Mortgage Acts and Practices
Fifty-two percent of U.S. consumers say they expect to qualify for a mortgage now, according to Fannie Mae's latest National Housing Survey. That's an all-time high for the survey.
Mortgage applications for home purchases and refinancings fell in the latest week, the MBA reports.
Reverse mortgages are expected to be an increasing option that baby boomers turn to as they age to cover living expenses, but heirs may get stuck with the final balance due.
The five-week streak of falling mortgage rates took a break this week, with the 30-year fixed-rate mortgage moving up slightly to average 4.28 percent.
Fannie Mae is offering temporary closing cost assistance of up to 3.5 percent of the final sales price in 27 states to owner occupants of REO homes.
Janet Yellen, the new Federal Reserve chairman, says that in spite of rising mortgage rates, housing has “good fundamentals” and is expected to continue to improve.
The Department of Justice is accusing lending giant JPMorgan Chase of approving thousands of loans for the Federal Housing Administration and Veterans Affairs that should not have been eligible for federal insurance.
Home mortgage applications ticked up slightly by 0.4 percent in the latest week, while mortgage rates posted a big drop.
Mortgage rates continued to inch down this week as the 30-year fixed-rate mortgage averaged 4.23 percent, Freddie Mac reports.