Mortgage Industry News
Zillow Sued Over Alleged Mortgage Steering
The lawsuit seeks to expand into a class action case that would cover all US homebuyers directed by a Zillow-affiliated agent into using the company’s mortgage services. Continue Reading Zillow Sued Over Alleged Mortgage Steering
Bloom Finance Company Debuts Reverse Mortgage with Lifetime Fixed Interest Rate
The new product is designed to protect seniors by eliminating uncertainty from interest rate changes and renewal premiums. Continue Reading Bloom Finance Company Debuts Reverse Mortgage with Lifetime Fixed Interest Rate
Premier Mortgage Resources Debuts Specialty Products Division
“The mortgage landscape is evolving, and so are the needs of our clients,” said Cory Swain, CEO. Continue Reading Premier Mortgage Resources Debuts Specialty Products Division
Virginia Homebuilders Partner on New Mortgage Lending Joint Venture
According to the companies, M2B Mortgage was created to “provide a more personalized, streamlined, and reliable lending experience.” Continue Reading Virginia Homebuilders Partner on New Mortgage Lending Joint Venture
Fairway Independent Mortgage Acquires Hallmark Home Mortgage
The acquired company will become Hallmark Home Mortgage, Powered by Fairway. Continue Reading Fairway Independent Mortgage Acquires Hallmark Home Mortgage
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,...
Mortgages Have Gotten Expensive — but Here’s One Way You Can Save
Source: Nasdaq --- For much of 2021, it was more than possible to sign a 30-year mortgage at under or around 3%. But those days are long gone. Mortgage rates have risen at a rapid clip since the start of 2022. And at this point, borrowers are looking at somewhere in...
How do you refinance your mortgage?
Source: CBS News --- Refinancing your mortgage essentially means replacing it. You get a new loan, ideally one with more favorable terms, use it to pay off the old one, and voila — you've refinanced. Homeowners often refinance to lower their interest rate, reduce...
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