Mortgage market conditions presented over the past two years have muted the effectiveness of the monetary policy tightening by saving $600 billion for homeowners, accounting for about 2% of personal consumption spending since 2022, according to a report by two Swiss Re Institute senior economists. “A dollar not spent on mortgage payments is a dollar
The reduced payments are supported by an escrow account funded by Rocket Mortgage, which covers the difference in interest payments during the buydown period. Homebuyers remain responsible for taxes and insurance premiums. The mortgage program is available to buyers who apply directly through Rocket Mortgage or work with a mortgage broker partnered with Rocket Pro
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. The rate on a 30-year fixed refinance tumbled today. The average rate for refinancing a 30-year fixed mortgage is currently 6.91%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 6.10%,
By Gloria Methri Today Digital Mortgages Einstein FinTech MortgageBox, a new FinTech platform, has launched to streamline the mortgage search process for over a million people seeking mortgages annually. The website (MortgageBox.co.uk) connects mortgage shoppers with up to five FCA-regulated mortgage advisers at no cost, increasing their chances of securing the best rates. As many
There were about 30,000 foreclosure starts in July, an increase of 32% compared with June and up 14% compared with July 2023, according to ICE Mortgage Technology’s First Look report. However, the increase is partially a byproduct of starts hitting a multi-year low the month prior, rather than a sign of underlying stress in the
Mortgage rates are on the decline, which could mean some housing markets are set to become much more affordable. New analysis from Realtor.com has revealed the metro areas where affordability for the average earner will improve the most if mortgage rates drop below a certain level. The average 30-year fixed rate mortgage has fallen to 6.46
The Federal Trade Commission is sending refunds to hundreds of borrowers targeted by a law firm’s scam, as it and other regulators continue to process outcomes from a historic enforcement effort. A total of 322 distressed borrowers that a law firm with ties to disbarred attorney Michael Lanier took money from in loan modification scams
Vice President Kamala Harris, the Democratic presidential nominee, recently tied a Project 2025 plan to former President Donald Trump, arguing they both support policies that will raise mortgage costs for U.S. homebuyers. “If (Trump’s) Project 2025 agenda is put into effect, it will add around $1,200 a year to the typical American mortgage,” Harris said
The current average interest rate for a fixed-rate, 30-year conforming mortgage loan in the United States is 6.394%, according to the most recent data available from mortgage technology and data company Optimal Blue. Read on to see average rates for different types of mortgages and how the current rates compare with the last reported day
Houston, TX, USA – August 26, 2024 – Texas Mortgage Genius, a premier mortgage lending firm in the Greater Houston area, proudly announces its ongoing success and expansion under the leadership of Fisayo Odunaike. As the driving force behind the company, Fisayo has utilized her extensive experience and deep industry knowledge to establish Texas Mortgage