Mortgage Industry News
Mortgage Application Activity Drops by Nearly 13%
The Refinance Index plummeted by 21% from the previous week. Continue Reading Mortgage Application Activity Drops by Nearly 13%
MISMO Releases AI Glossary for Mortgage Finance Industry
The glossary will be updated as new AI advancements emerge. Continue Reading MISMO Releases AI Glossary for Mortgage Finance Industry
Lenders Offering Creative Financing Options
To address affordability issues due to higher rates, some lenders are advancing creative financing offers to their borrowers and the real estate agents who serve them. Continue Reading Lenders Offering Creative Financing Options
Mortgage Forbearance Levels Down Slightly in March
The five states with the highest share of loans that were current as a percent of servicing portfolio are Washington, Idaho, Alaska, Oregon, and Colorado. Continue Reading Mortgage Forbearance Levels Down Slightly in March
New Home Purchase Mortgage Applications Surged in March
The average loan size for new homes decreased from $397,516 in February to $381,921 in March. Continue Reading New Home Purchase Mortgage Applications Surged in March
4 Ways to Save Up a Home Down Payment in 2023
Source: The Ascent --- If you're hoping to buy a home in 2023 or soon after, you'll need to get to work on saving up a down payment if you haven't already done so. Most mortgage lenders do require at least a small down payment, and a larger one of 20% of your home's...
After the most recent Fed rate hike, where are mortgage rates headed?
Source: KCRA News --- WASHINGTON — 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 now that...
‘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...
