Last year was a great year to be a loan originator. Next year probably not so much. This year, weâll see. In 2012, residential mortgage lending increased by an impressive 38%, compared to volume seen a year earlier, according to Home Mortgage Disclosure Act (HMDA) data released today by the FFIEC. The agency said it [&hellip
The post Mortgage Lending Surged 38% in 2012 on Refinance Strength first appeared on The Truth About Mortgage.
If youâre a homeowner, or just became one during the pandemic, youâve likely heard of mortgage forbearance. Not to be confused with mortgage forgiveness, it allows borrowers to suspend mortgage payments for a period of time if experiencing a hardship related to COVID-19. Eventually those missed payments need to be repaid, likely via a payment [&hellip
The post 5 Things to Know If Considering Mortgage Forbearance first appeared on The Truth About Mortgage.
Yesterday, many declared âvictoryâ when the Fed decided not to taper its monthly purchases of mortgage-backed securities and longer-term Treasuries. Put simply, most assumed the Fed would announce some level of tapering, such as reducing their $40 billion in monthly MBS purchases by $10 billion, just to test the waters. Instead, they decided to keep [&hellip
The post Is the âNo Taperâ Good or Bad for Mortgage Rates and the Housing Market? first appeared on The Truth About Mortgage.
Today we’ll take a brief look at some mortgage rate history to gain a little context. It’s always helpful to know what came before so you can better guess what might come after. Just about everyone knows that mortgage rates hit all-time record lows over the past year. But do you know what mortgage rates [&hellip
The post Mortgage Rate History: Check Out These Charts from the Early 1900s first appeared on The Truth About Mortgage.
Over the past few years, the term âwalking awayâ was synonymous with strategic default. In short, homeowners who were underwater on their mortgages had very little hope of turning things around. As a result, they would simply walk away from the property (and the mortgage), accepting whatever consequences came with that. Typically, a big fat [&hellip
The post Prospective Buyers Are Beginning to Walk Away from Home Purchases first appeared on The Truth About Mortgage.
The once unstoppable refinance market is expected to cool considerably next year, according to the latest quarterly refinance report released by Freddie Mac this morning. The mortgage financier expects rising interest rates to put a damper on home refinance activity, which experienced a major boom from 2009 to 2013, thanks in large part to Fed [&hellip
The post Refinance Share of Mortgage Market Will Slip to 40% in 2014 first appeared on The Truth About Mortgage.
Mortgage rates have been all the rage this year, with new record lows met with equally unprecedented upsurges. Itâs been a rough ride for many of those in the business, along with homeowners looking to refinance or purchase a new property. But there are two ways of looking at todayâs higher rates, and itâs not [&hellip
The post There Are Two Ways to Look at Todayâs Higher Mortgage Rates: One Good, One Bad first appeared on The Truth About Mortgage.
Thereâs been a lot of speculation lately about the impact higher mortgage rates might have on the housing market, with some arguing that theyâll simply slow purchases, while another claimed theyâll lead to smaller home purchases. Regardless, we now have our first clue, thanks to the release of the Commerce Departmentâs new home sales report [&hellip
The post First Sign of Mortgage Rate Impact as New Home Sales Disappoint first appeared on The Truth About Mortgage.
Itâs been about two weeks since the Fed decided to keep its mortgage purchases going strong, an initiative implemented to keep downward pressure on interest rates. So how meaningful has the decision to keep things unchanged been for mortgage rates? Well, all else being equal, before the non-taper event took place on September 18th, 30-year [&hellip
The post The Fed Non-Taper Doesnât Really Save Homeowners That Much Money first appeared on The Truth About Mortgage.
Wondering why you didnât receive the low mortgage rate you saw advertised on TV? Well, there are a ton of reasons why the quote you obtained was higher. Letâs explore a lot of them. 1. Low credit score This is a biggie. Most lenders assume (for the sake of their super low advertised rates) that [&hellip
The post 21 Things That Can Drive Your Mortgage Rate Higher first appeared on The Truth About Mortgage.