New Illinois law targets mortgage 'rescue' fraud

Illinois Gov. Rod Blagojevich Thursday signed into law a bill designed to protect homeowners from mortgage fraud, media reports said.

The law, which takes effect in January, requires written details of services from mortgage bailout firms and gives homeowners more flexibility if they want to cancel an agreement, according to reports.

"It's bad enough when homeowners are at risk of foreclosure," Blagojevich told the Chicago Tribune.  more...

Expectations drop for real estate price increases

Homeowners have declining expectations for increases in home value, according to an annual survey conducted for ING Direct, a federally chartered savings bank that offers home mortgages and other products.

Homeowners who participated in the survey said their home has increased in value by about 6 percent over the past 12 months, and they expect their home's value to increase by about 4 percent in the next 12 months.  more...

Overnight real estate rates gain

Long-term mortgage interest rates were higher Thursday, and the benchmark 10-year Treasury bond yield fell to 5.1 percent.

The 30-year fixed-rate average rose to 6.26 percent, and the 15-year fixed-rate inched up to 5.91 percent. The 1-year adjustable was unchanged at 5.28 percent.

The 30-year Treasury bond yield sank to 5.19 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...