Rates
Mortgage Rates Sideways Near 2-Month Lows
Mortgage rates were mixed today, depending on the lender. On average, rates were unchanged and remained very close to their lowest levels in nearly 2 months. The bond market (which most directly impacts day-to-day rate movement) was calm. Both of today’s important economic reports came in weaker than expected, but close enough to forecasts to […]
Pending Home Sales Rise Less Than Expected as Inventory Remains Ultra Tight; Rates Recover After Bumpy Start; Digital Lending Speeds Things Up
While the degree to which is happened was somewhat disappointing, pending home sales did snap out of a two-month slump in March . The National Association of Realtors’® (NAR’s) Pending Home Sales Index (PHSI) rose 1.9 percent to 111.3 in March and is now up 23.3 percent compared to March 2020. However, NAR points out […]
Disconnect Between Home Sales, Prices, and Rates
Posted To: Mortgage Rate Watch This week’s New Home Sales report (for the month of March) stole the show, coming in over 1 million for the first time since 2006. But although sales are up 66% year-over-year, prices have fallen in recent months and are now basically unchanged from last year. What’s up with that? […]
UI Says HARP 2.0 Could Help Pandemic-Era Borrowers; Rates Back to Recent Lows
The Urban Institute (UI) is advocating for a streamlined refinancing program similar to the Home Affordable Refinance Program (HARP) which aided many homeowners during the Great Recession to assist those impacted by the pandemic. HARP, which was used by more than 3.4 million borrowers between 2009 and 2018, offered simplified documentation, automated appraisals, no or […]
Study Highlights How Credit Scoring Impacts Fair Lending, Minority Homeownership Rates
Credit Scoring Impact on Fair Lending, Minorities NAR will use new research to shape policy positions in effort to boost minority homeownership. Media Contact: Wesley Shaw 202-383-1193 Fair Housing
Another Tentatively Decent Day For Rates
Posted To: Mortgage Rate Watch Mortgage Rates have been doing pretty well so far in April. They bounced at long-term highs on March 31st (matching the highs from 2 weeks prior), but have been descending gently since then. Today’s move was definitely modest. The average borrower wouldn’t see much of a difference–if any–versus yesterday’s rate […]
FHA Will Keep Mortgage Insurance Fund Rates Stable
The newly installed Secretary of the Department of Housing and Urban Development (HUD) released her first quarterly report on the agency to Congress on Tuesday. A key point regarded the Federal Housing Administration’s Single Family Mutual Mortgage Insurance (MMI) Fund. Secretary Marcia L. Fudge said the fund has remained resilient despite the financial challenges faced […]
Mortgage Rates End Week Near 1-Year Highs
Today ended up being fairly uneventful for mortgage rates –a welcome reprieve in the context of recent volatility. Actually, “volatility” is putting it mildly. 2021 has been a total rout for longer-term rates, even if 30yr fixed mortgages in the low-to-mid 3% range are historically excellent. That “historical context” argument is good perspective for the […]
Lumber Prices and Rising Rates Take a Toll on Builder Confidence
Escalating costs took a toll on builder confidence this month. The National Association of Home Builders (NAHB) said its Housing Market Index dipped two points from its February level. At 82 it is down 8 points from the all-time high it established last November. NAHB’s chief economist Robert Dietz said, while there is still a high […]
Mortgage Rates Modestly Lower, But Hoping For More
At this point, no one should be surprised to hear that mortgage rates have moved significantly higher in 2021–especially in the past few weeks. There are several reasons for this, but the easiest way to make sense of it all is to say “rates were ultra low when covid was at its worst and they’ve […]