Mortgage Industry News
Court Overturns Mortgage Fraud Conviction of Ex-Baltimore State’s Attorney
Marilyn Mosby was Baltimore’s state’s attorney from 2015 to 2023. Continue Reading Court Overturns Mortgage Fraud Conviction of Ex-Baltimore State’s Attorney
Report: Large Banks Originating More ARMs
“Future reset risk is mitigated by large banks’ continued focus on lending to borrowers with high credit scores and low leverage,” the report said. Continue Reading Report: Large Banks Originating More ARMs
Mortgage Application Activity Flattens Out
The refinance share of mortgage activity decreased to 43.1% of total applications. Continue Reading Mortgage Application Activity Flattens Out
Guest Opinion: MBA Chief Broeksmit on the Election and Housing Policy
MBA President and CEO Bob Broeksmit considers housing policy after Election Day. Continue Reading Guest Opinion: MBA Chief Broeksmit on the Election and Housing Policy
Forecast: Mortgage Origination to Reach $2.3 Trillion in 2025
MBA predicts mortgage rates will reach 5.9% by the end of 2025. Continue Reading Forecast: Mortgage Origination to Reach $2.3 Trillion in 2025
Affordability slips again as mortgage application payments rise nearly 9%
Source: Scotsman Guide --- Homebuyer affordability continued to erode in April, with the Mortgage Bankers Association (MBA) reporting that the national median payment applied for by mortgage seekers rose to $1,889. That’s up 8.8% from the $1,736 figure in March and up...
‘Highest and Best’ vs. ‘Best and Final’: A Homebuyer’s Guide to Offers and Winning a Bidding War
Source: Realtor --- There are signs that the housing market is easing off the record-high prices it’s seen during the past few years, but bidding wars for homes are far from over—especially in competitive markets. And the difference between landing your dream home and...
Home Sellers in Migration Hotspots Increasingly Turn to Price Drops
Source: Redfin --- The sudden surge in mortgage rates has reduced homebuyers’ budgets in many markets, forcing sellers to reset their price expectations. Price drops are becoming increasingly common, particularly in relatively affordable places that have seen home...
US mortgage rates see biggest fall for over two years
Source: MPA --- US mortgage rates posted the biggest drop in more than two years, offering homebuyers a slight reprieve from this year’s massive surge in borrowing costs. The average for a 30-year loan declined to 5.10% from 5.25% last week, Freddie Mac said in a...
Housing Market Update: Nearly 1 in 5 Sellers is Dropping Their Price, the Highest Rate Since October 2019
Source: Redfin --- Measures of homebuying competition are plateauing as early-stage demand posts its biggest annual decline since April 2020. However, mortgage rates may have leveled off, which could prevent demand from dropping even further. The housing market is...
The housing market just slid into a full-blown correction, says top economist Mark Zandi
Source: Fortune --- Moody's Analytics chief economist Mark Zandi is ready to call it. He tells Fortune that we've officially moved from a housing boom into a "housing correction." The real estate data rolling in for April and May shows that the U.S. housing market is...
Prequal, Profitability, Due Diligence, Underwriting Tools; FHFA News: Appraisal Management
Source: Mortgage News Daily --- Yesterday I visited Sacramento to speak to an audience of real estate agents and originators in a joint MGIC/Golden 1 Credit Union event. The mood was good, and much of the discussion was about rent (give or take a little, 50 percent...
‘A challenging mortgage market environment’: IMB profits plummet in first quarter
Source: Scotsman Guide --- Independent mortgage banks and mortgage subsidiaries of chartered banks posted a net gain of $223 on each loan they originated in the first quarter, according to the latest Quarterly Mortgage Bankers Performance Report from the Mortgage...
U.S. New Home Sales Dive 27 Percent Year-Over-Year in April
Source: World Property Journal --- According to the National Association of Home Builders, in a further sign of a housing slowdown, new home sales posted a double-digit percentage decline in April 2022, falling to their weakest pace in two years, as rising mortgage...
Why Utah housing market is ‘very low risk’ for price drops — while other parts of the West are ‘high risk’
Source: Deseret --- As rising mortgage rates continue to put pressure on the U.S. housing market and the entire economy, economists and housing researchers are seeing early signs of a cooling market — but a question remains. Is a widespread correction coming to what...
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