Mortgage Industry News
Mortgage Application Activity Up 11.2%
The VA share of total applications increased to 15.9% from 14.6% from the week before. Continue Reading Mortgage Application Activity Up 11.2%
Foreclosure Activity Up During February
Lenders started the foreclosure process on 22,730 residential properties in February. Continue Reading Foreclosure Activity Up During February
Mortgage Application Activity Takes a Downturn
The seasonally adjusted Purchase Index increased 1% from one week earlier, but the unadjusted index fell by 19%. Continue Reading Mortgage Application Activity Takes a Downturn
FHA Updates 203(k) Program for Home Repair Financing
“The changes we are announcing today for the 203(k) program are long overdue,” said FHA Commissioner Julia Gordon. Continue Reading FHA Updates 203(k) Program for Home Repair Financing
EMM Loans and Calque to Offer The Trade-In Mortgage
The product will be offered by EMM Loans and its DBAs – Ideal Mortgage Group, Maximus Mortgage Advisors and Fidelity Lending LLC. Continue Reading EMM Loans and Calque to Offer The Trade-In Mortgage
Housing industry insider warns market seeing signs of a ‘real slowdown’
Source: Fox Business --- The National Association of Home Builders warned on Wednesday that soaring inflation and higher mortgage rates are slowing home sales, with CEO Jerry Howard calling the combination a "perfect storm." Howard told "Varney & Co." on Wednesday...
The Fed plans to ‘reset’ the housing market—raising the likelihood of falling home prices
Source: Fortune --- It’s not just about how expensive housing became—it’s how fast it got there. It only took 24 months for U.S. home prices to soar a staggering 37%. For comparison, the biggest two-year spike leading into the 2008 housing crash was 29%. Heading into...
Utah housing prices soar to new records, but is a buyer’s market coming?
Source: KUTV --- SALT LAKE CITY (KUTV) — Housing prices along the Wasatch Front have soared to record levels yet again. New numbers from UtahRealEstate.com, provided to KUTV 2News by the Salt Lake Board of Realtors, show the median sales price for a single-family home...
Housing Market Update: Share of Homes with Price Drops Reaches New High as Mortgage Rates Top 2008 Levels
Source: Redfin --- The highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates shot up to levels not seen since 2008, dwindling the pool of home shoppers. Still, homebuying has never been more expensive. The...
Homebuilder sentiment drops to lowest level in two years as housing demand slows
Source: CNBC --- Sentiment among the nation’s homebuilders fell for the sixth straight month to the lowest level since June 2020, when the economy was grappling with shutdowns stemming from the Covid pandemic. The National Association of Home Builders/Wells Fargo...
What the Fed’s rate increase means for mortgages.
Source: New York Times --- What does the Fed’s decision to raise its key interest rate by three-quarters of a percentage point mean for mortgages? [Here’s what the Fed’s decision means for credit cards, car loans and student loans.] Rates on 30-year fixed mortgages...
Mortgage Rates Drop Sharply After Fed Announcement
Source: Mortgage News Daily --- The pace of the spike in mortgage rates over the past several days has been nothing but staggering--especially considering it began when rates were already near their highest levels in more than a decade. From an average level of 5.55%...
Here’s what the Federal Reserve’s 0.75 percentage point rate hike — the highest in 28 years — means for you
Source: CNBC --- The Federal Reserve raised its target federal funds rate by 0.75 percentage points, the largest increase in nearly three decades, at the end of its two-day meeting Wednesday, in an effort to quell runaway inflation. “We at the Fed understand the...
The Fed plans to ‘reset’ the housing market—raising the likelihood of falling home prices
Source: Fortune --- It’s not just about how expensive housing became—it’s how fast it got there. It only took 24 months for U.S. home prices to soar a staggering 37%. For comparison, the biggest two-year spike leading into the 2008 housing crash was 29%. Heading into...
How High Can Mortgage Rates Go? We’re About To Find Out
Source: Realtor --- Homebuyers received yet another shock this week as mortgage interest rates shot up suddenly. Rates blew well past 6% in a blow to buyers struggling with record-high and ever-increasing home prices. The increases were in anticipation of the U.S....
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