The Mortgage Business Right Now is Even Slower than 2008
Marketplace
The interest rate on the average 30-year fixed-rate mortgage has more than doubled since the start of the year, more or less tracking the Federal Reserve’s rate-hiking campaign. With the housing market slowing down, “Marketplace” host Kai Ryssdal checked in with Vivian Gueler, chief financial officer at Pacific Trust Group, a mortgage lender in Los Angeles. The following is an edited transcript of their conversation.
Mortgage Payments Grow, but the Market Shows Signs of Slowing
National Mortgage Professional
It’s no surprise that consumer payments are continuing to grow given the dramatic interest rate hikes, but internal data from The Bank of America Institute shows signs that the housing market is slowing down. Bank of America total payments grew 10% year-over-year in September, offering a holistic view of money flow — which includes credit card, debit card, ACH (automated clearing house), wire transfers, bill pay, person-to-person, cash, and checks.
Third Servicer Entangled in Massive Data Breach Litigation
National Mortgage News
The legal fallout from a massive data breach impacting over 4 million borrowers’ personally identifiable information just got bigger. A federal judge Monday ordered a class action lawsuit against Community Loan Servicing be folded into a larger, similar suit against two of its sister companies, according to court records.
Construction Numbers Boosted by Residential Remodeling
Mortgage News Daily
Spending on residential construction, while down a bit in August and in spite of the gloom and doom about the housing market, continues to run significantly higher than in 2021. This is also true, although to a lesser extent, for construction spending as a whole. The U.S. Census Bureau put spending on all public and privately funded construction during the month at a seasonally adjusted annual rate of $1.781 trillion, down from $1.794 trillion in July, a month-over-month decline of 0.7 percent.
Recent HUD, Census Bureau Survey Provides Insight on Housing
DS News
According to the new 2021 American Housing Survey released by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau, in general, 2020 and 2021 were good for homeowners but presented challenges for many renters. Every two years, HUD and the Census Bureau produce the American Housing Survey, the most comprehensive analysis of the nation’s housing inventory.
Mortgage Rates Inch Closer to 7% Mark
M Report
In just one week after the Federal Reserve took action to curb the nation’s inflation, the 30-year fixed-rate mortgage (FRM) took a giant leap toward the 7%-mark, as Freddie Mac reports the 30-year FRM averaging 6.70% with an average 0.9 point as of Sept. 29, up from last week when it averaged 6.29%. A year ago at this time, the 30-year FRM averaged 3.01%.
Will Home Prices Drop? Will Mortgage Rates Rise? What to Expect in the Fall Housing Market
Realtor.com
The housing market has shifted dramatically over the past few months. Higher mortgage rates have thinned the pool of buyers, begun to rein in runaway home prices, and forced many sellers back to the negotiating table. The changes are leading buyers and sellers to wonder who has the upper hand these days. So as real estate continues to cool along with the weather, what do we know about this year’s much anticipated fall housing market?
The Fall Housing Market Takes a Miraculous Turn Where Buyers and Sellers can Gain Big—If They Know What to Do
Realtor.com
The fall housing market is beginning to show its true colors—and so far, the outlook appears rosier for both homebuyers and sellers. The good news for buyers is that fall is typically the best time to buy a home—and this autumn is shaping up to be better than usual with a bumper crop of homes on the market with a longer shelf life than they’ve had in the past.