Mortgage Industry News
New Home Purchase Mortgage Applications Down in October
The average loan size for new homes increased from $379,107 in September to $381,404 in October. Continue Reading New Home Purchase Mortgage Applications Down in October
Hits and Misses for the Real Estate Week of Nov. 10-14
Trump’s 50-year mortgage plan, the continued upswing in foreclosure activity, and a military base’s unlikely neighbor. Continue Reading Hits and Misses for the Real Estate Week of Nov. 10-14
Mortgage Application Activity Up 3.1%
The Refinance Index took a 5% week-over-week rise and was 18 percent higher than the same week one year ago. Continue Reading Mortgage Application Activity Up 3.1%
Senate Approves Bill Prohibiting Trigger Leads
Mortgage Bankers Association President and CEO Bob Broeksmit said it was “a long-overdue measure.” Continue Reading Senate Approves Bill Prohibiting Trigger Leads
Q2 Commercial and Multifamily Mortgage Originations Up 66% from Last Year
On a year-over-year measurement, there was a 140% spike in the dollar volume of loans for office properties. Continue Reading Q2 Commercial and Multifamily Mortgage Originations Up 66% from Last Year
Homebuyers’ Monthly Payments Hit All-Time High as Mortgage Rates Rise, according to Redfin Report
The typical homebuyer’s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988 a year ago, according to a new report from Redfin, the technology-based real estate brokerage. That’s dampening demand and preventing many would-be sellers from...
Real estate comps: How to find them
Source: Yahoo! Life --- Real estate comparables — known as comps for short — are one of the most important tools used to determine how much a home is worth. Whether you’re trying to price your home for sale, buy a new one or just gauge how much home equity you’ve...
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...
