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

New restrictions on Fannie, Freddie refis blamed for tighter mortgage credit

Mortgage lenders tightened underwriting standards in June, undoing much of the easing seen over the last six months as initial fears about the long-term impacts of the pandemic began to wane. Mortgage lenders tightened underwriting standards in June, undoing much of the easing seen over the last six months as initial fears about the long-term … Read more

Fannie and Freddie will eliminate mortgage refinancing fee starting Aug. 1

Homeowners looking to refinance their mortgages could soon have an easier time getting a lower rate, with Fannie Mae and Freddie Mac’s federal regulator eliminating a 50-basis point refinancing fee that was intended to help the mortgage giants cover at least $6 billion in anticipated losses due to the pandemic. The vast majority of borrowers … 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 rates follow Treasury yields down

Mortgage rates were lower this week as U.S. Treasury yields dropped, but economic recovery could push them higher in the months to come. Mortgage rates fell in concert with Treasury yields over the last seven days, keeping rates on home loans below 3 percent for the second consecutive week, according to Freddie Mac’s weekly lender … Read more

Asian American homeownership is still lagging: Report

Asian American homeownership rates lag in numerous major cities including New York, Los Angeles and Boston. A new report out Wednesday shows that while the Asian American and Pacific Islander communities have higher-than-average incomes in the U.S., both groups still lag behind the rest of the country when it comes to homeownership. The report comes … Read more

FHA relaxes underwriting for student loan borrowers

It just got easier for many student loan borrowers to buy a home with an FHA mortgage now that policymakers have ditched a policy that often required lenders to make conservative assumptions about the burden imposed by their monthly student loan payments. The policy penalized student loan borrowers applying for an FHA mortgage if their … Read more

Mortgage rates tick back above 3% as economic recovery continues

Freddie Mac’s chief economist said rates could continue to rise during the second half of the year after reaching historic lows in January. Mortgage rates inched back above 3 percent for the first time in more than two months, according to a market survey. Freddie Mac Chief Economist Sam Khater said in a Thursday news … Read more

New leadership expected at Fannie and Freddie’s federal regulator

Fannie Mae and Freddie Mac’s federal regulator will soon have a new director, after a Supreme Court ruling that expands the president’s power to remove the head of the Federal Housing Finance Agency without cause. However, shareholders in the mortgage giants won’t get $124 billion in profits confiscated by the government, and the Court dismissed … Read more

Mortgage rates continue to ease despite inflation worries

Markets concur with the view that inflation increases are temporary, according to a Freddie Mac economist. Mortgage rates continue to ease despite worries that the Federal Reserve will eventually have to take measures to fight inflation, with rates on 30-year fixed-rate mortgages continuing to inch further below 3 percent. Sam Khater | Photo credit: Freddie … Read more

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