More than half of U.S. states don't require adequate disclosures to homebuyers about past flooding events or a property's location in a flood plain, Fannie Mae said.
Kathleen Howley has more than 20 years of experience reporting on the housing and mortgage markets for Bloomberg, Forbes and HousingWire. She earned the Gerald Loeb Award for Distinguished Business and Financial Journalism in 2008 for coverage of the financial crisis, plus awards from the New York Press Club and National Association of Real Estate Editors. She holds a degree in journalism from the University of Massachusetts, Amherst.
More than half of U.S. states don't require adequate disclosures to homebuyers about past flooding events or a property's location in a flood plain, Fannie Mae said.
The U.S. economy expanded at a 6.9% annualized rate in the final three months of 2021, triple the pace of the prior quarter, as Covid-19 infections spiked to record highs.
The Fed issued an addendum to its traditionally sparse statement that outlined how it plans to reduce its record $8.4 trillion portfolio of Treasuries and mortgage bonds.
Phoenix led the 20-city index, as it has for more than two years, posting a 32.2% annualized advance in November, according to S&P Dow Jones Indices data.
Today's red-hot pace of inflation likely will cool to about 2% by 2022’s end, about a third of its current rate, according to Treasury Secretary Janet Yellen.
The retreat in affordability came as the median U.S. home price rose to $353,900 in November, the highest ever recorded for the month.
This week’s jump in mortgage rates shrank the pool of eligible borrowers who would benefit from a refi to the lowest level since 2019, Black Knight said.
The average U.S. rate for a 30-year fixed mortgage jumped by almost a quarter of a percentage point this week, Freddie Mac said.
The Fed's signal last week that it was getting ready to shrink its balance sheet was a "big surprise" to the financial markets, a Schwab report said.
December’s 12-month gain in consumer prices was the largest since June 1982, according to Labor Department data released Wednesday.
Less than 2% of requests to correct errors on consumer records maintained by Equifax, Experian, and TransUnion resulted in corrections in 2020, down from 25% in 2019, the report said.
The strength of the labor market in the closing weeks of 2021 probably points to a Fed rate hike as early as March, Wells Fargo economists said.
The average rate on a 30-year fixed mortgage rose in 2021’s final week to a level that was nearly half a percentage point higher than a year earlier, MBA said.
Some of the nation's highest-flying markets in 2021 may see the smallest gains this year, the CoreLogic forecast said.
Prices for U.S. homes gained 18.4% in October, six times the increase recorded in the year before the pandemic began, according to the S&P CoreLogic Case-Shiller index.
Mortgage rates fell as investors' worries about the hyper-transmissible Omicron variant outweighed inflation jitters.
An increase in household formation as the U.S. economy emerges from the pandemic will support home sales in 2022, according to Mark Fleming, chief economist at First American.
Despite a half-percentage-point gain in home loan rates, real estate sales likely will reach a 16-year high in 2022, CoreLogic's chief economist said.
The average U.S. rate for a 30-year fixed home loan rose to the highest level in more than a month as the Fed stepped away from the bond markets.
The breakneck pace of home price gains made it tough to be a first-time property buyer in the third quarter, according to NAR data.
Inflation rose last month at the fastest pace since the Reagan administration as the global pandemic continued to snarl supply chains.
Home-price growth in the third quarter increased the amount of tappable equity held by Americans to a record $9.41 billion, the report said.
Prices for detached single-family homes surged as people searched for low-density living quarters during the pandemic, CoreLogic said.
As long as vaccine efficacy holds up, the economic hit from the emergence of Covid-19’s Omicron variant likely will be moderate, Goldman Sachs said.
November’s shortfall in jobs creation “may deter the Fed from moving too quickly” to enact its bond tapering, Wells Fargo economists said.
Mortgage rates fell from an 18-month high as the bond markets reacted to news about a new "variant of concern" in the Covid-19 pandemic.
A federal regular on Tuesday increased the size of mortgages eligible for backing by Fannie Mae and Freddie Mac after a record-setting surge in home prices.
Rates rose after a report showed inflation spiked to 6.2% in October as supply-chain bottlenecks caused by the pandemic fueled price increases.
"Red-hot demand for workers" will send U.S. jobless rate tumbling, the economists said.
The top reason to move, according to sellers, was the desire to be close to friends and family. The No. 2 reason was the need for more space, according to the NAR report.
Record gains in home prices and a shortage of properties for sale have given sellers the most confidence they’ve ever had, according to a report from Fannie Mae.
Consumer prices rose last month at the fastest clip in more than three decades, signaling rates for home loans are likely to rise.
Freddie Mac is incentivizing landlords to report on-time rental payments to help potential first-time homebuyers build credit histories.
The U.S. unemployment rate dropped to the lowest level since the start of the Covid-19 pandemic as payroll gains in October rose to a three-month high.
Sales of new homes are on track to jump 15% next year as builders overcome supply-chain challenges, NAR said in a forecast.
The Federal Reserve's nearly $4 trillion of bond purchases doubled its balance sheet and caused mortgage rates to hit new lows 15 times last year.
