Mortgage Industry News
Mortgage Applications for New Home Purchases Surged in July
The average loan size for new homes decreased from $376,077 in June to $372,745 in July. Continue Reading Mortgage Applications for New Home Purchases Surged in July
Will a Fannie Mae-Freddie Mac IPO Raise or Lower Mortgage Rates?
Expert opinions are divided on the issue. Continue Reading Will a Fannie Mae-Freddie Mac IPO Raise or Lower Mortgage Rates?
VA to End Mortgage Rescue Program for Veterans
Mortgage Bankers Association President and CEO Bob Broeksmit criticized the decision. Continue Reading VA to End Mortgage Rescue Program for Veterans
Mortgage Rates Continue to Decline
The 30-year fixed-rate mortgage averaged 6.64% as of April 3. Continue Reading Mortgage Rates Continue to Decline
Slowing in Refinance Drives Down Mortgage Application Activity
The median sales price of new houses sold in February was $414,500. Continue Reading Slowing in Refinance Drives Down Mortgage Application Activity
Mortgage overpayments vs savings: what’s the best option for your cash?
Source: Which --- With interest rates hitting heights not seen for years, overpaying on your mortgage is a tempting move that could save you tens of thousands in the long run. Having the extra cash available to make overpayments isn't something open to everyone in...
Housing market once again braces for higher mortgage rates—where 8 experts see rates going this year
Source: Yahoo! Life --- Builders and real estate agents alike are celebrating signs of life in the U.S. housing market. That'll happen when a mild home price correction coupled with mortgage rates falling from 7.37% in early November to 5.99% in February improves...
With Home Prices Stabilizing, Realtors Looking Forward to Good Spring Home Buying Season
Home sales nationwide in January were up 6% from a year ago and are 39% higher than in 2020, according to Zillow’s first monthly market report of 2023. Buyers took advantage of slightly lower mortgage rates in January, but sellers have yet to join the fray. The number...
Fewer people are taking out mortgages as interest rates increase
Source: Gazette-Times --- Experian examined mortgage rate data from Freddie Mac and the number of mortgage applications to see how rising interest rates are affecting potential homebuyers. Fewer people are taking out mortgages as interest rates increase Americans are...
4 Tips to Get Approved for a Mortgage With Bad Credit
Source: The Ascent --- Your credit score is a major cornerstone of your personal finances, and sometimes it feels as if that three-digit number plays a role in just about every money move you want to make. Getting a mortgage loan is no exception, and if your credit...
In this volatile housing market, here’s how to know when the bottom is in
Source: CNBC --- Chicago realtor Jeremy Fisher headed to Florida after Christmas counting on five mostly-relaxed weeks, after a slow second half of 2022 left him with a bunch of unsold listings exiting the year. Instead, the Compass broker ended up flying back to the...
Why the Fed Can Let the Housing Bust Rip: Mortgages, HELOCs, Delinquencies, Foreclosures, and Who’s on the Hook
Source: Wolf Street --- Mortgage balances ballooned because home prices ballooned in recent years, requiring more debt to finance the same home, and so mortgage balances in Q4 rose 2.2%, or by $253 billion, from the prior quarter, and by 9%, or by $1 trillion, from a...
Zillow Home Value Index Methodology, 2023 Revision: What’s Changed?
Source: Zillow --- The Zillow Home Value Index (ZHVI) now incorporates the more accurate neural Zestimate. Starting with Zillow’s January 2023 data release, and for all subsequent releases, the full ZHVI time series has been upgraded to harness the power of the neural...
Best construction loan lenders in 2023
Source: Bankrate --- Most people can’t afford to design and build their own home or pay for major renovations out of pocket, which is why many lenders offer construction loans — shorter-term loans used to finance construction/rehabilitation of or addition to a...
4 practical tips for negotiating your mortgage
Source: CNBC --- Purchasing a home with the help of a mortgage is one of the most expensive financial transactions you can undertake. Given both the costs and commitment that come with signing a mortgage, it makes sense to negotiate the best possible deal with...
