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.
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.
Mortgages backed by the Federal Housing Administration aren't the only way to get a low-down-payment home loan — Fannie Mae and Freddie Mac offer them too.
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.
“It’s changed my life,” said Gian Moore, who purchased a three-bedroom home in Washington D.C. with the help of a community-based down payment assistance program.
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.
The number of days it took to close mortgages backed by the VA dropped to a 10-month low in July, led by a faster time frame for refinancings, according to a report from ICE Mortgage Technology.
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 the availability of jumbo mortgages rose 9.4% while the index for conforming home loans, eligigle for backing from Fannie Mae and Freddie Mac, rose 5.1%, the Mortgage Bankers Association report 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.
