Mortgage Industry News
Mortgage Application Activity Drops by 1.2%
The FHA share of total applications increased to 19.9% from 19.1% the week prior. Continue Reading Mortgage Application Activity Drops by 1.2%
PennyMac Correspondent Group to Launch Non-QM Products
Pennymac intends to retain servicing on all non-QM products. Continue Reading PennyMac Correspondent Group to Launch Non-QM Products
Residency Requirements Changed on FHA-Insured Mortgages to Shut Out Illegal Immigrants
“There will be no more illegal aliens getting HUD-backed home loans,” said Secretary Turner. Continue Reading Residency Requirements Changed on FHA-Insured Mortgages to Shut Out Illegal Immigrants
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
‘A welcome development’: As mortgage rates decline for a fifth week, experts say the market has tipped ‘a bit further in favor of buyers’ despite continued ‘affordability hurdles’
Source: Yahoo! --- Mortgage rates continued to weaken for the fifth week in a row, after the Fed announced its seventh rate hike of the year. Sam Khater, Freddie Mac’s chief economist, points to “softer inflation data and a modest shift in the Federal Reserve’s...
Struggling to Pay Your Mortgage? Why You May Want to Sell Your Home ASAP
Source: The Ascent --- These days, inflation is driving living costs upward across the board, and that's put a strain on a lot of people, homeowners included. And so if you're having difficulty keeping up with your mortgage payments, you're no doubt in good company....
After this week’s Fed rate hike, where are mortgage rates headed?
Source: CNN Business --- Washington, DCCNN — The Federal Reserve hiked its benchmark lending rate this week for the seventh time this year, capping a year of intense pressure on the housing market that pushed mortgage rates above 7% for the first time since 2002. But...
Homebuilder Lennar guards against ‘inventory overhang’ as housing market slowdown continues
Source: Yahoo! Finance --- Lennar (LEN) reported a slowdown in new home orders in its fourth-quarter as the housing market remains in correction mode. Lennar said this week new home orders dipped 15% year-over-year in the fourth quarter, reaching 13,200 homes, beating...
On the House: Comparing Different Money-Saving Mortgages That Come With Some Big Catches
Source: realtor.com --- When it comes to making the largest purchase of their lives, most homebuyers would prefer to play it safe in choosing a loan. That’s why fixed-rate mortgages, the gold standard of home loans, have long been the most popular. These 15-, 20-, and...
Mortgage Rates See Largest Monthly Decline Since 2008
Source: U.S. News --- Mortgage rates have fallen every week for the past month, with the average rate on the 30-year fixed mortgage retreating further to 6.65%. Borrowing costs dipped across all fixed-rate mortgage products, including FHA loans, VA loans and 30-year...
Mortgage demand inches higher as interest rates move lower
Source: CNBC News --- After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates. Applications rose 3.2% last week compared with the previous week, according to the Mortgage Bankers...
Mortgage rates drop after CPI report, but the housing market is far from out of the woods
Source: CNBC News --- The average rate on the 30-year fixed mortgage dropped to 6.28% Tuesday, according to Mortgage News Daily. It is now at the lowest level since mid-September. The decline came after a lower-than-expected reading of November’s consumer price...
Real Estate Data: Is Mortgage Demand Falling As Buyers Respond To High Interest Rates, Low Supply?
Source: Forbes --- Key takeaways Mortgage applications fell 1.9% from the previous week for the week ending on December 2, with many potential homebuyers likely waiting to see what the rate hike announcements will be like this week. Mortgage rates fell for the fourth...
Will Mortgage Rates Keep Soaring in 2023?
Source: The Ascent --- There's a reason so many people wanted to buy a home in 2021. Last year, mortgage rates were quite attractive, and even though real estate prices were through the roof, borrowing rates were low enough to make homeownership appealing. This year,...
