Why are mortgage rates going up? Biden, vaccines, and interest rates
Mortgage rates moved up last week, and it looks like they’ll keep rising in 2021. But how high will rates go? Should you try to lock in now?
Mortgage rates moved up last week, and it looks like they’ll keep rising in 2021. But how high will rates go? Should you try to lock in now?
Due to coronavirus, there are new rules for self-employed home buyers who want to use FHA loans. Learn about new lending rules here.
Mortgage rates are off to a decent start this week with the average lender offering slightly better terms compared to last Friday. The progress actually began earlier last week. On Tuesday morning, rates were at their highest levels in exactly 2 months after jumping at a relatively quick pace in response to the Georgia senate election. The underlying bond market was making an adjustment for a likely increase in Treasury issuance in the short term. There was no way to be sure how long that adjustment would last or how much it would impact rates. That uncertainty began to clear up on Tuesday as a scheduled auction of US Treasury debt was met with strong demand. After that, the tone in the bond market shifted for the better and we’ve seen additional examples of resilience. In general, when bonds
Posted To: MND NewsWire
Fannie Mae said that the standardization of servicing standards that followed the 2008 housing crisis appears to have helped the industry manage the recent flood of COVID-19 forbearance plans. The company included a series of questions about forbearance management in its September Lender Sentiment Survey and has now released a special report on the responses. Servicers had to move quickly to implement the forbearance programs, which were first announced by the GSEs Fannie Mae and Freddie Mac and by FHA but were then expanded and mandated by Congress under the CARES Act. They also had to manage the loans in forbearance, continue remittances to investors, and make insurance and tax payments out of escrow accounts. As the plans had three-month terms, borrowers had to be contacted to do renewals…(read more)
Question: I will soon make our final mortgage payment. My wife will retire in two years and I will work to age 67. We are both 60 today. Because I don’t get a pension I really have been looking forward to this final payment.
We bought the house 25 years ago, but I shortened the term of the loan by refinancing to a 15-year loan in 2003. Are we doing well to have the mortgage paid off by age 60? –T.M.
Answer: Paying off a mortgage before retirement is sort of the baseball-and-apple-pie of retirement. It’s a feel-good way to create a sense of security in your later years.
Mortgage applications jumped 16.7% after a 4.2% drop last week, according to the Mortgage Bankers Association. The jump underlines the seasonality behind last week’s decrease, as well as the expectation of additional fiscal stimulus from the incoming administration.
The post New-year optimism reflected in mortgage applications jump appeared first on HousingWire.
See the numbers behind how Americans rent, buy, sell and even think about home.
Mortgage Rates Today, January 8, 2021 | Key rate advances Bankrate.com
In the mortgage industry an Early Payment Default (EPD) is a mortgage loan that goes 90+ days delinquent or into a default status in its first year. Early Payment Default (EPD) is one of the strongest indicators of possible mortgage fraud. Mortgage industry investors are very concerned with identifying EPDs and performing quality control checks to determine if mortgage fraud has occurred.
The U.S. Department of Housing and Urban Development declared Wednesday that the Federal Housing Administration will once again back mortgages for immigrants under the Deferred Action for Childhood Arrivals program.
The post HUD declares FHA once again backing DACA mortgages appeared first on HousingWire.