Mortgage Industry News
Mortgage Rates at Highest Level Since July
The 30-year fixed-rate mortgage averaged 6.91% as of Jan. 2. Continue Reading Mortgage Rates at Highest Level Since July
Mortgage Applications Down Over a Two-Week Period
The refinance share of mortgage activity decreased to 39.4% of total applications from 44.3% the previous week. Continue Reading Mortgage Applications Down Over a Two-Week Period
Rocket Mortgage Unveils AI-Driven Rocket Logic Platform
The platform combines insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with deep learning and generative AI systems. Continue Reading Rocket Mortgage Unveils AI-Driven Rocket Logic Platform
Fannie Mae: Homebuyers Are Adjusting to Higher Mortgage Rates
“Some households appear to be moving past the hurdle of last year’s sharp jump in rates,” said Fannie Mae’s Doug Duncan. Continue Reading Fannie Mae: Homebuyers Are Adjusting to Higher Mortgage Rates
Mortgage Rates Still Hovering Near the 7% Level
“We do not expect rates will decrease meaningfully in the near-term,” said Freddie Mac’s Sam Khater. Continue Reading Mortgage Rates Still Hovering Near the 7% Level
‘The major question is whether rising rates will quench housing demand’: Existing-home sales surge higher, but could be set for a downturn
Source: Market Watch --- The numbers: Existing-home sales increased by nearly 7% between December and January, hitting a seasonally-adjusted, annual rate of 6.5 million, the National Association of Realtors said Friday. Compared to a year ago, sales were down more...
Blowing the Whistle
Source: Scotsman Guide --- As a nearly $9 million settlement between federal regulators and Trustmark National Bank makes painfully evident, few things present more unwelcome press for mortgage bankers and servicers than accusations of redlining or discrimination....
Thriving cities in Utah’s housing market. Do I keep looking even during the housing shortage?
Source: ABC 4 --- As of today, Utah has a housing shortage of 44,500 units. Should you keep trying to get into a home? Ace Allack of People’s Home Equity, has served as President of Salt Lake Home Builders Association and has insight into what makes our market tick....
A New Bill Could Shield New Yorkers from Steep Rent Increases
Source: Thrillist --- With New York City rent prices recently seeing their biggest increase in over a decade, many New Yorkers are looking for any way they can to save on rent. A new bill under consideration in the state legislature could provide help by setting rent...
Are Closing Costs Tax Deductible?
Source: House Logic --- The answer to whether closing costs are tax deductible -- or mortgage interest and property taxes for that matter -- is often maddeningly, “It depends." Basically, you'll want to itemize if you have deductions totaling more than the standard...
Mortgage stimulus for homeowners in each state explained – can you get up to $80,000?
Source: The U.S. Sun --- The American Rescue Plan Act set aside stimulus money for states to help people at risk of losing their homes. This is known as the Homeowner Assistance Fund (HAF), which provides nearly $10 billion for states and other US territories. All...
Why mortgage rates just crossed 4%, and what you can do about it
Source: Bankrate --- In early 2021, mortgage rates blew through the 3 percent threshold. Now, with the coronavirus pandemic mostly under control but inflation raging out of control, rates have topped 4 percent. After hitting an all-time low in January 2021, mortgage...
The average size of a new mortgage just set a record, as home prices continue to climb
Source: CNBC --- Homebuyers are facing one of the priciest housing markets in history, and that means they need larger mortgages than ever before. While mortgage demand is falling, due to rising interest rates, the size of the average purchase loan application just...
Servicing platforms for mortgage lenders will be buffer for rising rates, says Argus’ Heal
Source: CNBC --- Kevin Heal, Argus Research, joins ‘Power Lunch’ to discuss which mortgage lending stocks are best set up for growth and how rising interest rates will affect the sector.
Is Costco Good for Mortgages?
Source: US News --- Costco is known for selling jumbo quantities of food and toiletries, rotisserie chickens and pizza, and furniture and large appliances from its warehouse-style stores across the country. The members-only wholesale chain also offers something even...
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