The rapid rise in home prices over the past year is prompting Fannie Mae and Freddie Mac to revisit the maximum size of home mortgages they will back for 2022, possibly increasing to nearly $1 million in some areas, The Wall Street Journal reports. That would mark a sharp jump compared to this year: The …
Tag: News
Jul 09
How Buyers With VA Loans Can Better Compete
Military families with Veterans Affairs loans are losing out in the competitive housing market. Sellers are showing preference to buyers with more conventional financing or all-cash offers that they believe will offer a faster and smoother closing. Ninety-four percent of real estate professionals surveyed said sellers are most likely to accept an offer with conventional …
Jul 09
Mortgage Applications Climb, Even as Rates Rise
Rising mortgage rates don’t seem to be scaring off home buyers. Mortgage applications to purchase a home, viewed as a gauge of homebuying demand, increased 2% last week, the Mortgage Bankers Association reported Wednesday. Homebuilders are reporting stronger buyer traffic too after a brief lull earlier this fall, according to a recent builder sentiment report released …
Jul 08
Inflation Drives Mortgage Rates
The 30-year fixed-rate mortgage was back above 3% this week, and economists believe rates will continue to increase over the next few months. “The combination of rising inflation and consumer spending is driving mortgage rates higher,” says Sam Khater, Freddie Mac’s chief economist. “Shoppers looking to buy a home are fueling a strong demand while …
Jul 08
Inventory Woes Aren’t Slowing Down Home Sales
Existing-home sales fared strongly in October even as buyers continued to complain there aren’t enough homes on the market. Existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased by 0.8% in October compared to September, the National Association of REALTORS® reported Monday. Compared to a year ago, however, sales are …
Jul 03
NAR President Calls for Improving Veteran Buying Process
National Association of REALTORS® President Leslie Rouda Smith testified before Congress Wednesday, encouraging lawmakers to further help veterans achieve the American dream of homeownership. The hearing before the House Committee on Veterans Affairs Subcommittee on Economic Opportunity brought together lawmakers and housing industry leaders to brainstorm ways to remove barriers specific to veteran homeownership. “NAR …
Jul 02
Experts: Housing Market Likely to ‘Normalize’
Economists predict slower price appreciation, easing inflation, and rising interest rates during NAR’s virtual Real Estate Forecast Summit. While strong homebuyer demand and inventory shortages will continue into 2022, the housing market is unlikely to repeat this year’s dizzying heights, in which existing-home sales reached their highest point in 15 years with an estimated 6 …
Jul 01
CFPB, DOJ Warn Against Illegal Evictions of Military Vets
The Consumer Financial Protection Bureau and the Justice Department issued letters to mortgage servicers and housing providers reminding them that military and veteran families who are leaving pandemic-related forbearance plans or renters leaving moratoriums have extra protections under law. They want to ensure that military families and vets are not illegally evicted or foreclosed on. …
Jun 28
Sales Up as Buyers Rush to Lock in Mortgage Rates
Home buyers may have felt more determined in November to purchase before 2021 comes to an end and mortgage rates and borrowing costs increase, as largely is forecasted to happen. Existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, rose 1.9% in November compared to October, the National Association of REALTORS® …
Jun 27
Borrowers Taking Out Larger Mortgages
Home prices are rising by double-digit numbers, causing increasing concerns around housing affordability. The Commerce Department reported that median sales prices for new homes rose nearly 19% in November, while the National Association of REALTORS® reported existing-home prices jumped by a median of 13.9% annually last month. As home prices press higher, so is the …
Jun 26
How about the 2021 Year-End Mortgage Rates at 3.11%?? Crazy ….
Mortgage rates stayed low for the final week of 2021, but housing analysts largely predict rates will be heading up in the coming weeks. “Mortgage rates have been effectively been moving sideways despite the increase in new COVID cases,” says Sam Khater, Freddie Mac’s chief economist. “This is because incoming economic data suggests that the …
Jun 25
Higher Mortgage Loan Limits Take Effect
Conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac have jumped in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year. The new loan limits took effect Jan. 1. The Federal Housing …
