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Homebuyers got some relief last month as they found themselves with slightly lower mortgage payments. The Mortgage Bankers Association’s Purchase Applications Payment Index fell 1.8% month-to-month, an indication that borrowers are finding their mortgages more affordable. The index measures borrower affordability by looking at new monthly mortgage payments relative to income; a decline signifies that […]

Freddie Mac’s net income declined 14% year-over-year in the second quarter, because it increased its provision for credit losses. Fannie Mae, when it reported earnings on Wednesday, cited a similar reason as contributing to its own second quarter drop off. Still, Freddie Mac reported net income of $2.39 billion, compared with $2.83 billion in the