Friday , 21 February 2020

Mortgage News Daily

Mortgage News Daily

Pending Home Sales Erase More Than Half of 2019’s Gains; Refis Still Shining as Rates Hug Long-Term Lows

December’s pending home sales erased the small gain posted in November and the National Association of Realtors’ (NAR’s) Pending Home Sales Index (PHSI) ended the year exactly where it had begun. The PHSI is a forward-looking indicator of existing home sales based on purchase contracts signed during the month. It fell 4.9 percent in December, from 108.5 in November to …

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Rates Bounce At Long-Term Lows; Price Gains Resume; Lots of Refis

Mortgage rates were steady to slightly higher today, leaving the average lender just a hair above the lowest rates in months, and still very close to the lowest rates in more than 3 years. The coronavirus outbreak is still a relevant consideration for financial markets, including interest rates, but traders took today to consolidate their recent positions. In other words, …

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December’s Housing Starts Surged to 13-Year High

While permits fell from the previous month, the U.S. Census Bureau and the Department of Housing and Urban Development said December was another exceptional month for residential housing starts. Those starts soared to a seasonally adjusted annual rate of 1,608,000 during the month, a 16.9 percent increase from November’s estimate which was revised from 1,365,000 to 1,375,000. The December number …

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Finding a Balance Between Mortgage Availability and Default Risk

CoreLogic is continuing its analysis of the potential impact of the January 2021 expiration of the so-called “GSE Patch.” Under the Consumer Financial Protection Bureau’s (CFPB’s) 2013 Ability-to-Repay (ATR) and Qualified Mortgage (QM) Rules, lenders must make a reasonable, good faith determination of a consumer’s ability to repay a mortgage loan based on verified financial information generally associated with responsible …

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