Mortgage Industry News
Mortgage Rates Continue Their Decline
The 30-year fixed-rate mortgage averaged 6.76% as of May 1, down from last week when it averaged 6.81%. Continue Reading Mortgage Rates Continue Their Decline
Mortgage Application Activity Remains Weak
The seasonally adjusted Purchase Index was down by 4% from one week earlier while the unadjusted index fell 3%. Continue Reading Mortgage Application Activity Remains Weak
Number of Loans in Forbearance Up in August
The share of Fannie Mae and Freddie Mac loans in forbearance increased 1 basis point to 0.13% in August. Continue Reading Number of Loans in Forbearance Up in August
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
Falling home prices? This interactive map shows the statistical odds of it occurring in your local housing market
Source: Fortune --- Talk about a 180. Not only has the Pandemic Housing Boom—which pushed U.S. home prices up 42% over the past two years—fizzled out, but we've seen it replaced by a "housing recession." Across the nation, home sales are plummeting and inventory...
Don’t look now, but the housing market is slowing down. What it means for you
Source: Miami Herald --- The tea leaves are lining up in favor of homebuyers who can afford today’s higher mortgage rates. Multiple sources indicate that more and more people are canceling their home purchases because rates have moved beyond their reach — a situation...
How the Fed’s escalating fight against inflation is hitting the hot housing market
Source: CNBC --- The Covid-19 pandemic caused chaos in the U.S. housing market, with prices skyrocketing, inventories dwindling and intense bidding wars. Then came record inflation, which drove the price of everything higher. The U.S. Federal Reserve, though, is...
Housing market enters recession territory. Here’s what that means
Source: Deseret News --- If you’ve been paying attention to the U.S. housing market, you’ve likely seen words like “correction” and “recession” crop up more and more. Earlier this week, National Association of Home Builders CEO Jerry Howard warned on Fox Business’...
Colorado, Utah, Idaho metros had the biggest share of sellers dropping home prices in June
Source: Fox Business --- A recent report by Redfin indicated over 25% of home sellers in three-quarters of metros tracked by the brokerage nationwide dropped their asking prices in June. In some areas, more than 60% of sellers dropped their prices which, according to...
Biggest Drop of The Week; Lowest Rates Since Early June
Source: Mortgage News Daily --- The market came into the week with a big focus on the scheduled policy announcement from the European Central Bank (ECB). While our focus remains on mortgage rates in an entirely different continent, major goings on in European markets...
Think Home Prices Are Going To Fall? Think Again
Source: Keeping Current Matters --- Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the...
When does refinancing into a 15-year mortgage make sense?
Source: Bankrate --- Many homeowners choose to refinance from a 30-year fixed-rate mortgage to a fresh 30-year equivalent. While this can lower your monthly payment, it adds extra years to the total period of time you’ll be financing your home. That means you’ll pay...
Mortgage Rates Hit 2 Week Lows
Source: Mortgage News Daily --- Thursday brought the much-anticipated policy announcement from the European Central Bank (ECB). While our focus remains on mortgage rates in an entirely different continent, major goings on in European markets almost always have an...
Can renters still become homeowners? This senator says it’s tough to see how they ‘will ever catch up’
Source: Marketwatch --- Tenants are caught between too-high rents and too-high homeownership costs, depriving them of the American Dream. That was the bleak picture lawmakers and housing experts painted of America’s renters at a congressional hearing Thursday. The...
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