Mortgage Industry News
Trump Accuses Sen. Adam Schiff of Mortgage Fraud, Says He ‘Needs to be Brought to Justice’
The Fannie Mae website has no mention of an investigation into Schiff. Continue Reading Trump Accuses Sen. Adam Schiff of Mortgage Fraud, Says He ‘Needs to be Brought to Justice’
Wall Street Journal Slams Trump-Pulte Housing Policies
“Now is not the time for the Administration to ease lending standards,” said the editors. Continue Reading Wall Street Journal Slams Trump-Pulte Housing Policies
Mortgage Rates Hold Steady After Climbing for 6 Weeks
The 30-year fixed-rate mortgage averaged 6.78% as of Nov. 14. Continue Reading Mortgage Rates Hold Steady After Climbing for 6 Weeks
myCUmortgage in New Partnerships with Six Credit Unions
The combined partnerships represent 139,349 credit union members and $2.52 billion in assets. Continue Reading myCUmortgage in New Partnerships with Six Credit Unions
Mortgage Application Activity in Mild Uptick
The seasonally adjusted Purchase Index increased 2% from one week earlier, but the unadjusted index decreased 2%. Continue Reading Mortgage Application Activity in Mild Uptick
Mortgage Rates May Stay on the Up Escalator in July
Source: Nerdwallet --- July mortgage rates forecast Mortgage rates are likely to rise in July, extending a seven-month streak. High inflation, and the Federal Reserve's efforts to control it, have driven mortgage rates upward. The same factors may push them even...
CoreLogic: Another big home-price increase in May, but slowdowns are coming
Source: Scotsman Guide --- CoreLogic’s latest Home Price Insights (HPI) report revealed that home prices nationwide, including distressed sales, rose 20.2% year over year in May — a still-strong annual jump, but one that’s likely to precede a period of slowing price...
Mortgage rate forecast for July 2022: Borrowers feel the heat
Source: Bankrate --- The mercury in your thermometer’s going up, and mortgage rates are also climbing, creating an uncomfortably hot and sticky situation for prospective homebuyers. Currently, the benchmark 30-year fixed mortgage rate is treading close to 6 percent....
Redfin Economist Q&A: How Rising Rates and Economic Uncertainty Could Impact Home Prices, Migration, Rentals and More
Source: Redfin --- Mortgage rates have doubled since the beginning of the year to nearly 6%, taking a toll on affordability and demand. The monthly payment on a $400,000 home rises more than $550 with rates going from 3% to 6%. That increase, along with the slumping...
First American: Housing affordability drops to lowest point since 2007
Source: Scotsman Guide --- The latest Real House Price Index (RHPI) report from First American Financial Corp. offered further confirmation that affordability is one of the U.S. housing market’s biggest issues. The RHPI, which measures the price changes of...
Redfin’s chief economist says the housing market correction has begun—and things are going to get worse before they get better
Source: Fortune --- As summer kicks off, everything is heating up. Everything, it seems, except the housing market. Following a blistering two year tear, real estate firm Redfin is reporting big drops in demand and price cuts becoming the norm in many of the hottest...
Housing Market Update: Asking Prices Come Down from All-Time High
Source: Redfin --- More and more, home sellers are ceding to the mounting pressure on affordability posed by this month’s rapid mortgage-rate hike. The median asking price of newly listed homes is down 1.5% from the all-time high it reached in the spring, and a...
As rates rise and expectations shift, more sellers dropping asking prices
Source: Scotsman Guide --- With affordability hovering around all-time lows and buyer activity on the decline, more and more home sellers are recalibrating their expectations and adjusting their asking prices, according to a new report from Redfin. The median asking...
7 regulation and compliance issues facing the mortgage industry
Source: National Mortgage News --- From a debate on credit scoring models to a CFPB warning to servicers about their handling of Homeowner Assistance funds, there's no shortage of developments at the federal level that stand to impact every day dealings in the...
Families could be offered mortgages of 50 YEARS that they can then pass to their children under plans being considered to help them buy bigger homes
Source: Daily Mail --- Families could be offered mortgages of 50 years or more that can be passed between generations under plans being considered by Boris Johnson. Lenders will be encouraged to let buyers borrow over terms lasting five decades or even longer so they...
