Federal agency boosts size of single-family loans government can guarantee to $832,750
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.
Mortgages
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Area homebuilders hope for better year after 2022 slump
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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Lawsuit alleges Old National Bank redlined against Black Indy residents
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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IBJ Podcast: Pete the Planner on the magic of a 15-year mortgage
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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Articles
White House’s 50-year mortgage proposal has one notable benefit, but some drawbacks
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.
US home sales accelerated in September to their fastest pace since February
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.
Average rate on 30-year mortgage falls again, dips to lowest level in almost a year
Mortgage rates have been mostly declining since late July amid expectations that Federal Reserve would cut rates for the first time since last year.
Average rate on a 30-year mortgage falls to lowest level in nearly a year
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
Average rate on a 30-year mortgage drops to lowest level since October
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
Homeowners turn to cash-out refinancing to take advantage of big gains in home equity
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.
Indiana-based Hallmark Home Mortgage to be acquired
One of the nation’s largest mortgage lenders is purchasing Hallmark, which has branches in Indianapolis, Brownsburg, Plainfield and elsewhere in Indiana.
Home ownership climbs further out of reach for most Americans
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.
Mortgage company Rocket continues acquisition spree with $9.4B deal
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.
Mortgage rates have declined but could stay at level that makes it tough to afford home
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.
Average rate on 30-year mortgage hits highest level since May
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.
Average rate on 30-year U.S. mortgages hits highest mark since July
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.
Average 30-year mortgage rate climbs to 6.85%, highest since July
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.
Interest rates have been cut, but mortgage rates are rising
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.
Average mortgage rates increase to 6.73%, highest since late July
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.
For home shoppers, Fed’s big rate cut is small step toward affording a home
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.
Average rate on a 30-year mortgage eases to 6.46%, the lowest level in 15 months
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.
Homeowners race to refinance as mortgage rates retreat from 23-year highs
Refinance applications were up nearly 60% nationally versus the same week last year, but applications for loans to buy a home are still down from a year ago.
Homebuyers face quandary: To wait or not to wait for lower mortgage rates
Combined with a nearly 44% increase in the national median sale price of previously occupied homes between 2019 and 2023, elevated mortgage rates have made buying a home less affordable for many Americans.