The Federal Housing Finance Agency has rescinded a rule changing upfront fees based on borrowers’ debt-to-income ratios. If it had gone through, the policy would have created an adjustment for DTIs higher than 40% that Fannie Mae and Freddie Mac would acquire. Back in March, the agency delayed the implementation of these fees to talk…
By CHUCK GREEN Industry leaders and economists are sharing their opinions about changes to fees for loans backed by Fannie Mae and Freddie Mac after reports that homebuyers with good credit scores and substantial down payments will pay more so fees for borrowers limited by income or wealth can be reduced. The changes to the…
By KIMBERLEY HAAS The new vice president of public policy at Rocket Central says his goal is to increase opportunities for people who have historically had difficulties achieving home ownership because of a host of barriers. Karan Kaul, a housing finance veteran who worked as a principal research associate in the Housing Finance Policy Center…
The 30-year FRM increased once again last week, blocking even more homebuyers from entering the market. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.43%, up from 6.39% the week prior. A year ago at this time, the 30-year FRM averaged 5.11%. The 15-year fixed-rate mortgage fell, however, down to 5.71%…
By KIMBERLEY HAAS As the housing market moderates after a whirlwind pandemic ride, affordability continues to be a chief concern for consumers and mortgage providers are responding with a variety of programs to encourage potential buyers to get off the sidelines. Leaders at Rocket Mortgage say that a major hurdle on the path to homeownership…
By KIMBERLEY HAAS Changes to fees for loans backed by Fannie Mae and Freddie Mac are under scrutiny after recent reports that homebuyers with good credit scores and substantial down payments will pay more starting May 1. Last week, The Washington Times published an article with the headline “Biden to hike payments for good-credit homebuyers…
Mortgage rates jumped last week, breaking a five-week streak of declines. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.27% the week prior. A year ago at this time, the 30-year FRM averaged 5.11%. The 15-year fixed-rate mortgage also rose, up to 5.76% from 5.54%. A year ago,…
Mortgage rates ticked down again, the fifth straight week of declines. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.27%, down from 6.28% the week prior. A year ago at this time, the 30-year FRM averaged 5%. The 15-year fixed-rate mortgage fell from 5.64% to 5.54%. A year ago, it averaged…
By PATRICK LAVERY A new book providing insider insight into how millions of Americans were provided mortgage and rental assistance in response to the COVID-19 pandemic has been released. “Shelter from the Storm: How a COVID Mortgage Meltdown Was Averted” is by Cato Institute Senior Advisor Mark Calabria who was, at the outset of the…
The average mortgage rate declined for another week, giving buyers planning to finance a home this spring a little more bang for their buck. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.28%, down from 6.32% the week prior. A year ago at this time, the 30-year FRM averaged 4.27%. The 15-year…
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