Mortgage Industry News
30-Year Fixed-Rate Mortgage Downticks to 10-Month Low
The 15-year fixed-rate mortgage averaged 5.69%, unchanged from last week. Continue Reading 30-Year Fixed-Rate Mortgage Downticks to 10-Month Low
Median Mortgage Payments Down Slightly in July
“Affordability conditions have now improved for two consecutive months,” said MBA’s Edward Seiler. Continue Reading Median Mortgage Payments Down Slightly in July
Georgia Woman Pleads Guilty for Role in 3-Year Mortgage Fraud Scheme
Kimberly Johnson is scheduled to be sentenced on April 11. Continue Reading Georgia Woman Pleads Guilty for Role in 3-Year Mortgage Fraud Scheme
Mortgage Credit Availability Inched Up in December
The MBA’s Mortgage Credit Availability Index (MCAI) was up by 0.7% to 96.6. Continue Reading Mortgage Credit Availability Inched Up in December
Teresa Carlile Named President at Ridgeland Mortgage
Carlile was previously operations manager for business insurance at Travelers. Continue Reading Teresa Carlile Named President at Ridgeland Mortgage
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...
These 40 ‘overvalued’ housing markets could see 15% to 20% home price declines if a recession hits
Source: Fortune --- Unlike the housing bubble that popped in 2008, the pandemic housing boom isn’t underpinned by a frenzy of speculation, Moody’s Analytics chief economist Mark Zandi says. While home flipping has certainly ticked up during the pandemic, he says, we...
Bad Inflation Reports Raise Odds of Surprise 0.75-Percentage-Point Rate Rise This Week
Source: The Wall Street Journal --- A string of troubling inflation reports in recent days is likely to lead Federal Reserve officials to consider surprising markets with a larger-than-expected 0.75-percentage-point interest rate increase at their meeting this 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...
