Banks offer exposure to mortgage risk — and investors want in

More banks are selling high-stakes financial products that give investors exposure to America’s mortgages, car loans and corporate debt. The new bond product offers high yields to investors — including some exceeding 5 percent — but places those same investors on the hook if the underlying loans go south, according to a report in the … Read more

With home prices slow to fall, would-be buyers are getting squeezed out

People who lost income during the pandemic are finding it hard to buy their first homes as real estate prices grew faster than incomes, according to a new Harvard University report. The dream of homeownership may be further out of reach for people who lost income during the pandemic, with high home prices unlikely to … Read more

Mortgage rates hit new all-time low for 15-year loans

Mortgage rates for a 15-year fixed rate loan hit a new all-time low this week as rates for 30-year loans also dipped by one-tenth of a percentage point, according to Freddie Mac’s weekly lender survey. “Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” Freddie Mac Chief … Read more

Home office eclipses short commute as a buyer must-have, agents say

Nearly 60 percent of agents surveyed by Homelight said they expect a home office to be a top priority for buyers in a post-vaccine landscape. Well over half of agents in a recent survey expect homebuyers to highly prioritize a home office in a post-vaccine landscape. The desire for home-office space reflects a dramatic shift … Read more

First-time buyers still eager, despite snags on path to homeownership

A Chase survey revealed nearly 4 in 10 potential first-time buyers lost income during the pandemic, setting back their homeownership goals. Last year’s volatile housing market was discouraging for otherwise eager potential first-time homebuyers, according to a new survey. First-time buyers have been budgeting, working on their credit scores and saving toward a down payment … Read more

‘Summer swoon’: Mortgage rates dip further in mid-July throughout US

The average interest rate on a 30-year, fixed rate mortgage dipped further this week, according to data from Freddie Mac. Mortgage rates remained low over the past seven days, dipping by 2 basis points for a 30-year loan compared to the previous week’s average, according to Freddie Mac’s weekly lender survey. “The summer swoon in … Read more

Mortgage boom for second homes takes hit amid new lending rules

New lending rules and a return to the office may have dented the prolific rise in demand for second-home loans, according to new data. Vacation properties may finally be falling out of favor after a year of lockdowns and remote work drove more high-income Americans to shop for second homes. The number of buyers who … Read more

New study shows true impact of credit scores on mortgage rates

As buyers prepare to make a purchase, one of the first things they seek to improve is their credit score in the hopes they’ll receive a favorable mortgage rate. However, digital mortgage marketplace OwnUp’s latest study published on Thursday revealed a great score doesn’t guarantee a low rate. “When you’re applying for a mortgage, if … Read more

Number of affordable places to live hits lowest point in 2 years

More than 3 in 5 counties studied in a recent home affordability report were deemed less affordable than their historical averages, representing a steep uptick in the second quarter of the year. This share of counties hovering in less affordable territory was the highest seen in the last two years, an observation that comes as … Read more

Tomo launches with aim to ‘be the best at purchase mortgages’

Tomo, a highly anticipated fintech startup founded by former Zillow executives and backed by $70 million in seed funding, has launched in three markets and is catering to homebuyers and agents by providing mortgage preapprovals in hours, guaranteeing on-time closings, and matching competing lenders’ rates. Now open for business in Seattle, Dallas and Houston, Tomo’s … Read more

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