Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10% compared to one week ago. The MBA said that last week’s jump in mortgage rates may have actually increased homebuying demand, as consumers
Fannie Mae just gave renters aspiring to home ownership a big boost
First time buyers who’ve always stayed current on their rent might have a better chance of securing a mortgage now. That’s because Fannie Mae is now allowing lenders to factor in an applicant’s rental payment history as part of the mortgage underwriting process for the first time. The move was announced by the Federal Housing
Fannie and Freddie automate mortgage applications for self-employed workers
Self-employed and freelance workers should find it easier to apply for a mortgage thanks to a newly automated system created by Fannie Mae and Freddie Mac. Previously, many self-employed and freelance workers have struggled to qualify for a mortgage, as they need to provide a ton of additional paperwork to prove their incomes. The process
More renters looking to buy in 2017, study shows
A surge of renters are ready to make the leap into homeownership, with 55 percent of those who actively shopped for a mortgage in the first quarter of 2017 being non-homeowners.
Mortgage Application Rules Are Changing
Effective October 3, 2015 changes are being made to mortgage application rules. Most changes are about how consumers are presented terms of the mortgages they are being offered. The changes are required by the 2010 Dodd-Frank financial law. One key change is that consumers must be given the final terms of the mortgage at least
African-Americans Getting a Rough Deal in Housing
There’s bad news for racial equality when it comes to housing, with a new study showing that African-Americans are being squeezed out of the market far more often than people from other races.
7% Rise in Mortgage Applications Last Week
Applications for new mortgages rose last week, increasing by more than 7% over the week before, according to new reports from the Mortgage Bankers Association. The refinance index saw an increase of 7.8%, while the real gauge for mortgage requests, the purchase index, jumped up by 5.1%. According to MBA research and economics vice president