Mortgage Industry News
Mortgage Application Activity Soars by 33%
The Refinance Index increased 44% from the previous week and was 22% higher than the same week one year ago. Continue Reading Mortgage Application Activity Soars by 33%
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
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
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...
Mortgage Rates Are Surging, Hitting Highest Point Since March 2020. Will Home Prices Have To Fall?
Source: Realtor.com --- Buying a home just became a lot more expensive—and it’s expected to only get worse in the coming months. Mortgage interest rates surged to their highest point since March 2020—the earliest days of the coronavirus pandemic—indicating that the...
ATTOM: Foreclosure Activity Hit All-Time Low In 2021
Source: National Mortgage Professional --- Foreclosure filings — including default notices, scheduled auctions, and bank repossessions — were reported on 151,153 U.S. properties in 2021, down 29 percent from 2020 and down 95 percent from a peak of nearly 2.9 million...
Rising mortgage rates could slow house price surge
Source: Axios --- Mortgage rates have jumped to their highest level since early 2020. Why it matters: The rising cost of home loans could slow the booming American market for residential real estate. State of play: Across the country, house prices have exploded over...
Housing Market Update: Home Prices Start New Year at New High
Source: Redfin News--- The median home sale price surged 16% year over year during the week ending January 9 to an all-time high of $365,000. Prices keep climbing because the supply drought keeps deepening while demand increases. The number of homes for sale fell to a...
Black Mortgage Applicants Denied 84% More Often than White Borrowers
Source: Zillow --- The Black homeownership rate has rebounded modestly from recent lows, but remains below its early 2000s peak as racial disparities in the mortgage and housing markets widened throughout the early part of the pandemic, according to a Zillow analysis...
Mortgage rates surge to highest level since May 2020
Source: Fox Business --- Mortgage rates surged at the start of 2022 to the highest level in nearly two years as markets reacted to the news that the Federal Reserve is considering raising rates soon, according to the latest data from Freddie Mac. The 30-year...
A pickup in purchases or a sales slowdown? Experts split on what to expect
Source: Scotsman Guide --- Will an influx of new inventory push home sales in 2022, or will falling affordability push buyers to the sidelines and dampen activity? A new Zillow poll has revealed that economists and housing industry observers are split on where the...
Purchase loans drive mortgage applications higher
Source: Housing Wire --- Mortgage applications climbed 1.4% for the week ending Jan. 7, 2022, according to a survey published by the Mortgage Bankers Association this week. The growth was buoyed by a 2% increase in the trade group’s seasonally adjusted purchase index,...
Fear of even higher mortgage rates may be heating up winter homebuying
Source: CNBC --- Mortgage rates have moved to their highest level in more than a year, and that may have potential homebuyers nervous that their affordability window is closing faster than expected. Home prices are still gaining, and winter is historically the slowest...
