Category: Home + Lifestyle

Mortgage rates tumble to fresh 2017 low

Yesterday, interest rates fell to the lowest they’ve been all year! This is great news for those who are ready to purchase a home or are considering refinancing.

Mortgage rates can change at any moment; that’s why it’s so important to strike while the iron is hot.

Rates for home loans fell in line with Treasury yields, nudging mortgage rates to the lowest level of the year, Freddie Mac said Thursday.

The 30-year fixed-rate mortgage averaged 4.08%, down 2 basis points during the week. The 15-year fixed-rate mortgage averaged 3.34%, down from 3.36%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18%, down one basis point.

Those rates don’t include fees associated with obtaining mortgage loans.

The 10-year Treasury yield fell five basis points during the week as investors continue to re-assess the expectations for fiscal stimulus and economic growth that followed the November election even as fresh geopolitical worries flared. The benchmark government bond breached a key technical level, 2.30%, twice during the week.

Read the source article at MarketWatch

Newly inaugurated Trump administration puts mortgage premium cuts on hold

The U.S. Department of Housing and Urban Development on Friday suspended a controversial plan that would have slashed the premium rates for certain federally backed mortgages.

The reversal by the Federal Housing Administration came less than two hours after Donald Trump was sworn in as president.

The announcement came in a letter signed by Deputy Assistant Secretary for Housing Genger Charles, which said the reduction in FHA mortgage insurance premiums that was slated to take effect on Jan. 27 would be “suspended indefinitely.”

Read the source article at cnbc.com

FHA cuts mortgage insurance premiums again

When the FHA announced late last year that its flagship fund, the Mutual Mortgage Insurance Fund, grew for the fourth straight year, it led to many question whether we would see a cut to its mortgage insurance premiums again. Now we have an answer. Click the headline for the full details on the FHA reducing mortgage insurance premiums.

Read the source article at U.S. Housing Finance News

Mortgage rates reverse course, moving lower for the first time in more than two months

Fixed mortgage rates, which have been on a tear since the presidential election, retreated this week, falling for the first time in nine weeks.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.2 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.32 percent a week ago and 3.97 percent a year ago.

 

Read the source article at The Washington Post

CFPB fines TransUnion and Equifax for deceiving consumers with their marketing

HousingWire first broke the news late last week that TransUnion would pay just shy of $17 million as part of a settlement with the CFPB, as revealed by a company filing with the Securities and Exchange Commission. As it turns out, there’s more. Today, the CFPB’s report revealed Equifax was fined too. Click the headline for more information.

Read the source article at U.S. Housing Finance News