Current mortgage news

Here are some current mortgage news and updates:

Mortgage Rates

• As of March 2023, the average 30-year fixed mortgage rate is around 4.1%, according to Freddie Mac.
• The 15-year fixed mortgage rate is around 3.3%.
• The 5/1 adjustable-rate mortgage (ARM) is around 3.5%.

Mortgage Applications

• According to the Mortgage Bankers Association (MBA), mortgage applications decreased by 2.3% in the week ending March 17, 2023.
• The MBA also reported that refinance applications decreased by 3.4% and purchase applications decreased by 1.5%.

Housing Market

• The National Association of Realtors (NAR) reported that existing home sales decreased by 6.6% in February 2023 compared to the previous month.
• The median existing-home price was $340,000, up 12.2% from February 2022.
• The NAR also reported that the inventory of existing homes for sale decreased by 1.9% in February 2023.

Mortgage Regulations

• The Consumer Financial Protection Bureau (CFPB) has proposed new rules to improve the mortgage servicing process, including requirements for servicers to provide more accurate and timely information to borrowers.
• The Federal Housing Administration (FHA) has announced changes to its mortgage insurance premiums, including a reduction in premiums for borrowers with credit scores of 580 or higher.

Mortgage Industry Trends

• According to a report by the National Mortgage News, the mortgage industry is expected to see a shift towards more digital and automated processes, with 75% of lenders planning to invest in technology to improve their operations.
• The report also found that 60% of lenders are planning to increase their use of artificial intelligence and machine learning to improve their risk assessment and underwriting processes.

Government Initiatives

• The Federal Reserve has announced plans to purchase mortgage-backed securities as part of its efforts to support the housing market and stimulate economic growth.
• The Department of Housing and Urban Development (HUD) has announced a new initiative to help low-income borrowers access affordable housing, including a program to provide down payment assistance and other forms of support.

These are just a few of the current mortgage news and updates. If you're in the market for a mortgage or have questions about the mortgage process, it's always a good idea to consult with a mortgage professional or financial advisor.