Fair Isaac to overhaul FICO score calculations

Fair Isaac Corp. says it is changing the way it calculates FICO credit scores to better predict the ability of a borrower to repay loans.

The new procedures for calculating "Classic FICO" scores, to be implemented in September, should increase their predictive power by 5 percent to 15 percent, Fair Isaac said in a press release.  more...

Second foreclosure-prevention bill introduced in Senate

Foreclosure-prevention legislation introduced Monday by the chairman of the Senate Banking Securities and Insurance Subcommittee would beef up funding for HUD-approved financial counseling agencies and help states establish their own programs.

The Homeownership Protection and Enhancement Act of 2007, or HOPE Act, would also provide nearly $300 million for revolving loan funds that states could use to subsidize loans for families facing foreclosure.  more...

Housing rips hole in economic outlook

The economic outlook darkened in April as weakness in home construction and rising unemployment claims took hold, The Conference Board reported today.

The U.S. leading index, a key barometer of future economic conditions, dropped 0.5 percent last month to 137.3, with just two of the 10 leading indicators advancing.  more...

New York apartment prices buck national trend

As the median price of a home in the U.S. declined in the first quarter, the median sales price for apartments in New York City surged 20 percent, a new report shows.

Average sales prices for apartments in New York City rose 23 percent to $745,000 in the first quarter of 2007 compared to the first quarter last year, while median sales prices for New York City apartments surged 20 percent to $450,000, according to the Real Estate Board of New York, known as REBNY.  more...

Mortgage rates rise in weekly surveys

Mortgage rates gained this week on the Federal Reserve's belief that inflation could still pose a problem, Freddie Mac and Bankrate.com reported today.

In Freddie Mac's survey, the 30-year fixed-rate mortgage climbed to an average 6.21 percent from last week's 6.15 percent, while the 15-year fixed-rate mortgage rose from 5.87 percent to 5.92 percent.  more...

Overnight real estate rates tick higher

Long-term mortgage interest rates were up again Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.71 percent.

The 30-year fixed-rate average inched up to 5.82 percent, and the 15-year fixed rate gained to 5.53 percent. The 1-year adjustable was up at 5.66 percent.

The 30-year Treasury bond yield stayed at 4.88 percent.

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