Mortgage Industry News
United Wholesale Mortgage in AI Partnership with Google Cloud
UWM will integrate Google Cloud AI and machine learning tools into its lending platform. Continue Reading United Wholesale Mortgage in AI Partnership with Google Cloud
Start-Up to Offer Continuing Education and Training for Mortgage Professionals
Next Level Education was co-founded by longtime mortgage industry professionals JR Huber and Debbie Gadberry. Continue Reading Start-Up to Offer Continuing Education and Training for Mortgage Professionals
Mortgage Rates Plunge to Lowest Level in Over a Year
The 30-year fixed-rate mortgage averaged 6.47% as of Aug. 8. Continue Reading Mortgage Rates Plunge to Lowest Level in Over a Year
Mortgage Application Activity Up by 7%
The adjustable-rate mortgage share of activity increased to 6.3% of total applications. Continue Reading Mortgage Application Activity Up by 7%
NY Fed: Q2 Mortgage Debt Reached $12.52 Trillion
Early delinquency transition rates for mortgages increased by 0.1 percentage point. Continue Reading NY Fed: Q2 Mortgage Debt Reached $12.52 Trillion
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....
Fed hikes rates by 75 bps, the largest increase since 1994
Source: Housing Wire --- The Federal Reserve (Fed) on Wednesday did something it hadn’t done in more than two decades: it raised the federal funds rate by 75 basis points, to 1.50-1.75%, a hike not seen since 1994. The decision, designed to slow the pace of...
Fed’s biggest rate hike since 1994 means millions more homebuyers may be priced out of the housing market
Source: MarketWatch --- Pity those first-time house buyers. On Wednesday, the U.S. Federal Reserve raised the benchmark interest rate by 75 basis points to a 1.5% to 1.75% range, the biggest increase since 1994 as it tries to tame rising inflation, which has reached a...
Today’s mortgage refinance rates increase : June 14, 2022
Source: Bankrate --- Several benchmark mortgage refi rates floated higher today, June 14th, according to data compiled by Bankrate. 30-year fixed refinance rate: 5.89%, +0.38 vs. a week ago 15-year fixed refinance rate: 5.05%, +0.34 vs. a week ago 10-year fixed...
I’m the Chief Economist for the National Association of Realtors. Here Are 6 Things To Know About the Housing Market Now
Source: Realtor --- As mortgage rates inch upwards (you can see the lowest mortgage rates you may qualify for here) and home prices keep climbing, many aspiring buyers are wondering: What should I know about the housing market now? So—as part of our series where we...
