The program is only for primary residences and the first mortgage must have a minimum seasoning period of 24 months. The maximum loan amount is $78,277. Freddie Mac will be allowed to purchase up to $2.5 billion in second mortgages over a period of 18 months. “The thoughtful engagement from public stakeholders confirmed the value
After last week’s jobs week, everything gets more intriguing as each month passes. The labor market has gotten softer but hasn’t broken yet. As we approach the midway point of the year, let’s examine last week’s data. 10-year yield and mortgage rates Last week, the labor data, a vital driver of the 10-year yield and
Even after dropping considerably over the past month, mortgage rates remain well above 7% ahead of the next U.S. jobs report and the next meeting of Federal Reserve policymakers. Mortgage rates were nearly flat on weekly basis as HousingWire’s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.23% on Tuesday,
10-year yield and mortgage rates As we approach a crucial week for mortgage rates, the 10-year yield and labor data could influence the Fed’s decisions. If we witness more softness in the labor market, the 10-year yield and the labor data will eventually force the Fed’s hand. However, the Fed wouldn’t mind seeing mortgage rates
The mortgage rate lockdown premise holds that very few people will list their homes when mortgage rates are this high, thus suppressing inventory. But 2024 has proven that theory wrong. 2024 has had healthy inventory growth despite mortgage rates above 7%. Also, for the third time this year, I have hit my target of weekly inventory
Traditionally speaking, the spreads between the 10-year and mortgage rates is 1.60%-1.80%. Right now, the difference between them is 2.60%. However, compare that to the worst levels last year, when the spread got as high as 3.10%. That’s a 0.50% difference in rates. For the rest of the year, it’s all about the labor market.
My model for inventory growth with higher mortgage rates came crashing down last week. After two weeks of significant increases, inventory growth slowed dramatically and is far from my 11,000-17,000 growth model with mortgage rates over 7.25%. Did the recent dip in mortgage rates play a role here or is this the average choppy weekly
10-year yield and mortgage rates There is nothing good to report on mortgage rates from last week. The chart below shows that we broke the critical technical level on the 10-year yield (marked with a red line). The CPI data, which the Federal Reserve doesn’t track for its 2% target, came in 0.1% hotter than
Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy
Mortgage rates had a chance to break to new highs this year, but the Federal Reserve took a moderate tone at the last Fed meeting. We saw the benefit of lower mortgage rates with the last two existing home sales reports, which showed growth. Then mortgage rates rose, facilitating five weeks of negative purchase application