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.
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.
Every homebuyer is hoping to get approved for a mortgage at the current, historically low rates, but experts warn that only people who have high credit scores are likely to receive them.
Home loan rates are falling in tandem with Treasury yields, which serve as a benchmark for mortgage-bonds, as investors worry about a resurgence of the Covid-19.
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.
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
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 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.
