Mortgage Industry News
Commercial and Multifamily Mortgage Debt Outstanding Increased During Q2
The level of commercial/multifamily mortgage debt outstanding reached $4.88 trillion by the end of the second quarter, an increase of $47.1 billion (1%) from the first quarter, according to data from the Mortgage Bankers Association (MBA). Multifamily mortgage debt...
New Pilot Program Aimed at Expanding Homeownership in Detroit
The mortgage product will provide qualified borrowers with up to 40% of a home’s purchase price in down payment assistance without adding any monthly debt. Continue Reading New Pilot Program Aimed at Expanding Homeownership in Detroit
Mortgage Application Activity Up 12.5%
The Refinance Index increased 16% from the previous week and was 28% higher than the same week one year ago. Continue Reading Mortgage Application Activity Up 12.5%
Mortgage Credit Availability at Highest Level in Nearly 3 Years
“Credit supply increased to its highest level since August 2022,” said MBA’s Joel Kan Continue Reading Mortgage Credit Availability at Highest Level in Nearly 3 Years
California Program to Offer Mortgage Relief to Disaster Victims
Eligible homeowners will be able to apply for grants covering up to three months of mortgage payments, up to $20,000 total. Continue Reading California Program to Offer Mortgage Relief to Disaster Victims
MBA Chief Broeksmit: ‘Awful Lot of Misinformation’ on Mortgage Fee Changes
Broeksmit said the changes “were meant to address some anomalies in the previous pricing structure.” Continue Reading MBA Chief Broeksmit: ‘Awful Lot of Misinformation’ on Mortgage Fee Changes
The 30-Year Fixed-Rate Mortgage Inches Up Again
“Rates should gently decline over the course of 2023,” said Freddie Mac Chief Economist Sam Khater. Continue Reading The 30-Year Fixed-Rate Mortgage Inches Up Again
Mortgage Delinquency Rate Remains Near Record Low
No state posted an annual increase in overall delinquency rates in February. Continue Reading Mortgage Delinquency Rate Remains Near Record Low
MBA: Mortgage Application Payments Up 1.6% to $2,093 in March
The national PAPI rose to 171.5 in March from 168.9 in February, a record high. Continue Reading MBA: Mortgage Application Payments Up 1.6% to $2,093 in March
MBA: Mortgage Applications Up 3.7%
The seasonally adjusted Purchase Index increased 5%. Continue Reading MBA: Mortgage Applications Up 3.7%
CFPB Issues Guidance to Debt Collectors on Zombie Mortgages
CFPB Director Rohit Chopra said that “threatening to sue to collect on expired zombie mortgage debt is illegal.” Continue Reading CFPB Issues Guidance to Debt Collectors on Zombie Mortgages
Mortgage Delinquencies at Record Low
Every state recorded lower delinquency levels in March, ranging from 11.9% in Washington to 21.5% in Vermont. Continue Reading Mortgage Delinquencies at Record Low
Redfin: One-Third of 25-Year-Olds are Homeowners
The typical mortgage rate for homebuyers under 25 using a conventional loan was 3.3% in 2020 and 3.1% in 2021. Continue Reading Redfin: One-Third of 25-Year-Olds are Homeowners
Mortgage Rates on the Rise Again
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said Sam Khater, Freddie Mac’s chief economist. Continue Reading Mortgage Rates on the Rise Again
Report: IMBs Outpace Banks for Lending in LMI and Minority Areas
CRA was implemented in 1977 in response to decades of redlining practices by banks and thrifts. Continue Reading Report: IMBs Outpace Banks for Lending in LMI and Minority Areas
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