Mortgage Rates Drop- Home Buying More Affordable

Mortgage rates declined across the board this week, which should make home buying more attractive although there are continuing concerns about inventory, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 4.31% for the week ending March 14, down from last week when it averaged 4.41%. A year ago at this time, the 30-year fixed-rate mortgage averaged […]

Home Improvements…Helping or Hurting?

Homeowners are stepping up their renovation game this year, which could be good news for home improvement financing, but bad for the overall housing market. Homeowners planning to make home improvements in 2019 surged 26% from a year ago to 73%, according to a survey by SunTrust bank division LightStream, which was conducted by research company The […]

Mortgage Delinquency Rate Hits 18-Year Low

More than a decade after a spike in real estate delinquencies helped cause the Great Recession, the national mortgage delinquency rate has dropped to its lowest level in 18 years, Mortgage Bankers Association data from the most recent quarter showed. “What’s even more noteworthy [is that] the delinquency rate dropped from the previous quarter and on a […]

Baby Boomer Homeownership Growing Faster Than…

Millennials!! Why? While millennials today comprise the largest cohort of homebuyers, the aging baby boomer generation has created 7.86 million more homeowners and 2.82 million renters age 60 and older — growth rates higher than any other demographic. The number of renters age 60 or older grew 43% from 2007 to 2017, while the number […]

Pending Home Sales Top Forecasts

Contract signings to purchase previously owned homes rose by more than forecast in January, snapping a six-month streak of declines and suggesting lower mortgage rates along with a strong job market are helping stabilize demand. The index of pending home sales rose 4.6%, after a 2.3% decline the previous month, according to data released Wednesday from […]

7 Ways Borrowers Are Changing Mortgage Servicing

Mortgage servicers are shifting gears away from seeing themselves as bill collectors and instead, increasing their focus on the customer experience. While on the origination side, lenders are streamlining processes and improving education to borrowers about loan options and offerings, these efforts haven’t taken as strong a hold in servicing. But that’s starting to change, […]

Outlook Good for Pending Home Sales

Lawrence Yun, Chief Economist at National Association of Realtors (NAR) says he had expected an increase in January home sales. “A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” Yun said. He pointed out that positive pending home sales figures in January will likely continue as income is […]

Prospective Homebuyers… Surge In 2019?

Slower home price growth and cooled mortgage rates could bring buyers out in droves in 2019, according to NerdWallet. The personal finance company and data provider’s 2019 Home Buyer Report showed 36% of consumers plan to buy a home within the next five years, a year-over-year increase from 32%. Of those planning to make a […]

Mortgage Prepayments Declining

Mortgage prepayments near 2-decade low Reduced home sales outweighed rate-driven increase While interest rates fell in recent weeks, January’s prepayment rate neared a two-decade low, according to the latest First Look report from Black Knight. The prepayment rate in January fell to its lowest level since November 2000 – an 18-year low, according to the report. […]

Purchasing Power Gets Biggest Boost In Five Years

Rising household incomes paired with December’s drop in mortgage rates gave consumers their largest monthly jump in home buying power since 2013, according to First American Financial Corp.’s Real House Price Index. Homebuyers saw a month-over-month increase of 3.1% in purchasing power, based on an analysis of home values, wages and interest rates. Real house prices fell […]