The industry had a tough time in 2022 following its busiest year since 2005 amid escalating mortgage rates and rising inflation.
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The Fair Housing Center of Central Indiana, or FHCCI, brought the legal action Thursday after a multiyear investigation of the Indiana-based financial institution and meeting with bank officials.
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Peter Dunn talks to guest host Lesley Weidenbener about all things home buying, including mortgages, determining how much house you can afford, why you shouldn’t put down less than 10% and why the idea of starter homes and family homes is silly.
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Lawmakers in both parties view simmering fury over the cost of living as the top issue in next year’s midterm elections and are pitching a growing profusion of proposals to tackle the notoriously difficult problem of affordability.
Wednesday’s cut reduced the Fed’s key interest rate by a quarter-point, to about 3.6%, the lowest it has been in nearly three years.
The Federal Housing Finance Agency adjusts the limits of a confirming loan annually to reflect changes in U.S. home values, which have been rising this year.
The White House says it is considering backing a 50-year mortgage to help alleviate the home affordability crisis in the country. But the announcement drew immediate criticism.
Mortgage rates started declining in July in the lead-up to the Federal Reserve’s decision last month to cut its main interest rate for the first time in a year amid growing concern over the U.S. job market.
Mortgage rates have been mostly declining since late July amid expectations that Federal Reserve would cut rates for the first time since last year.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
Cash-out refinances, in which homeowners take out a loan for more than they owe on their mortgage and pockets the difference, accounted for roughly 60% of all home loan refis in the second quarter.
One of the nation’s largest mortgage lenders is purchasing Hallmark, which has branches in Indianapolis, Brownsburg, Plainfield and elsewhere in Indiana.
Based off the latest U.S. median home listing price, homebuyers need to earn $47,000 more a year to afford a home than they would have just six years ago.
Rocket Cos. said Monday that bringing Mr. Cooper Group Inc. into the fold will create a business representing one in every six mortgages in the United States and give it almost 7 million additional clients.
The average rate on a 30-year mortgage in the U.S. has declined six weeks in a row, according to mortgage buyer Freddie Mac.
While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market was on track to end 2024 as its worst year for sales since 1995.
Interest rates have been climbing since the Federal Reserve signaled last month that it expects to cut its benchmark rate just twice this year, down from the four cuts it forecast in September.
While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market remains in a slump and on track for its worst year since 1995.
The Fed’s move to start cutting rates has not sent mortgage costs down. Instead, the 30-year fixed-rate mortgage has ticked up for the last five weeks.
While the index of home purchases rose for the first time in four weeks, rising mortgage rates and still-elevated asking prices are limiting optimism that the housing market can stage a speedy recovery.
While lower rates give home shoppers more purchasing power, a mortgage around 6% is still not low enough for many Americans struggling to afford a home.
The recent pullback in mortgage rates overall has sparked a pickup in applications for home refinancing loans, which are 23% higher than a month ago, according to the Mortgage Bankers Association.
