30-Year Mortgage Rates Hit 4-Month Low
Mortgage rates dropped again on Thursday, continuing a three-week decline. The 30-year mortgage average is now at 7.34%, its lowest since mid-August. Rates for other loan types showed mixed movements on December 7th. Thursday saw a 9 basis points decline in 30-year...
Government Support For Million-Dollar Mortgages In The U.S.
The Federal Housing Finance Agency (FHFA) has announced an expansion in the government's support for mortgages exceeding $1 million, addressing soaring home prices in various regions, including San Diego and Breckenridge, Colorado. The move responds to the escalating...
Mortgage Lenders Face Increased Costs For
In 2024, mortgage originators will face higher costs to access consumer credit reports, prompting discontent among mortgage lenders and trade associations. Fair Isaac Corp. (FICO), the custodian of the market's accepted methodology for measuring consumer credit risk,...
Largest Year-Over-Year Surge In New Home Listings In Over Two Years
The latest report from Redfin reveals a continued decline in housing payments for the fifth consecutive week. According to the data, the average monthly mortgage payment for a typical U.S. homebuyer stood at $2,575 over the four weeks ending on November 26. This...
Federal Reserve Highlights Surge In Home Equity Lending
The most recent insights from the Federal Reserve System suggest a notable surge in homeowners resorting to home-equity lines of credit (HELOCs) and similar products. The revelation comes from The Beige Book – a comprehensive summary presenting commentary on...
Inventory Challenges To Persist, Yet Anticipated Increase In Options For 2024
Zillow's recent forecasts indicate that the challenge of housing affordability is set to persist in the foreseeable future. However, a glimmer of relief is anticipated in 2024, offering homebuyers a slight reprieve in their quest for housing. As prospective buyers...
Homeowners Open To Home Equity Options
According to a recent survey, the majority of homeowners who haven't used home-equity products before anticipate doing so in the coming year and a half. Additionally, more than a third of upcoming home renovation projects are projected to be funded through home-equity...
Boosting Business With Artificial Intelligence: Broker’s Approach
Love it or loathe it, artificial intelligence has arrived. At the recent FUSE conference by the Association of Independent Mortgage Experts, Russell Petty, a mortgage broker at Grow Mortgage, eased concerns about AI. In his presentation, "Unlock the door to the future...
Redfin Reports A Year-High In October Pending Home Sales
In October, U.S. pending home sales increased by 1% to an annual rate of 401,000, marking the highest in a year. Despite a 4.8% drop from October 2022, it's the smallest annual decline in almost two years, per Redfin. In October, the inventory of existing homes...
New Appraisal Rules For Higher-Priced Mortgages Revealed
The Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) have declared that the threshold determining whether higher-priced mortgage loans are subject to specific appraisal requirements will...