The average mortgage size for new homes rose to a record high of $408,522, a gain of 15% from a year ago, according to MBA’s Builder Application Survey.
It’s half the size of President Joe Biden’s original bill, but it still includes homebuyer assistance and a rescue of the nation’s flood insurance program.
The average U.S. rate for a 30-year fixed home loan climbed for the third consecutive week as bond investors demanded higher yields, Freddie Mac said.
The share of mortgages late by 30 days or more fell to 3.91% in September, almost half the level of a year ago, Black Knight said in a report.
Some of the housing provisions of the Build Back Better bill that seemed destined for the chopping block are now back in play, including some form of down payment assistance.
About 1.24 million mortgage holders remain in Covid-19-related forbearance plans, the lowest since the beginning of the pandemic, Black Knight said in a report on Friday.
Mortgage rates rose this week as stronger-than-expected economic data and concerns about inflation drove bond investors to demand higher yields for their investments.
“Consumers feel it’s a bad time to buy a home but a good time to sell – and they continue to cite high home prices as the primary reason,” said Doug Duncan.
Home loan rates are rising as inflation remains stubbornly high and bond investors react to the Federal Reserve’s plan to begin tapering its purchases of Treasuries and mortgage-backed securities.
The Fed said it could begin reducing its asset purchases as early as next month, according to minutes released on Wednesday.
Core inflation, known as the Fed’s preferred gauge because it excludes volatile food and energy prices, was flat in September. The overall inflation reading rose to a 13-year high.
The number of days required to close a mortgage shrank in August to the shortest period in over a year, according to ICE Mortgage Technology.
About 4.2% of all mortgages in the nation were in some stage of delinquency, meaning 30 days or more past due, including loans in forbearance, the report said.
The U.S. economy added 194,000 jobs in September, the slowest pace in more than a year, according to the Bureau of Labor Statistics.
About 1.4 million U.S. homeowners with mortgages remain in Covid-19-related forbearance plans this week, the lowest since the beginning of the pandemic, Black Knight said in a report.
Mortgage rates edged lower this week as bond investors waited for Friday’s employment report to gauge when the Federal Reserve will start tapering its purchases of fixed assets.
Mortgage refinancing applications dropped to a three-month low last week as interest rates rose, the Mortgage Bankers Association said in a report on Wednesday.
Biden's first-time homebuyer tax credit is likely to be one of the first casualties as Congress pares down its $3.5 trillion reconciliation bill, according to a report.
Mortgage rates are rising as the investors who influence housing finance react to a Fed decision to taper bond purchases that supported the economy during the pandemic.
An index measuring signed contracts for existing homes rose 8.1% in August, NAR said in a report on Wednesday. That’s more than five times the 1.4% gain expected by economists.
Half of Americans with student loans who don’t own property say their debt from college is keeping them from buying a home, NAR said.
Lifting the restrictions will allow Fannie Mae and Freddie Mac to aid in expanding homeownership to more Americans without increasing risk, said Jaret Seiberg, managing director at Cowen Group in Washington D.C.
The pace of inflation, one of the key drivers of mortgage rates, eased in August as reduced demand resulting from a resurgence of Covid-19 infections offset some of the supply-chain bottlenecks created by the pandemic.
Inflation expectations among Americans in August rose to the highest ever recorded in the Federal Reserve Bank of New York’s survey of consumers while their outlook for home-price growth moderated.
If builders were able to double this year’s increased pace of new home production, it still would take five to six years to close the gap, according to a report from Realtor.com.
The amount of home equity homeowners could tap gained $1 trillion in the second quarter as record home-price increases made real estate more valuable.
Nonfarm payrolls increased 235,000, the slowest pace since January, as a Delta-driven resurgence of the pandemic kept many consumers at home.
Fed Chairman Jerome Powell had one job to do on Friday with his annual speech at the Jackson Hole Economic Policy Symposium: Keep bond investors from freaking out. He succeeded.
U.S. home prices surged 18.6% in June from a year earlier, the biggest jump ever...
The Fed's cancellation of its annual Jackson Hole conference after a resurgence in U.S. Covid-19 infections may signal the days of rock-bottom mortgage rates aren't over yet.
A speech on Friday by Fed Chairman Jerome Powell had the potential of sending mortgage rates into gyrations. Instead, he soothed the markets.
A Delta-driven resurgence of the Covid-19 pandemic will chill the nation’s economic recovery and suppress mortgage rates, according to a forecast by Fannie Mae.
Lakeland and Winter Haven, Florida, posted the biggest U.S. median home price gain since the pandemic’s earliest days, with a 32% jump in June from a year earlier.
The consumer sentiment index from the University of Michigan plunged 13.5% in August to 70.2, the gloomiest outlook since December 2011.
The average U.S. rate for a 30-year fixed mortgage rose to the highest level in a month, reversing six weeks of declines, after last week’s employment report.
The market share of purchase loans increased to 51% in June from 47% in the prior month as demand for refinancings weakened.
