Mortgage Industry News
Mortgage Rates Take Another Drop
The 30-year fixed-rate mortgage averaged 6.60% as of Dec. 12. Continue Reading Mortgage Rates Take Another Drop
Refinance Surge Drives Up Mortgage Applications
The Refinance Index enjoyed a 27% bump-up from the previous week and was 42% higher than the same week one year ago. Continue Reading Refinance Surge Drives Up Mortgage Applications
FHA Raises Loan Limits for Manufactured Homes
The FHA said it will recalculate the program’s loan limits on an annual basis to keep pace with changing home prices. Continue Reading FHA Raises Loan Limits for Manufactured Homes
IMBs Recorded Net Production Losses in Q4 2023
“The fourth quarter of 2023 was about as challenging as it could get for mortgage lenders to generate a production profit,” said MBA’s Marina Walsh. Continue Reading IMBs Recorded Net Production Losses in Q4 2023
Mortgage Rates Drop Again
The 30-year fixed-rate mortgage averaged 6.74% as of March 14, down from last week when it averaged 6.88%. Continue Reading Mortgage Rates Drop Again
Inflation keeping house prices high, even with rising mortgage rates
Source: yahoo!finance --- If you're a homebuyer hoping for a break on home sale prices amid rising mortgage rates, it's likely not happening this year, or next. Aside from record-low inventory, a big culprit for even higher home prices points to inflation. "It'll...
Long-term U.S. mortgage rates jump significantly
Source: RealEstate --- WASHINGTON (AP) — Average long-term U.S. mortgage rates continued to rise this week. The rate on the benchmark 30-year loan breached 3.5%. Home loan rates have been running in recent weeks at levels not seen since early 2020, when the...
1 in 10 Homebuyers & Sellers Say Climate Risk is Main Reason For Move: Redfin Survey
Source: Redfin News --- One in 10 homebuyers and sellers say climate-related risks—hurricanes, flooding, wildfires, extreme temperatures and/or rising sea levels—are the primary reason for their move, and 39% say they’re a contributing factor. That’s according to a...
Another foray into the frontier: Digital bank announces crypto mortgage product
Source: Scotsman Guide --- Another company is testing the waters of cryptocurrency within the real estate lending realm as Miami-based digital bank Milo announced a new crypto mortgage product. Touting “the world’s first crypto mortgage offering,” Milo said that its...
Mortgage apps up 2.3% with new record average loan size
Source: Housing Wire --- Mortgage applications increased 2.3% from the previous week, largely due to a strong purchase market, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 14. The seasonally adjusted Purchase Index rose 7.9% from...
3 in 5 Home Offers Faced Bidding Wars in December, Even Amid Holiday Slowdown
Source: Redfin News --- Nationwide, 59.6% of home offers written by Redfin agents faced bidding wars in December 2021, the lowest share in 12 months. That’s down from a revised rate of 61.3% in November, but up from 54% in December 2020. An offer is considered part of...
Rising mortgage credit availability to help offset rising rates
Source: WTOP News --- Banks and other lending institutions clamped down on lending standards when the pandemic hit, but mortgage credit availability has been easing in recent months. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose 0.8% in...
SRE TECHNOLOGIES SPENDING MONEY TO ATTRACT BORROWERS TO NEW PORTAL
SOURCE: EIN PRESSWIRE SRE Technologies, Based in Torrance, Calif., has completed work on the company’s online destination for home buyers and sellers and are now promoting the offering to consumers in markets across the state of Utah. The company’s new web portal is...
How Much Will Today’s Median Home Price—$375K—Really Get You Across the U.S.?
Source: Realtor.com --- Homebuyers these days are one stressed-out group, and they have plenty of questions. They want to know how high mortgage rates will rise. How to win insane bidding wars. Whether to join the suburban rush or the big-city retreat. Whether the...
How much do you have to earn to afford Salt Lake County’s median-priced home?
Source: KSL.com --- SALT LAKE CITY — In a matter of six years, the annual income needed in order to afford a median-priced home in Salt Lake County has nearly doubled. Let that sink in. In 2015, a median-priced home in Salt Lake County cost about $248,400. The annual...
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