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.
Cybersecurity criminals are targeting borrowers with VA loans, often claiming to be from the government, the Consumer Financial Protection Bureau said.
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 purchase share of the market rose to 47% of originations in May, the highest since the beginning of the pandemic, according to a report from Ice Mortgage Technology.
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 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.