Mortgage rates are falling because of "uncertainty" caused by a resurgence of the pandemic, Freddie Mac's chief economist said.
An inventory shortage and high standards for mortgages will keep the U.S. from a repeat of the housing bust that occurred in 2008, Wells Fargo economists said.
The Federal Reserve on Monday announced guidelines for a $10 billion program aimed at keeping people with non-traditional mortgages in their homes.
Home prices are surging as low mortgage rates allow borrowers to get bigger mortgages, making it possible to bid higher on properties in a market where listings are scarce.
Homeowners with mortgages backed by the departments of Housing and Urban Development, Agriculture or Veterans Affairs could get their monthly payments reduced under new guidelines aimed at avoiding foreclosures.
Mortgage rates dropped this week to the lowest level in five months as bond market investors worried a pandemic resurgence could slow the economy.
Mortgage rates dropped to a five-month low on Friday as mortgage investors worried about the economic impact of the pandemic’s hyper-transmissable Delta mutation.
The fee imposed last year added an average of $1,400 to refinanced mortgages to advance the Trump administration’s “recap and release” plan for Fannie Mae and Freddie Mac.
The average U.S. rate for a 30-year fixed-rate home loan dropped two basis points to 2.88% this week, the third consecutive decline, Freddie Mac said.
The idea of having a public credit reporting agency housed at the CFPB was proposed more than a year ago by President Joe Biden when he was a candidate.
The Consumer Price Index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday.
Bond investors who exert the biggest influence on home loan rates are focused this week on a Tuesday inflation report and a double-header appearance in Congress by Fed Chairman Jerome Powell.
More than half of respondents to the Goldman Sachs' July QuickPoll said they believe the Fed won't begin tapering purchases of Treasuries and mortgage bonds until next year.
Federal Reserve policymakers are in no rush to tighten monetary policy and taper its asset-purchasing program, according to minutes of its June meeting released on Wednesday.
The U.S. economy added 850,000 jobs in June, the biggest gain in 10 months, boosted by hiring in retail and residential construction, according to a Labor Department report.
The average U.S. rate for a 30-year fixed mortgage dipped below 3% this week as mortgage investors bet that an inflation spike would be temporary.
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
The average U.S. rate for a 30-year fixed mortgage rose to 3.02% from 2.93% from last week, Freddie Mac said on Thursday.
The move likely will result in more consumer-friendly decisions in setting the course for the two companies that back more than half of American’s outstanding mortgages.
The FHA announced updates to calculations for monthly student loan payments that will make it easier for some applicants to qualify for a home loan.
Pandemic-level mortgage rates are expected to be around at least through the end of 2022, according to a forecast from Fannie Mae, the world’s largest mortgage buyer.
Where do mortgage rates come from? And other questions first-timers may have about home loans.
Underbuilding has left America with demand that far outstrips housing supply, according to an NAR report.
The average U.S. rate for a 30-year fixed mortgage fell to 2.93%, marking the ninth week that rates have been at 3% or lower, Freddie Mac said.
Policymakers indicated rate hikes could come as soon as 2023, after saying in March that they saw no increases until at least 2024.
The last time the Fed signaled the end of a bond-buying program, mortgage rates jumped more than a percentage point in the span of two months.
While the Covid-19 pandemic is receding in the U.S., a weak global economy is boosting demand in the bond markets.
The housing market is thirsty for supply, and the latest data on housing starts show there isn’t much help on the way.
A spike in lumber prices has added about $36,000 to the cost of a new home as builders and renovators compete for limited supply from sawmills, NAHB said in a new report.
The average U.S. FICO score rose to a record high in 2020 amid the worst pandemic in more than a century, according to Experian data.
Mortgage rates ticked higher this week while remaining below the 3% threshold as bond investors worried about rising Covid-19 infections, Freddie Mac said.
Sales of new houses jumped in March to the highest level in more than 14 years as construction crews raced to meet a surge in demand.
Mortgage rates are falling as bond investors worry about a resurgence of the Covid-19 pandemic that would delay an economic resurgence.
U.S. housing starts soared to 15-year high last month, according to a government report, signaling relief for supply-constrained market
Pittsburgh leads a list of cities where renters, even those with lower incomes, have the best chance to become homeowners.
The rate dropped almost a tenth of a percentage point as bond investors worried about a jump in Covid-19 infections.
The housing wealth of Americans rose to a record $32 trillion dollars at the end of 2020, according to the Fed.
The average U.S. FICO score rose to 710 in 2020 from 703 in 2019 while late payments and credit utilization dropped as Americans hunkered down during the Covid-19 pandemic.
The IMF upgraded its economic growth forecast, saying the U.S. will lead developed nations with a 6.4% surge in GDP this year, faster than the 6% global pace.
The average U.S. rate for a 30-year fixed mortgage fell to 3.13% this week, the first drop since early January, Freddie Mac said in a report on Thursday.
Bloomington and Iowa City are the best markets in the U.S. for first-time homebuyers, according to realtor.com's ranking of cities by affordability, inventory, and job opportunities.