Mortgage Acts and Practices
High income earners shop for mortgages distinctly different than lower income earners, finds a new Fannie May study.
The 30-year fixed-rate mortgage started the year more than a full percentage point above its average last year at this time.
Rising mortgage rates are biting into home sales, a trend that will likely continue as interest rates readjust in the new year.
The majority of housing markets remain affordable to the average family, but rising mortgage rates and rising housing prices are causing more families to have to stretch financially, according to the mortgage giant.
Mortgage applications have dropped for six out of the past seven weeks, according to the Mortgage Bankers Association's seasonally adjusted index.
The Federal Housing Finance Agency is inviting the public to comment on a new proposal aimed at reducing Fannie Mae and Freddie Mac's presence in the high-end mortgage market.
Loan demand ticked up last week, rebounding after last week's big holiday slump.
The 30-year fixed-rate mortgage dropped to a 4.42 percent average this week, falling slightly from last week's highest reading in months, Freddie Mac reports.
Fixed-rate mortgages were on the rise this week on reports of higher home sales and an improving job outlook.