Homebuyer affordability deteriorated in May as higher mortgage rates and larger loan application amounts pushed monthly mortgage payments higher, according to data released Thursday by the Mortgage Bankers Association (MBA). The MBA’s Purchase Applications Payment Index (PAPI), which measures mortgage payment burdens relative to income, rose 2.2% to a reading of 159.4 in May. — […]
MBA PAPI rises in May as mortgage payments climb Read More »
Processing Content Key insight: Critics argue the OCC is stretching National Bank Act preemption beyond the limits Congress imposed in Dodd-Frank, while banks say uniform standards are essential to avoid a patchwork of state laws. Supporting data: The OCC issued two interchange-related interim final rules in April: one affirming banks’ authority to charge fees set
OCC preemption moves could be headed for Supreme Court Read More »
Mortgage rates had a great day yesterday, moving within 0.01% of the lowest levels in more than a month. They dropped just a bit more today and are now officially the lowest they’ve been since May 14th. Today’s improvement was more of an afterthought, but nonetheless helps legitimize yesterday’s heavy lifting as something other than
Lowest Mortgage Rates Since May 14th Read More »