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President Obama’s mortgage program appears to officially be a bust.

Over 1 million borrowers who previously signed up for the $75 billion mortgage modification program have gotten out of the program.  That number far and away exceeds the number of people who have managed to have their loan payments lowered in order to help them stay in their homes.

In May alone, over 150,000 people exited the troubled program.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

Read more on the program’s massive failure here.

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Baltimore mortgage rates are remarkably good, with the 30-year fixed remaining unchanged from the previous week’s record low.

The benchmark 30-year fixed-rate mortgage remained at 4.88 percent this week, according to a national survey of large lenders. The mortgages in the survey this week had an average total of 0.48 discount and origination points. One year ago the mortgage index was 5.76 percent.  Four weeks ago it was 4.96 percent.

The benchmark 15-year fixed-rate mortgage fell 1 basis point, to 4.32 percent. A basis point is one-hundredth of 1 percentage point. The benchmark 5/1 adjustable-rate mortgage rose 3 basis points, to 4.19 percent.

In the nearly 25-year history of the weekly Baltimore mortgage rate survey, the 30-year fixed rate mortgage has fallen below 5 percent only five times, and all five times were within the past five weeks.

Refi Surge

According to the Mortgage Bankers Association, refinance applications went up 21 percent last week, as homeowners recognized the rare chance to grab rates at their lowest. They created the busiest refi surge since May 2009. Three-quarters of mortgage applicants were homeowners who wanted to refinance.

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