Mortgages

Biden Rule Will Redistribute High-Risk Loan Costs to Homeowners With Good Credit

Mortgages, Residential / By

Published by FOX News | April 19, 2023 Interest rates for mortgages have roughly doubled over the past year A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers. Experts believe that borrowers with a credit score of about 680 …

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U.S. Has 3rd Lowest Percentage Of Households That Own Their Homes Without Mortgages

Mortgages, Residential / By

Published by Forbes.com | March 31, 2023 A 2022 OECD study of 28 countries found the U.S. had the third lowest percentage of households that owned their homes “free and clear” with no mortgages, as “outright owners.” The U.S. is more of a mortgage-ownership society than a home-ownership society. A 2022 OECD (Organisation for Economic …

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Housing Market Slows Again As Hot Inflation Drives Up Mortgage Rates

Interest Rates, Mortgages, Residential / By

Published by Forbes.com | February 17, 2023 This week’s inflation data has pushed mortgage rates to the highest level in months—already sidelining some potential home buyers. According to real estate brokerage Redfin, home buying demand, as measured by tour requests from prospective homebuyers, fell for the first time in more than a month last week …

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Mortgage Activity Rebounds, Skewed Toward High-Priced Homes

Interest Rates, Mortgages, Residential / By

Published by FOX Business | February 8, 2023 The average loan size increased in the past week to $428,500 – the largest average since May 2022 Activity in the housing market showed a rebound in the past week as mortgages rates fell for a fifth straight week. The 30-year fixed mortgage rate inched lower to 6.18%. …

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New York Legislature Gives Lenders A New Way To Screw Up Foreclosures

Foreclosure, Mortgages / By

Published by Forbes.com | January 16, 2023 In an attempt to correct perceived abuses, the NY legislature may have made the foreclosure process even worse. Between Christmas and New Year’s Day of 2022, New York’s Governor signed legislation designed to correct an alleged potential for “abuse” of the foreclosure process by mortgage lenders. The context …

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Wells Fargo Is Backing Out Of The Mortgage Market – What Does It Mean For Homebuyers?

Mortgages / By

Published by Forbes.com | January 11, 2023 Wells Fargo will not make any new mortgage loans to white people who are not already customers. They’ll be focusing on providing mortgages to those in minority communities. One of the three biggest mortgage lenders (and once holding the number one spot) in the United States, Wells Fargo, …

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Mortgage Buydowns Are Making a Comeback

Interest Rates, Mortgages / By

Published by REALTOR.com | December 19, 2022 Rising borrowing costs have dramatically increased the cost of buying a home this year, reviving interest in mortgage products like temporary buydowns that fell out of favor after the 2008 financial crisis. Carley Chase found her dream home in Chandler, Ariz., this summer: a three-bedroom ranch, close to work, with a …

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Study: More Than 250K Homebuyers in 2022 are Underwater on Mortgages

Mortgages, Residential / By

Published by WJTV News | December 10, 2022 The findings reflect a real estate market that has seen home prices cool in recent months amid a period of rapidly rising mortgage rates. More than 250,000 borrowers who purchased homes this year now owe more than their house is worth today, according to a new analysis. …

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