The volume of applications for mortgages to purchase homes increased last week while refinancings declined, according to data from the Mortgage Bankers Association.
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.
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.
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.
