The national median payment applied for by purchase applicants inched up by 2.5% in April to $2,256 from $2,201 in March, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index. Compared to one year ago, the payment level was...
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...
Sen. Tim Scott (R-SC), the ranking member of the Senate Banking Committee, led a coalition of the Committee’s Republican members and 23 members of the House Financial Services to express concern over the proposal to allow Freddie Mac (OTCBQ:FMCC) to purchase and...
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...
Pending home sales in April fell by 7.7%, according to data from the National Association of Realtors (NAR). NAR’s Pending Home Sales Index (PHSI) decreased to 72.3 in April; an index of 100 is equal to the level of contract activity in 2001. On a year-over-year...
New data from Redfin (NASDAQ:RDFN) found 6.4% of home sellers cut their asking price during the four weeks ending May 26, the highest share since November 2022. The median asking price was slashed by roughly $3,000 to $416,623 in the last week, the first decline in...
Hits and Misses for the Real Estate Week of May 11-15
