Housing Market, Refinancing | featured news

Less than 3 percent of "underwater" borrowers decide that the benefits of a new loan through government program are worth the closing costs.

Brace yourself -- there's actually some good news about the economy.

U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.

President Barack Obama announced fresh aid to struggling homeowners in California Thursday, playing a bit of divide-and-conquer by pitting his Republican critics in Washington against GOP governors and mayors eager for the federal money.

Mortgage applications jumped last week, as low interest rates fueled refinancing activity.

The Obama administration today released details of $75 billion home loan modification and refinancing programs. Borrowers can start contacting loan servicers.

The Obama administration announced new plans to make it easier for up to nine million people to rework or refinance their mortgages. Geithner said the Treasury is increasing its funding commitment to Fannie Mae and Freddie Mac.

Interest rates are falling, but potential borrowers face higher costs.