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 Rates Inches Up, Homebuyer Affordability Inches Down
The 30-year fixed-rate mortgage averaged 6.89% as of May 29. Continue Reading Mortgage Rates Inches Up, Homebuyer Affordability Inches Down
Mortgage Application Activity Drops as Home Prices Rise
The first quarter home prices were up on a year-over-year basis in 49 states and the District of Columbia; Hawaii was the lone state with a price decline. Continue Reading Mortgage Application Activity Drops as Home Prices Rise
Mortgage Rates Inch Up
The 30-year fixed-rate mortgage averaged 6.86% as of May 22, up from last week when it averaged 6.81%. Continue Reading Mortgage Rates Inch Up
Homebuyers again retreat to the sidelines as higher rates crimp affordability
Source: USA Today --- Homebuyers started the year on a positive note when declining mortgage rates signaled increasing affordability. Mortgage applications rose 28% in one week in the middle of January as rates dipped to 6.2%. But that frenzy of activity was...
BMO Expands its Down Payment Program
BMO says it will commit $1 million to expand its Welcome Home Grant down payment program to five new markets including Minneapolis, Milwaukee, St. Louis, Indianapolis, and Lake County, IL – Kenosha County, WI. The bank said its efforts would help underserved...
Are All-Cash Buyers Dominating NYC Real Estate Market?
New real estate data and reporting recently revealed that nearly a third of U.S. homebuyers are sidestepping a mortgage and purchasing property via cash-only transactions, according to Redfin. This is a trend that is suddenly dominating big cities like Atlanta, Ga.,...
Flagstar Bank Donates $1 Million to Expand Appraiser Diversity
New York Community Bancorp, Inc. announced that its subsidiary, Flagstar Bank, N.A., has donated $1 million to the Appraiser Diversity Initiative (ADI), a collaboration between the Appraisal Institute, the National Urban League, Fannie Mae, and Freddie Mac. The...
Better Mortgage Launches Mortgage Product, called ‘Equity Unlocker’
Better Mortgage announced the launch of the Equity Unlocker program, a new financial product designed for those with vested equity in their employer, like many employees in the tech space. Amazon employees will be the first to have access to the Equity Unlocker, which...
Mortgage Lending Activity Slumps Across Country to Lowest Point in Nearly Nine Years
ATTOM, a curator of land, property, and real estate data released its fourth-quarter 2022 U.S. Residential Property Mortgage Origination Report, which shows that 1.52 million mortgages secured by residential property (1 to 4 units) were originated in the fourth...
I Raised My Mortgage Payment by Refinancing. Here’s Why I Don’t Regret That
Source: The Ascent --- In August 2020, the average 30-year mortgage rate fell to under 3%. Since I had a higher interest rate than that on my existing mortgage loan, I decided to jump on the opportunity to refinance. And at first, my thinking was that doing so would...
Realtor.com February Housing Report: Housing Inventory Recovery Continues, Giving Buyers More Options
The U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February, signaling the housing market's continued rebalancing, according to the Realtor.co Monthly Housing Trends Report. Despite the significant...
Nearly 9 in 10 first-time sellers think they could have gotten a higher price by making different choices
An overwhelming share of Americans who sold a home for the first time in the past two years wish they had done something differently (84%). A new Zillow® survey conducted online by The Harris Poll finds that even in a sellers' market, many recent first-time sellers...
Behind the Housing Numbers: Mortgage Rates Are What Count
Source: Barron's --- The normally-busy spring home buying season is in its early days—but what lies in the coming months will look much different than last spring. A raft of recent housing data gives investors clues on what could happen next, but the number to watch...
Recent Posts
Hits and Misses for the Real Estate Week of April 27-May 1- Global Manufactured Homes Market Forecast to Reach Nearly $43 Billion by 20…
- San Francisco’s Bay Club Acquires Full City Block for $65 Million
- Pennsylvania Housing Finance Agency Launches Home Purchase Assistance Loan
- Portland Duo Sentenced for Running Real Estate Investment Fraud Scheme
