Mortgage rates rose again this week after the federal government shutdown ended, giving investors access to economic data to guide their decisions. Industry pundits and prognosticators today largely believe that, at least through the rest of 2025, nothing in the data is likely to move mortgage rates much. Even though it was compiled before […]
Mortgage rates likely to remain stable for the rest of 2025 Read More »
Despite increasing home prices, homebuyer affordability improved in October on the back of year-low mortgage rates, the Mortgage Bankers Association said. The national median payment for purchase applicants fell nearly $30 to $2,039 last month compared to September, according to the MBA’s Purchase Applications Payment Index. That’s down $88 from a year ago and $61
Homebuyer affordability improves for fifth straight month Read More »
Sales of previously owned homes in the US rose in October to the fastest pace in eight months, as buyers took advantage of lower mortgage rates and gained the upper hand over sellers in some markets. Contract closings climbed 1.2% to an annual rate of 4.1 million last month, according to National Association of Realtors
US existing-home sales rose to eight-month high in October Read More »
President Donald Trump suggested he would fire Scott Bessent if the Treasury secretary doesn’t help secure lower interest rates, expressing ongoing frustration with the Federal Reserve’s reluctance to cut rates more quickly. Trump’s remarks — made in a joking tone — come amid increased pressure on the administration from voters to lower the cost of
Trump quips he’ll fire Bessent if interest rates not lowered Read More »
Reports of a sub-1% mortgage rate are no exaggeration. D.R. Horton was offering that ultra-low rate last month on certain new homes, a salesperson confirmed this week. Today, the industry giant and its homebuilder peers are still promoting attractive terms, with fixed rates as low as 3.99% and with buydowns, down to 1.99%. Jeremy Schachter,
What’s behind homebuilders’ ultra-low rate deals Read More »
Rocket Mortgage has come out with a debt service coverage ratio product in both its wholesale and retail channels, joining a rather competitive landscape of both non-qualified mortgage specialists and more traditional lenders like its rival United Wholesale Mortgage, that already serve investors looking to finance rental properties. Another recent entrant with a suite of
Rocket latest lender to add debt service coverage mortgages Read More »
Consecutive weeks of mortgage rate increases suppressed refinance activity, causing a notable fall in mortgage applications, the Mortgage Bankers Association found. The MBA’s Market Composite Index, a measure of mortgage loan application volume, decreased 5.2% on a seasonally-adjusted basis from one week prior for the week ending Nov. 14. On an unadjusted basis, the Index
Mortgage activity falls as rates tick up again Read More »
Fraud and forgery attempts that appear in refinance transactions are turning out to be a rising risk factor leading to claims that end up costing title insurers hundreds of thousands of dollars. Claims resulting from fraud or forgery now average $206,976, according to research conducted by the American Land Title Association and consulting and actuarial
Forgery, fraud make up 40% of title insurance losses Read More »
Independent mortgage bankers reported a second consecutive quarter of profits on their loan production, helped by the September rate drop and surge in application volume, the Mortgage Bankers Association said. Between originations and servicing income, roughly 85% of the 325 companies which participated in the Quarterly Mortgage Bankers Performance Report were profitable. “After a series
Loan profits improve for IMBs in 3Q Read More »
Two heavyweights in the US residential real estate market, Compass Inc. and Zillow Inc., will face off in a New York courtroom this week in a legal battle that could reshape the future of how homes are marketed and sold in the country. Compass, the largest residential brokerage, sued Zillow in June claiming the real estate site
Compass and Zillow take private-listing feud to New York courtroom Read More »