Mortgage Industry News
Mortgage Application Activity Inches Up Again
The FHA share of total applications decreased to 18.7% from 19% the week prior. Continue Reading Mortgage Application Activity Inches Up Again
Mortgage Rates on the Rise Again
The 30-year fixed-rate mortgage averaged 6.75% as of July 17. Continue Reading Mortgage Rates on the Rise Again
Chrissi Rhea, Co-Founder and Chief Executive of Mortgage Investors Group, Passes Away
“She was the epitome of selflessness, giving not only her money but her time and gifts,” said her son, Kevin Rhea. Continue Reading Chrissi Rhea, Co-Founder and Chief Executive of Mortgage Investors Group, Passes Away
Mortgage Delinquency Rate Up Slightly from Last Year
The effects of Hurricanes Helene and Milton will likely impact the next quarterly report. Continue Reading Mortgage Delinquency Rate Up Slightly from Last Year
Mortgage Rates Up for Sixth Straight Week
The 30-year fixed-rate mortgage averaged 6.79% as of Nov. 7. Continue Reading Mortgage Rates Up for Sixth Straight Week
Inflation surge puts pressure on mortgage rates
Source: Bankrate --- Inflation jumped to an annual rate of 8.6 percent in May, the U.S. Labor Department said Friday. That’s one of the loftiest levels since the stagflation days of the early 1980s — and the hot reading means mortgage rates are likely to keep rising...
Prepare yourself: ‘The U.S. housing market is at the beginning stages of the most significant contraction in activity since 2006’
Source: Market Watch --- The U.S. housing sector is in the midst of the biggest slowdown in over a decade, one economist says. But don’t expect prices to fall back down to earth just yet. “The U.S. housing market is at the beginning stages of the most significant...
Mortgage prepayments have fallen 62% from a year ago. This is what that says about the housing market.
Source: Market Watch --- Mortgage prepayment activity fell 19.1% just from March to April and 61.8% from a year ago, according to research from mortgage data and analytics company Black Knight. Why is prepayment activity down so drastically? It’s driven in large part...
What Is Private Mortgage Insurance? Here’s Everything Homebuyers Need to Know
Source: CNET --- If you make a down payment of less than 20% on your home, you'll probably have to purchase private mortgage insurance. When you make a smaller down payment, lenders tend to consider you a higher-risk candidate for a mortgage, and the PMI requirement...
It all Matters
Debbie Bloyd is a contributing author to Weekly Real Estate News and can be contacted at 469-768-0337 or [email protected] Yesterday was maddening! I spent a lot of time on the phone with a client and his mom. Another first-time homebuyer with too much help...
What Are the Best Options for Today’s First-Time Homebuyers?
Source: Keeping Current Matters --- If you’re looking to buy your first home, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a home than it did even just a few months ago. But that...
U.S. Mortgage Lending Dives 32 Percent in Q1, Fastest Decline in 8 Years
Source: World Property Journal --- Based on ATTOM's first-quarter 2022 U.S. Residential Property Mortgage Origination Report, 2.71 million mortgages secured by residential property (1 to 4 units) originated in the first quarter of 2022 in the United States. That...
Would-Be Homebuyers Feeling Squeeze of Higher Home Prices and Mortgage Rates
Source: Fannie Mae --- WASHINGTON, DC – The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) remained relatively flat in May, decreasing by only 0.3 points but inching nearer its 10-year- and pandemic-low of 63.0 from April 2020. Surveyed consumers...
Over Half of U.S. Buyers Report Crying While Looking for a Home in 2022
Source: World Property Journal --- According to a new Zillow survey, over 50% of U.S. home buyers say the process left them in tears, with Gen Zers and millennials -- many of whom are first-time home buyers - far more likely to cry at least once during their...
Home Affordability Has ‘Collapsed’ in 2022. What To Expect Next, According to BofA
Source: Realtor --- The double whammy of surging mortgage rates and skyrocketing home prices has led to “collapsed” housing affordability in America, according to Chris Flanagan’s team at BofA Global Research. The situation has gotten so bad that it now compares to...
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