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Homeownership Expenses Consume One-Third of National Average Wage
Nationwide, the typical $2,021 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes is down 0.7% quarterly. Continue Reading Homeownership Expenses Consume One-Third of National Average Wage
Sluggish Refinance Activity Drives Down Mortgage Application Levels
The Refinance Index decreased 5% from the previous week, although it was 63% higher than the same week one year ago. Continue Reading Sluggish Refinance Activity Drives Down Mortgage Application Levels
Additional Reading: Top Mortgage Industry News & Headlines
DOJ Announces $2.4 Million HECM Settlement with Nutter
The company exited the mortgage business in 2022. Continue Reading DOJ Announces $2.4 Million HECM Settlement with Nutter
Refinancing Drives Up Mortgage Application Activity
The Refinance Index increased 20% from the previous week and was 175% higher than the same week one year ago. Continue Reading Refinancing Drives Up Mortgage Application Activity
Mortgage Rates Continue to Slide
The 30-year fixed-rate mortgage averaged 6.09% as of Sept. 19, down from last week when it averaged 6.20%. Continue Reading Mortgage Rates Continue to Slide
Cardinal Financial review: A mortgage lender with options for tiny homes and other unique housing
Source: Business Insider --- The bottom line: Cardinal Financial is a good mortgage lender for FHA borrowers or buyers considering a unique type of home, such as a tiny home or a shipping container home. Its application platform also makes it easy to upload documents...
Brokers urged to educate clients on green mortgages
Source: FT Adviser --- The mortgage industry has a role to play in combatting climate change and reducing people's energy bills, yet the vast majority of borrowers do not understand green mortgage products, research suggests. A survey from the Mortgage Advice...
Mortgage rates collapse on softer inflation data
Source: Housing Wire --- Finally, some good news: the growth rate of inflation is cooling off for now, and with the CPI inflation report being positive, the 10-year yield fell noticeably, and mortgage rates will fall with that! So, the question is, are we reaching the...
Local homes sales drop as mortgage rates rise
Source: WWNYTV 7 News --- WATERTOWN, New York (WWNY) - Mortgage rates are right around 7 percent for a 30-year fixed rate. Nationally, rates are at their highest since 2006 and they’ve nearly doubled since last year. So, what is this doing to the local housing market?...
Should You Pay Points to Get a Lower Mortgage Rate?
Source: Yahoo! Finance --- With mortgage rates near 20-year highs, some homebuyers are struggling to afford homes. The average rate for a 30-year fixed mortgage was 6.95% in November’s first week, dipping from a 7.08% peak a week earlier, according to Freddie Mac...
Marry the House, Date the Mortgage Rate – Does It Work?
Source: Yahoo! --- The average U.S. rate for a 30-year fixed mortgage reached a 20-year high of 7.08% in the final week of October, more than doubling from a year earlier, according to Freddie Mac (FMCC). Homebuyers aren’t happy. On a $350,000 home loan, a mortgage...
Fed sees risk of big declines in still-lofty US house prices
Source: The Business Times --- THE Federal Reserve suggested on Friday (Nov 4) that lofty home prices could be susceptible to steep declines after big run-ups in recent years on the back of ultra-low interest rates. “With valuations at high levels, house prices could...
Mortgage rates just dipped, and home prices may be ‘reaching the peak’ — but buyers hoping for a free-fall ‘will be disappointed’
Source: Yahoo! --- After climbing above 7% for the first time in 20 years, U.S. mortgage rates moved back down this week even as the housing market continues to reel from high borrowing costs. Rates also dipped despite the Federal Reserve announcing another hike of...
Why 7% Mortgage Rates Are Such a Pain
Source: Next Advisor --- The average 30-year mortgage rate is higher than it’s been in 20 years. Last week, it reached 7%, and it’s still inching higher. But the most startling thing might be just how quickly it got there. A year ago, it was 3.24%. That’s a concerning...
Mortgage Rates Dip Below 7% In The Wake Of Declining Buyer Demand
Source: Forbes --- Mortgage rates slipped below 7% this week, but it wasn’t enough to boost housing activity as mortgage applications continued to decline amid the Federal Reserve hiking its benchmark interest rate for the sixth time this year. The average 30-year,...
