Mortgage Industry News
What’s Next For UK Mortgage Rates?
Source: Forbes Advisor --- The Bank of England raised interest rates on 15 December from 3.0% to 3.5%. The 0.5 percentage point increase marked the ninth rise since December 2021 when Bank rate stood at just 0.1%. It put the Bank rate at its highest level since 2008...
Can You Afford a House Right Now?
Source: US News --- The Covid-19 pandemic helped spur one of the biggest housing boom cycles in history. In 2020, the Federal Reserve slashed interest rates to zero, dropping mortgage rates into the 2% range. Artificially low numbers coupled with the new remote work...
Prepare yourself: ‘The U.S. housing market is at the beginning stages of the most significant contraction in activity since 2006’
Source: Market Watch --- The U.S. housing sector is in the midst of the biggest slowdown in over a decade, one economist says. But don’t expect prices to fall back down to earth just yet. “The U.S. housing market is at the beginning stages of the most significant...
Mortgage prepayments have fallen 62% from a year ago. This is what that says about the housing market.
Source: Market Watch --- Mortgage prepayment activity fell 19.1% just from March to April and 61.8% from a year ago, according to research from mortgage data and analytics company Black Knight. Why is prepayment activity down so drastically? It’s driven in large part...
What Is Private Mortgage Insurance? Here’s Everything Homebuyers Need to Know
Source: CNET --- If you make a down payment of less than 20% on your home, you'll probably have to purchase private mortgage insurance. When you make a smaller down payment, lenders tend to consider you a higher-risk candidate for a mortgage, and the PMI requirement...
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