Mortgage Industry News
Average mortgage debt rose 14% over the past 5 years
Source: Rome News Tribune --- The average mortgage debt held by American homeowners has risen 14%, according to Experian data. At the end of 2021, the average mortgage balance was $223,952 in the U.S., up from an average of $196,403 for the same time period in 2017. ...
Half of America has no idea what a mortgage actually is
Source: SWNS Digital --- Half of America has no idea what a mortgage actually is, new research suggests. That’s according to a recent survey that asked 2,000 Americans, 73% of them homeowners, to test their knowledge of both the housing market and financial lending...
Mortgage rates remain under 3 percent for third week in a row
Source:The Washington Post --- At the start of the year, it looked like mortgage rates were headed nowhere but up. But lately, they have backslid. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 2.96 percent...
Desperate buyers are going to extremes to land a home
Source: CNN --- With the inventory of homes for sale historically low and prices higher than ever, the battle to buy a home has been taken to a whole new level. The number of available homes to buy in April dropped by 40% from a year ago and 50% from 2019, according...
What Is a Wraparound Loan, and Is It Right for You?
Source: Realtor . Com --- While home buyers might hope that they will qualify for a mortgage from the usual financial institutions, like a bank, they may find that their spotty credit score is an obstacle that prevents them from qualifying. What then? One Plan B may...
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