Mortgage Industry News
Mortgage Rates Decline to Lowest Level Since April
The 30-year fixed-rate mortgage averaged 6.63% as of Aug. 7, down from last week when it averaged 6.72%, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). A year ago at this time, it averaged 6.47%. The 15-year fixed-rate...
Freddie Mac Expands CHOICEHome Mortgage Program to Single-Section Manufactured Homes
Freddie Mac (OTCQB: FMCC) announced the expansion of its CHOICEHome conventional financing options to include modern single-section manufactured homes. Previously, Freddie Mac provided multi-section factory-built homes with a 3% down payment option. As of today,...
Nigerian National Extradited for Multi-Million Dollar Florida Mortgage Fraud Scheme
Okechukwu Josiah Odunna, was arrested by Nigerian authorities last September. Continue Reading Nigerian National Extradited for Multi-Million Dollar Florida Mortgage Fraud Scheme
Rocket Mortgage to Exit the Canadian Market
Rocket Mortgage plans to complete its exit from the market by June 27. Continue Reading Rocket Mortgage to Exit the Canadian Market
Mortgage Rates Continue to Drop
The 30-year fixed-rate mortgage averaged 6.63% as of March 6. Continue Reading Mortgage Rates Continue to Drop
When is an adjustable-rate mortgage a good idea?
Source: Fortune --- Throughout 2022, mortgage interest rates steadily ticked upward in a march that priced many prospective homebuyers out of the market. The interest rate on a 30-year fixed-rate mortgage began last year at around 3.26%, and by the time December...
What’s ahead for the mortgage industry in 2023? United Wholesale Mortgage exec glimpses into the future
Source: MPA--- Short of having a crystal ball, it’s difficult to predict the future. Indulging Mortgage Professional America with insight, a top executive at United Wholesale Mortgage took a shot at it. During a telephone interview with MPA, the company’s chief...
U.S. Home Price Insights – January 2023
Source: CoreLogic --- Introduction The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through November 2022 with forecasts through November 2023. CoreLogic HPI™ is designed to provide an early indication...
Rocket Mortgage Introduces Purchase Plus, Helping Make the American Dream of Homeownership More Attainable
Special purpose credit program offers up to $7,500 in lender credits for first-time buyers in underserved communities to eliminate a significant hurdle to homeownership DETROIT, December 27, 2022 – Rocket Mortgage, part of Rocket Companies (NYSE: RKT), today...
Home buying forecast: Trends to know in 2023
Source: TB&P --- The housing market has seen extreme highs and lows this year. Fluctuating home prices and mortgage rates are primarily attributed to inflation, fears of a recession, and the U.S. Federal Reserve’s economic policy. Ever-changing factors make the...
Shrinking availability of ‘small-dollar’ mortgages hurts low-income home buyers
Source: bizTimes --- In Philadelphia, about a third of owner-occupied homes were valued at less than $125,000 in 2021. But that year, only about 2% of mortgages made in the city were the type generally used to purchase properties in this segment of the market,...
How To Calculate Price Per Square Foot
Source: Forbes Advisor --- Calculating the price per square foot can give you an idea of the home’s value and help you compare it with other homes, even when they have different floor plans and sizes. Square foot pricing can also help you estimate the cost to make...
CoreLogic: Mortgage delinquencies are down
Source: Houston Agent Magazine --- Foreclosures continue to rise toward pre-pandemic levels, according to new data from CoreLogic, but mortgage delinquencies are down. This is a positive sign, indicating that foreclosures will likely trend downward soon. CoreLogic’s...
Your debt-to-income ratio is crucial to getting approved for a mortgage — here’s how to calculate yours
Source: CNBC --- There’s a lot that goes into the home buying process, especially if you’re a first-time home buyer. One criteria mortgage lenders use to assess your mortgage application is the debt-to-income ratio (DTI). Your debt-to-income ratio is a comparison of...
Step-by-Step Guide on How To Buy a House in 2023
Source: MSN --- Buying a home is an integral part of the American dream. There's something special — almost sacred — about the idea of owning your own property where you can raise kids and grow old with your spouse before passing on that property to your descendants....
