The record-low rates probably haven't helped the higher-end areas as much because the 30yr jumbo rate is higher - though you can pay to get into the mid-3s. An excerpt from MND: How much of the strength in the housing market is due to mortgage rates holding near...
More purchase apps reported today: Buyers are rushing back into the housing market, enticed by record low mortgage rates and a pandemic-induced need to nest like never before. Mortgage applications to purchase a home rose 4% last week from the previous week and were a...
Another good time to lock your rate. From MND: Mortgage rates moved lower again today, with the average lender erasing a good amount of the weakness seen last week. That's good news considering rates hit all-time lows on the afternoon of June 1st (last Monday). ...
Just like the price of gasoline, mortgage rates are very slow to come down, but they tend go up like a rocket - and with the surprising employment news today, we'll probably get back into the mid-3s by Monday. We'll see if the lowest rates in history were the sole...
The coronavirus caused banks to pull back on lending, and one niche that was severely impacted was jumbo loans with less than 20% down payment. In early March, you could have borrowed $2,500,000 with 10% down, and by the end of March the max was down to $850,000. We...
Hat tip Susie! FOR IMMEDIATE RELEASE May 19, 2020 Washington, D.C. – Today, to support borrowers and mortgage servicers, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have issued temporary guidance regarding the...
The thoughts of Fannie/Freddie were on my list of indicators, and it's good to see them touting lower rates in the future. But 3% rates are either here now (if you pay points) or should be here shortly at no points. The opinion from MDN: Let's get caveats out of the...
Millions of borrowers may be unable to pay their mortgages as the coronavirus continues to crush the U.S. economy. But there is a government back-up plan. The CARES Act just signed into law allows borrowers to skip payments for up to a year and then have those...
Lenders have been pulling back on their willingness to loan money around the fringes: Any loan that's not right down the middle of the conventional spectrum raises questions about how it will impact lenders as they navigate what is easily the largest and fastest surge...
It wasn't a surprise to hear that smaller no-name mortgage companies were retreating from the marketplace due to the extreme volatility. The mortgage business has become dependent upon the Fed's support to backstop the agency market (Fannie/Freddie), which leaves the...
