Mortgage Industry News
Mortgage Rates Decline to Lowest Level Since April
The 30-year fixed-rate mortgage averaged 6.63% as of Aug. 7, down from last week when it averaged 6.72%, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). A year ago at this time, it averaged 6.47%. The 15-year fixed-rate...
Freddie Mac Expands CHOICEHome Mortgage Program to Single-Section Manufactured Homes
Freddie Mac (OTCQB: FMCC) announced the expansion of its CHOICEHome conventional financing options to include modern single-section manufactured homes. Previously, Freddie Mac provided multi-section factory-built homes with a 3% down payment option. As of today,...
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
Mortgage Application Activity Down for Sixth Straight Week
The average loan size on a refinance application dropped below $300,000. Continue Reading Mortgage Application Activity Down for Sixth Straight Week
CFPB in Settlement with Townstone Financial Over Alleged Chicago Redlining
“This case should never have been brought,” said Steve Simpson of the Pacific Legal Foundation. Continue Reading CFPB in Settlement with Townstone Financial Over Alleged Chicago Redlining
Mortgage Rates Fall Slightly, Economic Data In Line With Expectations
Source: Zillow --- Economic data releases last week were largely in line with expectations, with GDP declining slightly in the first quarter, price indicators showing continued inflation and jobless claims highlighting continued tightness in labor markets. New home...
Here’s what the Fed’s half-point rate hike means for your money
Source: CNBC --- The Federal Reserve raised its target federal funds rate by a half point at the end of its two-day meeting Wednesday, notching the largest increase in the benchmark in more than 20 years. “The Federal Reserve is behind the curve,” said Greg McBride,...
Fed hikes benchmark interest rate by another 50 basis points
Source: Scotsman Guide --- The Federal Reserve has raised benchmark interest rates by 0.5 of a percentage point, the largest such increase in 22 years. The central bank announced the hike after the Wednesday meeting of its Federal Open Market Committee (FOMC) as the...
U.S. Home Price Growth Exceeds 20 Percent Annually in March
Source: World Property Journal --- According to CoreLogic's latest CoreLogic Home Price Index and Forecast for March 2022, U.S. home prices continued to post significant year-over-year gains in March 2022, up by 20.9%, another record high. Even with the past year's...
Opinion: Former Freddie Mac CEO lashes out at mortgage lenders
Source: Housing Wire --- Don Layton, the former CEO of Freddie Mac recently penned what can only be described as an attack piece on mortgage originators from his seat as a fellow at the JCHS, Harvard’s Joint Center For Housing Studies. But what Mr. Layton has done is...
Mortgage Rates Started Higher, But Improved After Fed Announcement
Source: Mortgage News Daily --- Today brought the much-anticipated policy announcement from the Federal Reserve. Many people mistakenly believe that the Fed's present day decisions to hike/cut its policy rate (the "Fed Funds Rate") are important to financial markets,...
Fed raises interest rates by 0.50%, largest move since 2000
Source: Yahoo Finance --- The Federal Reserve on Wednesday raised short-term interest rates by 0.50%, as part of an effort to tamp down the inflationary pressures weighing on Americans. The central bank suggested that it will further raise borrowing costs throughout...
How and Why to Refinance Your Mortgage
Source: Nerdwallet --- Definition of mortgage refinance A mortgage refinance replaces your current home loan with a new one. Often people refinance to reduce the interest rate, cut monthly payments or tap into their home’s equity. Others refinance a home to pay off...
Home Buyers Are Finding Ways to Take the Sting Out of Rising Mortgage Rates
Source: Realtor.com --- Mortgage rates are at their highest level in more than a decade. Home buyers are fighting back. More borrowers are paying fees to cut their interest rates and making higher down payments to lower the amount they have to finance, lenders and...
Real estate expert on whether home prices could come down amid Fed rate hikes
Source: Fox Business --- First American Financial Corporation chief economist Mark Fleming discussed where he believes home prices are going amid expected rate hikes from the Federal Reserve as a way to tame surging inflation. Fleming, who leads an economics team...
