Mortgage Rates Rise From Two-Year Low

The average U.S. rate for a 30-year fixed mortgage rose two basis points this week from a two-year low, according to the latest Freddie Mac Primary Mortgage Market Survey. The rate was  3.84%, compared with last week’s 3.82%. A year ago, the rate sat significantly higher at 4.57%. “While the continued drop in mortgage rates has paused, homebuyer demand […]

Freddie Mac Announces Fixer-Upper Mortgage

Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. Existing homeowners can use it to repair or improve their properties. The government-sponsored enterprise announced its new CHOICERenovation loan product on Wednesday, saying it’s available immediately to all approved lenders. Lenders have two […]

Weekly Mortgage Applications Fall As Rates Rise

Mortgage application volume wasn’t as stellar as it was last week as rates climbed slightly, but it was still up across the board on an annual basis. Total mortgage applications were down 3.4% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. But volume was up 31.6% from the same week […]

Supporting our Veterans

At Certified Credit, we think it is important to support Veterans and make sure their benefits are known and protected. Thank you Joy Huska for your service to our country and for continuing to learn how we can best support our Veterans!

Homes Sales Up For First Time In Nine Months

Home sales in May reversed a nine-month streak of year-over-year declines, albeit by a very slender margin, according to new data released by RE/MAX. May’s home sales were up by 0.4 percent from May 2018, the first annual increase since July 2018. On a monthly basis, May’s sales level was 15.3 percent above the level set in […]

More Buyers Are Using Down Payment Assistance Programs

The bogeyman of the financial crisis is back. The use of down payment assistance programs, known as DAPs in the lending industry, doubled between 2013 and 2016, The Wall Street Journal said in a Sunday article that cited Freddie Mac analysis of the National Survey of Mortgage Originations. The share of buyers using one of the more […]

Home Price Growth Slowest In 7 Years

Home price growth has clearly slowed down in recent months as the housing market cools after a near six-year hot streak. Now, a report released by Fitch Ratings this week details just how much the market has slowed, revealing a full percentage point decline from the previous quarter. U.S. home prices nationwide grew by approximately 3% annually […]

House Committee Passes Bill To Make FHA Loans Less Expensive

The House Financial Services Committee passed a bill Wednesday that would limit mortgage insurance payments on loans backed by the Federal Housing Administration. The bill – H.R. 3141, “The FHA Loan Affordability Act of 2019” – would repeal FHA’s policy that requires borrowers to pay mortgage insurance for the life of the loan. Instead, payments would […]

Prepays Rise On The Combination Of Lower Rates And Seasonality

Prepayment speeds for loans included in agency mortgage-backed securities were up approximately 20% both monthly and annually during May as the decline in interest rates boosted activity, a report from Keefe, Bruyette & Woods said. While the normal seasonal pick up in early mortgage payoffs stemmed from those selling their home during the spring buying […]

Tax Cuts And Jobs Act Will Likely Spur Demand For Entry-Level Homes

Most Americans have seen their disposable income spike thanks to 2017’s Tax Cuts and Jobs Act, and this could provide a sizable boost to homeownership, researchers say. Last year, the savings amounted to renters paying $2,716 less in taxes, and homeowners paying $1,508 less, according to researchers at John Burns Real Estate Consulting. How might this affect […]

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