Tuesday, 24 November, 2020

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Tag: Mortgage News


Today’s mortgage and refinance rates  Average mortgage rates inched higher yesterday. But only by the smallest measurable amount. And conventional loans started out this morning at 3.063% (3.063% APR) for a 30-year, fixed-rate mortgage.  I got my prediction slightly wrong yesterday because these rates broke with other markets. But, for what it’s worth, I think mortgage rates may hold steady Read more…


Vigorous demand for residential homes continued to push house prices to new heights in October, but at a slower pace, according to new data from Radian. The Radian Home Price Index (HPI) soared at an annualized rate of 7.5% to a median estimated price of $264,585. Although slower than September, the October figure is still the second-best appreciation month in Read more…


The National Association of Realtors’ Existing Home Sales report is the broadest measure of housing market activity. It just hit a 14-year record for the 3rd month in a row. It’s not just existing homes.  The new home market is crushing it as well.  This week’s data on Housing Starts (the ground-breaking phase of new construction) showed another solid step back Read more…


Treasuries did little to react to a smattering of potentially market moving headlines today (surprisingly little, in fact, considering Treasury is unexpectedly clawing back hundreds of billions of dollars of the Federal Reserve’s lending power and suggesting those funds be redirected to targeted stimulus).  Rather than force a discussion of questionably relevant market movers, we can instead focus on something Read more…


A prominent House Democrat is calling for the cancellation of mortgage payments and rent due to the economic impact of COVID-19. Rep. Ilhan Omar (D-Minn.) made the call in a Thursday tweet. “Evicting millions of people during a pandemic would be a moral outrage,” Omar tweeted. “Cancel rent and mortgage payments now.” Omar linked to a CNN article that warned Read more…


Fannie Mae and Freddie Mac’s overseer is racing through the final stages of their exit plan after 12 years of government conservatorship, the Wall Street Journal reported. Mark Calabria, head of the Federal Housing Finance Agency, is set on returning the federally-owned enterprises to private hands – a move that could impact the cost and availability of mortgages backed by Read more…


Today’s mortgage and refinance rates  Average mortgage rates inched higher yesterday. But only by the smallest measurable amount. And conventional loans started out this morning at 3.063% (3.063% APR) for a 30-year, fixed-rate mortgage.  I got my prediction slightly wrong yesterday because these rates broke with other markets. But, for what it’s worth, I think mortgage rates may hold steady Read more…


Why use an FHA loan? FHA loans have been making homeownership accessible for decades. Tailored to borrowers with lower credit scores, an FHA mortgage makes it possible to buy a house with credit starting at 580 and only 3.5% down. But homebuyers aren’t the only ones who can benefit. For current homeowners, an FHA refinance may let you access low Read more…


Freddie Mac has announced that it will use Zest AI’s machine learning tools to give its credit decisioning models a boost. “Freddie Mac is always evaluating technology solutions that meet our high standards and support our continued commitment to expanding homeownership opportunities responsibly, especially among first-time homebuyers, communities of color, and those living in underserved markets,” said Michael Bradley, senior vice Read more…


Despite a not-so-strong performance in the third quarter, real estate finance company Terra Firma Capital said that the coronavirus recession had failed to take the wind out of its sails. Publishing its three and nine-month financial results on Wednesday, the publicly-traded finance firm reported that its revenues decreased 1.3% to $4.1 million in the first three months of 2020, compared Read more…


In October, First American’s measure of market potential for existing-home sales jumped by 9% year over year to a 5.98 million seasonally adjusted annualized rate (SAAR) sales – nearly 21% higher than its low point in April of this year. Buttressed by strong fundamentals, the October gain was an unprecedented swing in the market for existing-home sales, which outperformed its Read more…


The rebound in American housing from the brief collapse of March and April has stunned almost everyone. 2020 certainly started strong for housing, but the pandemic very quickly threw the market off the rails. Whether by the unique circumstances of this year, as buyers spent more and more time at home, or the attraction of a low-rate environment, demand has Read more…


After a year of tumult, change, trend acceleration, and endless ‘pivoting,’ it’s time to take stock for a moment and think about what we’ve learned. The whole mortgage industry has been tested by 2020 and while we’ve seen surprising bright spots despite a gloomier economic picture, mortgage professionals should take the time to think on what we’ve learned and how Read more…


Today’s mortgage and refinance rates  Average mortgage rates fell again last Friday. And conventional loans started out this morning at 3.063% (3.063% APR) for a 30-year, fixed-rate mortgage.  There was another vaccine announcement overnight. And that wasn’t good for borrowers. Mortgage rates look likely to hold steady or inch higher today rather than fall. Find and lock a low rate Read more…


Today’s mortgage and refinance rates  Average mortgage rates fell moderately yesterday. And conventional loans started out this morning at 3.063% (3.063% APR) for a 30-year, fixed-rate mortgage.  Yesterday’s fall was only a fraction of the combined rises earlier in the week. But more may follow. And, first thing this morning, things were looking OK for mortgage rates. Find and lock Read more…