JPMorganChase cuts hundreds of mortgage staff as business dwindles

JPMorganChase has said it’s cutting jobs in its mortgage lending business amid tightening monetary policy that has seen mortgage rates pushed above 6%. The nation’s biggest bank said last week that the decision was the result of “cyclical changes” in the mortgage market. “We were able to proactively move many impacted employees to new roles

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ARMs offer tempting mortgage savings, but there’s a risk

A new study from Redfin shows that homebuyers could save an average of $260 per month if they purchase a home now with an adjustable-rate mortgage rather than a traditional fixed-rate loan. That would mean savings of more than $15,000 over the first five years of the loan. It’s a tempting number that explains why

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Higher rates may prompt homeowners to stay put, but how will that impact inventory?

Approximately half of American homeowners who currently have a mortgage enjoy a rate of less than 4%. Given that interest rates are now closer to 5%, experts say this could prompt many to stay put, possibly resulting in more pressure on the already-low inventory of homes for sale. The thinking is that homeowners who’re locked

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As mortgage rates rise, more buyers are being priced out

Rapidly rising mortgage rates may help to reduce housing demand this spring, as the worsening affordability causes more buyers to be priced out of the market, experts say. Mortgage applications are already down more than 6%, according to a report by Redfin. That suggests sellers may have to be more realistic when setting their asking

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Ask Brian: How Do We Find the Best Mortgage Rate as First-Time Buyers?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to [email protected] Question from Regina in Oklahoma City: Hi Brian, last weekend I visited my sister Jenny. Both of us want to buy our

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As interest rates rise, adjustable-rate mortgages may appeal to more buyers

Although adjustable-rate mortgages are known to be riskier than their fixed-rate counterparts, some home buyers may want to consider them as interest rates keep on rising. So-called ARMs typically come with a lower initial interest rate than a 30-year fixed-rate mortgage will start with, with the rate subject to change after a defined period of

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Mortgage rates rise again, sending borrowing costs up

Mortgage rates have risen again for the fourth successive week, and have now jumped more than 90 basis points in the last month.  Rates have jumped from 3.76% to 4.67% in just March alone, significantly increasing the borrowing costs for buyers, Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors,

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Higher Interest Rates Are Coming Soon!

For homebuyers across the country, it feels like a never-ending uphill battle. Tight inventory, multiple offers on ‘fixer’ properties, and houses selling for well above the asking price (often tens of thousands over the asking price) – literally everything seems like an insurmountable hurdle. And now, higher interest rates are about to kick in. What

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Consider APR when shopping for a mortgage, experts say

Mortgage rates at their current record lows offer some serious savings for both home buyers and people looking to refinance. But experts say a low mortgage rate is only one part of the equation, as people also need to consider the loan’s annual percentage rate to take into account other costs such as upfront fees.

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Mortgage rates fall again but credit availability gets tighter

Mortgage rates are at an all-time low, but that’s just too bad for the thousands of potential home buyers who’re missing out on the action due to tighter lending standards. According to Bloomberg News, housing credit availability has reached its lowest level since February 2014. Back in January of 2019, Ginnie Mae, which is a

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