The Consumer Financial Protection Bureau (CFPB) has begun a public inquiry into mortgage closing costs, claiming that so-called “junk fees” are inflating these costs. The agency issued a request for information regarding which fees are subject to competition, how fees...
Mortgage rates floated above the 7% mark again in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). The 30-year fixed-rate mortgage averaged 7.03% as of May 30, up from last week when it averaged 6.94%. A year ago at this time, it...
The homeownership rate for Black households has grown faster than average since 2019, though it is still lower than its peak from 20 years ago. According to a new data report from Zillow (NASDAQ:Z, ZG), nearly 46% of Black households own their home, down from its...
Mortgage application activity slumped during the week ending May 24, according to the Mortgage Bankers Association (MBA). The Market Composite Index, the MBA’s measure of mortgage loan application volume, dropped by 5.7% on a seasonally adjusted basis from one week...
The typical American family needs to spend 38% of its household income to make a mortgage payment on a median priced new single-family home, according to the latest quarterly Cost of Housing Index data from the National Association of Home Builders (NAHB). For...
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $645 on each loan they originated during the first quarter, according to data from the Mortgage Bankers Association (MBA). This represents a decline from the...
