For the third consecutive week, fixed-rate mortgages edged down, lowering borrowing costs for buyers and refinancers.Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 19: 30-year fixed-rate mortgages: averaged 4.09 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 3.81 percent. 15-year fixed-rate mortgages: averaged 3.34 perce
JPMorgan Chase will pay $55 million in a settlement over claims the bank giant charged thousands of African American and Hispanic borrowers higher interest rates on mortgages than white counterparts.Federal officials say the bank charged Black and Hispanic borrowers, on average, $1,000 more than similar mortgages issued to whites. The mortgages were reportedly issued by third-party independent brokers, but then funded by JPMorgan. Such a practice
Banks continue to clean out the pipeline of loans that were originated during the housing boom days that have since turned sour.Most of the homes that are still being foreclosed on are from loans originated between 2004 and 2008, known as “legacy foreclosures,” according to ATTOM Data Solutions’ 2016 U.S. Foreclosure Market Report.The following markets are seeing the biggest cases of backlogs with legacy foreclosures: District of Columbia:
Total mortgage applications – including for refinances and home purchases – were essentially flat last week, rising just 0.8 percent on a seasonally adjusted basis, despite mortgage rates at their lowest averages in a month. The Mortgage Bankers Association reported Wednesday that applications are now 14 percent lower than a year ago.Refinance applications have been falling significantly over the last few weeks as interest rates have edged hi
For prime investment locations, it may be time to look South. Forbes teamed up with Local Market Monitor, a company that tracks more than 300 housing markets, to uncover the top cities for investors in the new year. The markets that dominate this year’s list reflect two major benefits: affordability and growth.“If you are planning on making an investment, either by buying a home or by buying a rental property, these are really good markets,
Mortgage rates edged down for the second consecutive week, a temporary reprieve from what had been weeks of rising rates."After absorbing a mixed December jobs report; the 10-year Treasury yield fell 8 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved in tandem with Treasury yields falling 8 basis points to 4.12 percent, the second decline since the presidential election. The December jobs re
The delay of millennials into homeownership will likely affect their finances for years to come. Real estate wealth has proven to be a major contributor to the financial wealth of previous generations.Indeed, “the most impactful contributor to consumer wealth since the great financial crisis has been growth in home equity,” says Brad Friedlander, managing partner at Angel Oak Capital Advisors. “Similarly, there has been a growing wealth gap
In an era of bloated closing times, some lenders are looking to quicken the pace it takes to get a buyer to the settlement table. Some lenders are retooling operations and aiming to close a loan within 21 days.For example, national retail lender CrossCountry Mortgage Inc. in Brecksville, Ohio, is committing its staff to aim to close a purchase loan from application to funding within 21 days."When you look at contracts, they are typically written
Since the presidential election, mortgage rates have risen from 3.5 percent to about 4.2 percent, increasing the borrowing costs of would-be home buyers.The rates are rising on the expectations of greater business activity and a stronger economy. But the good economic prospects may come at a price to home buyers.Nevertheless, make sure your clients keep perspective. In the 1970s, the average 30-year fixed-rate mortgage was 8.9 percent; in the 198
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