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Ally Financial to End Mortgage Originations
The digital-only bank’s layoffs will affect less than 5% of its workforce. Continue Reading Ally Financial to End Mortgage Originations
Mortgage Application Activity Starts 2025 in Decline
The Refinance Index increased 2% from the previous week and was 6% lower than the same week one year ago. Continue Reading Mortgage Application Activity Starts 2025 in Decline
Additional Reading: Top Mortgage Industry News & Headlines
Refinancing Drives Uptick in Mortgage Application Activity
“VA refinances had a double-digit increase for the third consecutive week,” said MBA’s Joel Kan. Continue Reading Refinancing Drives Uptick in Mortgage Application Activity
VA to Publish Circular Addressing Buyer Commission Policy
The circular is planned to be issued by June 12. Continue Reading VA to Publish Circular Addressing Buyer Commission Policy
Share of Mortgages in Forbearance at 0.22%
Last month, the share of Fannie Mae and Freddie Mac loans in forbearance declined 1 basis point to 0.11%. Continue Reading Share of Mortgages in Forbearance at 0.22%
Latest mortgage news: After flirting with 6%, rates retreat
Source: Bankrate --- In a reversal from the rapid rise in recent weeks, the average rate on 30-year mortgages dipped to 5.85 percent this week from 5.91 last week, according to Bankrate’s national survey of large lenders. The Federal Reserve raised...
Worst Housing Affordability” since 1991 excluding Bubble; Real House Prices and Price-to-Rent Ratio in April
Source: Calculated Risk Blog --- I’ve put together my own affordability index - since 1976 - that is similar to the FirstAm approach (more of a house price index adjusted by mortgage rates and the median household income). I used median income from the Census...
What Is a 10-Year Adjustable-Rate Mortgage?
Source: Nerdwallet --- A 10-year adjustable-rate mortgage offers a fixed rate for the first 10 years of the loan. After that, the interest rate resets every six months. Many homeowners opt to refinance or sell their property before the rate starts to change. So why...
Divorce and your mortgage: Here’s what to know
Source: Bankrate --- One of the biggest decisions divorcing couples face is what to do with the marital home. If the breakup is acrimonious, trying to agree on the house and the mortgage can be a nightmare. The options for divorcing couples depend on a number of...
Home Prices Still Surging, But Today’s Data is For April
Source: Mortgage News Daily --- It's one of the perennial "yeah buts" of the two largest and most widely-cited home price indices: there data is always about 2 months old by the time it comes out. This is the nature of home price reporting. It doesn't mean the data...
Metros with the most mortgage-burdened homeowners
Source: Fox 5 --- Roughly half of all Americans agree a lack of affordable housing in their city is a major problem, according to a 2021 Pew Research Center survey. Pew also found a proportion of Americans concerned about dwindling housing affordability has grown in...
Mortgage Lenders Turn ‘Desperate’ as Soaring Rates Roil Industry
Source: Bloomberg --- Danny Meier had one of the busiest years of his career in 2021. The 36-year-old closed roughly $799 million worth of loans at Academy Mortgage Corp., ranking him among the top producing originators in the US. Now, he’s bracing for a 20% reduction...
Will 40-Year Mortgages Become a Thing? Here’s What Real Estate Experts Say
Source: Apartment Therapy --- A global pandemic followed up by a looming recession is the kind of once-in-a-lifetime double whammy that can really rock your financial confidence. Now, as interest rates spike, it raises the question: Could a 40-year mortgage option...
Mortgage applications rise amid strong demand for ARMs
Source: Realty Biz News --- Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10%...
US housing market price correction to hit ‘coast to coast,’ economist warns
Source: NY Post --- The scorching pandemic-era US housing market is on the verge of a “coast to coast” price correction as the Federal Reserve hikes interest rates, a prominent economist warned this week. Mark Zandi, chief economist at Moody’s Analytics, said his firm...
