Bodnar of MMG: What Can the Fed Do To Pin Down Long-term Rates?
Interest rates stabilized a bit this week, according to Bill Bodnar of The Mortgage Market Guide. However, the Fed has lost the long-end of the bond market, mea
mortgage market
MAXEX rolls out lending programs for green energy home improvements
Digital mortgage exchange platform MAXEX, in collaboration with JP Morgan, has launched two new sustainable lending programs for green energy home improvements. The programs, MAXEX Sustainable and MAXEX Sustainable Express, are the latest additions to MAXEX’s Environmental, Social and Corporate Governance (ESG) business line launched in December. The firm said it aims to address the lack … [Read more…]
Should You Refinance Your Mortgage While Rates Are Low?
With mortgage rates at historic lows, letâs take a look at what that means and whether refinancing is right for you and your situation.
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The post Should You Refinance Your Mortgage While Rates Are Low? appeared first on MintLife Blog.
The Federal Reserve Has Swooped In to Save Mortgage Rates
In light of the ongoing coronavirus outbreak, which were the Federal Reserveâs very own words, the Committee took bold action to lower the target range for the federal funds rate to 0% to 0.25%. Thatâs a full percentage point lower than the 1% to 1.25% it had been previously. And comes on top of the [&hellip
The post The Federal Reserve Has Swooped In to Save Mortgage Rates first appeared on The Truth About Mortgage.
Average 30-year mortgage rate is the highest in nine months
The average 30-year fixed-rate mortgage (FRM) has hit 3.02% after falling throughout most of 2020, according to Freddie Mac’s Primary Mortgage Market Survey. This is the first time the 30-year FRM has surpassed 3% since July and the fifth straight week it has climbed or remained stable. Freddie Mac chief economist Sam Khater also noted … [Read more…]
Fannie Mae and Freddie Mac Agree to Buy Mortgages in Forbearance
While the CARES Act has allowed millions of homeowners nationwide to put their mortgage payments on hold, doing so has left lots of questions for mortgage lenders. One being how theyâd continue to pay investors while the loans they service were in forbearance. The FHFA clarified that piece yesterday by agreeing to only hold servicers [&hellip
The post Fannie Mae and Freddie Mac Agree to Buy Mortgages in Forbearance first appeared on The Truth About Mortgage.
Wells Fargo Will Only Give You a Jumbo Loan If You Have $250k in Their Bank
In yet another sign that the mortgage market is completely volatile and far from liquid, top mortgage lender Wells Fargo has severely tightened its jumbo loan guidelines. Going forward, the San Francisco-based bank now requires customers to have $250,000 in liquid assets in a Wells account in order to get approved for a jumbo home [&hellip
The post Wells Fargo Will Only Give You a Jumbo Loan If You Have 0k in Their Bank first appeared on The Truth About Mortgage.
Chase Now Requires a 700 FICO and 20% Down to Get a New Mortgage
Following in the footsteps of many other mortgage lenders of late, JP Morgan Chase has upped its minimum requirements to get a home loan. Once again, it has to do with COVID-19, which has led to a flood of unemployment filings and a general fear that many homeowners will begin to default on their mortgages. [&hellip
The post Chase Now Requires a 700 FICO and 20% Down to Get a New Mortgage first appeared on The Truth About Mortgage.
Homeowners in Forbearance Plans Have Lower Credit Scores, Higher DTI Ratios
The latest weekly Forbearance and Call Volume Survey from the Mortgage Bankers Association (MBA) revealed that 7.80% of outstanding home loans were in forbearance. That number was up slightly from 7.74% a week earlier, putting roughly 3.9 million homeowners in forbearance plans. Much of these are COVID-19-related, thanks in part to a very liberal CARES [&hellip
The post Homeowners in Forbearance Plans Have Lower Credit Scores, Higher DTI Ratios first appeared on The Truth About Mortgage.
An answer for investor clients as fix and flip margins tighten
The fix and flip investor had a banner decade. The sheer volume of distressed assets on the market after the financial crisis meant a savvy investor could turn properties around fast and reap huge ROIs. Heck, some of them became reality-show celebrities. As rates have steadily come down and the housing market has heated up, … [Read more…]