Mortgage Industry News
Mortgage Rates at Highest Peak in Almost 23 Years
The 30-year fixed-rate mortgage averaged 7.31% as of Sept. 28, up from last week when it averaged 7.19%. Continue Reading Mortgage Rates at Highest Peak in Almost 23 Years
CFPB Mortgage Report: Higher Closing Costs, More Denials for Insufficient Income
Average monthly mortgage payments increased more than 46% last year, from $1,400 in December 2021 to $2,045 in December 2022. Continue Reading CFPB Mortgage Report: Higher Closing Costs, More Denials for Insufficient Income
Higher mortgage rates depress U.S. single-family housing starts, building permits
Source: Reuters --- WASHINGTON, Dec 20 (Reuters) - U.S. single-family homebuilding tumbled to a 2-1/2-year low in November and permits for future construction plunged as higher mortgage rates continued to depress housing market activity. The dour report from the...
What You Need to Earn to Buy a Home in the Largest U.S. Cities
Source: New York Times --- As prices rise, higher mortgage payments follow, and after nearly three years of rapid home appreciation during the pandemic, qualifying for a home loan is more difficult than ever. Today’s buyers also face the additional cost of rising...
Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September
Source: CNBC --- Mortgage interest rates dropped again last week, and while that did little to bolster demand from homebuyers, it did send homeowners looking for savings on their monthly payments. Applications to refinance a home loan jumped 6% last week from the...
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