  The 30-year fixed jumbo rate, however, is down 1.4% from [...]

The Journal is reporting that US regulatory bodies are pushing mortgage lenders to work to avoid foreclosures in their mortgage portfolios by easing rules on borrowers.  Borrowers continued to get pummeled by variable rate mortgages, with foreclosures in some areas up as much as 500%.