Mortgage rates reached their highest level since the end of August, following a week of heightened uncertainty over the Iran conflict, slightly moderated by positive news on inflation. Processing Content The 30-year fixed rate mortgage increased by 6 basis points to 6.55% as of July 16 from 6.49% one week prior, the Freddie Mac Primary […]
Should lenders prepare for mortgage rates moving even higher? Read More »
Andrew Harrer/Bloomberg Processing Content Key insight: A long-time Illinois banker has been banned from the industry for approving mortgages based on faulty appraisals. Expert quote: Burns “ignored inconsistencies and irregularities in the appraisals that should have called into question their accuracy.” —Federal Reserve enforcement action. Forward look: The prohibition order against Burns is indefinite and
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In a positive sign for sales of newly constructed homes, mortgage applications for these properties were up in June versus one year prior, although normal seasonality kicked in compared with May’s activity. Processing Content Furthermore, sales trends for these properties are on the upswing, another reason lenders need to keep an eye on this segment,
Target builder partnerships as new-home loan apps rise Read More »