Mortgage rates broke a month-long upward streak, deflating for the first time in weeks and resulting in a purchase demand boost. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.88%, down from the week prior’s 6.94%. A year ago at this time, the 30-year FRM averaged 6.73%. This is the first…
CBC Mortgage Agency introduced temporary rate buydowns to its down payment assistance program for FHA first mortgage financing, the lender announced in a press release. Borrowers have access to either a 2-1 or 1-0 buydown, easing the financial burden on first-time buyers for the first few years of homeownership. “The addition of a 2-1 and…
Guild Mortgage is rolling out a new rate buydown program, the company announced in a press release. The program, Payment Advantage, applies to any borrower locking in a conventional mortgage. Guild will then pay 1% of the borrower’s interest rate for one year. The borrower’s monthly payment will increase after that period, but they may…
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