In separate initiatives, the ABA and CFPB are seeking to add to consumer protection measures related to mortgage lending Mortgage assistance for veterans needs to be updated in light of higher interest rates, according to the American Bankers Association (ABA) and other organizations.The ABA and 18 other groups wrote a joint letter to the Department of Veterans Affairs (VA) warning that current loss mitigation protocols for the VA Home
Existing-home sales fell 1.5% nationally between November and December while plunging 34% from December 2021, according to data released Friday by the National Association of Realtors Existing-home sales fell for the 11th month in a row in December, with sales falling in three out of four U.S. regions tracked.Sales of existing homes fell 1.5 percent nationally between November and December, and dropped 34 percent from December 2021
Last year, it was more expensive to rent than own. High home prices and mortgage rates that doubled in 2022 flipped that, according to a new report from property data firm Attom.People will spend a bigger percentage of their pay buying a home than renting one in 95 percent of the U.S., according to a new report from property data firm Attom.In 210 out of 222 counties analyzed, renting an average three-bedroom home was less expensive than buying o
Overall housing starts clocked in at a seasonally adjusted annual rate of 1,382,000, 1.4% below levels recorded in November, according to new data released Thursday by the US Census Bureau Housing starts, permits and completions all posted declines in December with increased production of single-family homes the lone bright spot for the month, according to data released Thursday by the U.S. Census Bureau.Housing star
Mortgage applications rose 27.9% in the latest week, the Mortgage Bankers Association said As mortgage rates dropped across the board, demand for both purchases and refinancing increased. That pushed the market composite index up, a measure of mortgage application volume, the Mortgage Bankers Association (MBA) said on Wednesday. The market index rose to 238.7 for the week ending Jan. 13, up 27.9% from a week earlier. A year ago, the index st
After 2 months of declines, mortgage rates are now at their lowest level since September with potential to spur spring homebuying: MBA economist Two months of declining mortgage rates have finally got the attention of homebuyers, with demand for purchase loans jumping 25 percent last week as rates continued to descend toward 6 percent, according to a weekly survey of lenders by the Mortgage Bankers Association.“Mortgage application activity reb
Rents jumped nationwide over the past year, but these big U.S. cities remain comparatively affordable for apartment dwellers.Not that it's easy. The housing market might be cooling off a bit these days, but average home prices are still substantially higher than they were a year ago. Rents have risen too, and only at a slightly slower pace. Put it all together and the perennial question of renting vs. buying(opens in new tab) is as pressi
Mortgage rates are likely to hover in the 6% to 7% range as market volatility continues, economist says Mortgage rates dropped back down again last week and even though it was slight, the decrease had an impact on homebuyer demand, according to Freddie Mac.The average rate for a 30-year fixed-rate mortgage fell to 6.33% for the week ending Jan. 12, according to Freddie Mac's Primary Mortgage Market Survey. This was a decrease from the p
A dip below 6% has become a distinct possibility, says NAR Chief Economist Lawrence Yun.Inflation has been dropping over the past six months, and consumers can expect mortgage rates to soon follow, says Lawrence Yun, chief economist for the National Association of REALTORS®. The 30-year fixed-rate mortgage could even drop below 6%, Yun adds. That would be welcome news to home buyers who were shell-shocked by the surge in rates above 7% this fall
After rising at the end of the year, mortgage rates dropped sharply last week. That drove demand from current homeowners hoping to save on their monthly payments, but it did little to excite potential homebuyers.As a result, total mortgage application volume rose just 1.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate
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