Rocket Pro TPO is the first company to raise the national conforming loan limit, up from $766,550 to $802,650. The new limit for Alaska and Hawaii is $1,203,975. Buyers can now access 2025’s limits for conforming loans, which could mean less money down, more cash out, or better pricing for clients who need loans above…
Existing-home sales continued to their downward spiral in June as buyers take a “wait and see” approach to cooling rates. Existing sales plummeted by 5.4% last month to a seasonally adjusted annual rate of 3.89 million, according to the National Association of Realtors. They were down the same amount YOY. The slump came as the…
Single-family home price growth slipped in the second quarter of 2024, reflecting a slowly shifting market dynamic. Prices rose 6.9% from Q2 2023 to Q2 2024, down from Q1’s revised YOY growth of 7.3%, according to Fannie Mae’s Home Price Index. Quarter to quarter, prices were up 1.3% after seasonal adjustment, down from a 2%…
Homebuyers were more hopeful about the housing market in June but still largely priced out of it. Fannie Mae’s Home Purchase Sentiment Index increased 3.2 points to a reading of 72.6 last month, pushing it closer to the plateau it set earlier in the year. Just under 20% of consumers indicated it’s a good time…
Americans are increasingly pessimistic about their long-term prospects in the housing market, citing unaffordability as their main concern. Fannie Mae’s Home Purchase Sentiment Index fell 2.5 points in May to a reading of 69.4, a record low for the survey. Just 14% of respondents believe it’s a good time to buy a home, a steep…
The first quarter of 2024 brought a significant profitability upswing for independent mortgage banks as production losses simmered down from previous quarters. According to data from the Mortgage Bankers Association, IMBs and mortgage subsidiaries of chartered banks experienced a significant decrease in pretax net loss per loan in Q1 compared to the previous quarter. The…
Fannie Mae enhanced its Income Calculator tool to give self-employed borrowers a leg up. The new and improved calculator is now available at FannieMae.com for lender use at no additional cost. It is also built into CoreLogic’s Income Analyzer service and PointServ’s Digitally Sourced Data service. It builds on the GSE’s existing Income Calculator, introduced…
Fannie Mae’s Q1 earnings fell short of expectations, but the GSE turned a profit last quarter. The mortgage giant reported $4.3 billion in net income for Q1 2024, up from $3.9 billion in Q4 2023 but lower than analysts expected. Its overall revenue was $7.1 billion, a sturdy sum but lower than expectations of $7.68…
Inventory is doing best in cities with fewer mortgages and older homeowners, reinforcing the impact of high interest rates on the market. That’s according to a new report from Zillow, which found that metros where more homes are owned outright are seeing the fastest growth in new listings. Pittsburgh, Buffalo, and Cleveland have the highest…
Commercial real estate juggernaut Meridian Capital Group named former regulator Brian Brooks as its Chairman and CEO. Brooks takes the reigns from co-founder Ralph Herzka, who will remain with the company as Senior Chairman. The change-over will take place in April. Herzka helped found Meridian in 1991 and steered it to the forefront of commercial…
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